What is being offered at end of lease?

[CSW]

Just called my Bank (Ally) about lease buy out and they said they could not do any better than what was in the lease agreement. There is 0 chance I would pay what is on the residue so I am not sure what they are smoking. I'll try again and probably try to get the leasing department directly and see what they can offer me.

Yea, I had Ally (most ghetto finance company ever) for my 2014, and they said the same thing to me. It would have been nice if they informed me that it is not them who deals with the final price, but alas, being Ally, they did not. It seems you just gotta wait till the very end to talk turkey about the buy price unfortunately.

 

[wfam5]

Any updates? A quick perusal of Autotrader lists 35 Sparks within 500m of my zip code and most dealers aren't even on there. Wentworth doesn't list them on their site. I should give them a visit in about 6 months, as I have 10 months left on my lease. Be good to see a lot full of them. I know Bruce Chevrolet has several. Lots will be packed with them in January, I bet.

 

[MrDRMorgan]

The lease for my 2015 Spark EV is through GM Financial and I recently received an end-of-lease instruction packet in the mail. My plan is to have the car inspected early next month and turned in to American Chevrolet in Modesto, CA in mid May. A 2015 Spark EV 2LT with DCFC and ~30k miles on the ODO is going for ~$9000 on cargurus.com. Rather than waste my time dickering about buying the car, I recently purchased a used 2016 Spark EV 2LT with DCFC and 6700 miles on the ODO. Someone will have the opportunity to purchase a very nice used 2015 Spark EV with DCFC and new LRR tires on the front.

 

[GladstoneCoach]

The lease for my 2015 Spark EV is through GM Financial and I recently received an end-of-lease instruction packet in the mail. My plan is to have the car inspected early next month and turned in to American Chevrolet in Modesto, CA in mid May.

What was in the package from GM Financial? Did they have a process for purchasing the car / making an offer to purchase?

We also leased through GM Financial. Our 2015 goes back in July & we'd like to purchase it - just not for the residual value which is ridiculous.

I'm hoping someone w/ GMF experience is willing to share some info on the return and / or buying process. Does one make the offer to GMF or the dealer? I've seen conflicting info in that regard.

I watched the "return process" video on GMF's website. Please share your experience and let us know if there's something unique about the EV inspection process.

Thanks!

 

[MrDRMorgan]

The lease for my 2015 Spark EV is through GM Financial and I recently received an end-of-lease instruction packet in the mail. My plan is to have the car inspected early next month and turned in to American Chevrolet in Modesto, CA in mid May.

What was in the package from GM Financial? Did they have a process for purchasing the car / making an offer to purchase?

We also leased through GM Financial. Our 2015 goes back in July & we'd like to purchase it - just not for the residual value which is ridiculous.

I'm hoping someone w/ GMF experience is willing to share some info on the return and / or buying process. Does one make the offer to GMF or the dealer? I've seen conflicting info in that regard.

I watched the "return process" video on GMF's website. Please share your experience and let us know if there's something unique about the EV inspection process.

Thanks!

The envelope contained a letter, and an end-of-lease booklet which also contained a "wear and use card" along with photos showing "normal" and "excessive" wear and tear.

The booklet provides information on three options: (1) Turn in your GM vehicle and purchase or lease a new GM vehicle, (2) Purchase your leased vehicle and (3) Turn in your GM vehicle. There are instructions for each option.

You indicated you wanted to purchase your vehicle. The instructions for this option said "You can purchase your leased vehicle at anytime during your lease period, or you may do so near the end of your lease. Here is how: 1. Contact your originating GM dealer to discuss purchase or finance options. (2) Call GM Financial at 1-800-436-1463 to request a customer payoff quote."

I will be turning in my 2015 Spark EV (option 3). To do so, I have to arrange for a complimentary vehicle inspection 45 days before my lease ends. That had been done and is scheduled for April 9 at my home. Then I have to make an appointment to turn in my vehicle at the originating GM dealership. I called GM Financial and changed the dealer to my local Chevy dealer in Modesto, CA which is 50 miles closer to my home. My plan is to turn in the car on May 23 or sooner.

I hope this explanation helps you.

 

[Homer]

The envelope contained a letter, and an end-of-lease booklet which also contained a "wear and use card" along with photos showing "normal" and "excessive" wear and tear.

The booklet provides information on three options: (1) Turn in your GM vehicle and purchase or lease a new GM vehicle, (2) Purchase your leased vehicle and (3) Turn in your GM vehicle. There are instructions for each option.

You indicated you wanted to purchase your vehicle. The instructions for this option said "You can purchase your leased vehicle at anytime during your lease period, or you may do so near the end of your lease. Here is how: 1. Contact your originating GM dealer to discuss purchase or finance options. (2) Call GM Financial at 1-800-436-1463 to request a customer payoff quote."

I will be turning in my 2015 Spark EV (option 3). To do so, I have to arrange for a complimentary vehicle inspection 45 days before my lease ends. That had been done and is scheduled for April 9 at my home. Then I have to make an appointment to turn in my vehicle at the originating GM dealership. I called GM Financial and changed the dealer to my local Chevy dealer in Modesto, CA which is 50 miles closer to my home. My plan is to turn in the car on May 23 or sooner.

I hope this explanation helps you.

I found that helpful, at least.

We have a lease coming due in a couple of months and got that letter and I was wondering about the hard sell it had to have the inspection at the dealership. Can I assume that is just an excuse to get me into the dealership and sell me a new car? Also do you know is the 45 day schedule pretty flexible (i.e., is it more like somewhere between 15-45 days or is it really 45 days, or what)?

thanks

 

[MrDRMorgan]

The envelope contained a letter, and an end-of-lease booklet which also contained a "wear and use card" along with photos showing "normal" and "excessive" wear and tear.

The booklet provides information on three options: (1) Turn in your GM vehicle and purchase or lease a new GM vehicle, (2) Purchase your leased vehicle and (3) Turn in your GM vehicle. There are instructions for each option.

You indicated you wanted to purchase your vehicle. The instructions for this option said "You can purchase your leased vehicle at anytime during your lease period, or you may do so near the end of your lease. Here is how: 1. Contact your originating GM dealer to discuss purchase or finance options. (2) Call GM Financial at 1-800-436-1463 to request a customer payoff quote."

I will be turning in my 2015 Spark EV (option 3). To do so, I have to arrange for a complimentary vehicle inspection 45 days before my lease ends. That had been done and is scheduled for April 9 at my home. Then I have to make an appointment to turn in my vehicle at the originating GM dealership. I called GM Financial and changed the dealer to my local Chevy dealer in Modesto, CA which is 50 miles closer to my home. My plan is to turn in the car on May 23 or sooner.

I hope this explanation helps you.

I found that helpful, at least.

We have a lease coming due in a couple of months and got that letter and I was wondering about the hard sell it had to have the inspection at the dealership. Can I assume that is just an excuse to get me into the dealership and sell me a new car? Also do you know is the 45 day schedule pretty flexible (i.e., is it more like somewhere between 15-45 days or is it really 45 days, or what)?

thanks

The instructions I received from GM Financial state "For your convenience, the inspection can also take place at your home or office." When I called the company performing the inspection, I was given the option of having the inspection done at my home or at the dealer. I chose my home. The instructions are also pretty clear about initiating an inspection "approximately 45 days before the maturity date". The letter also said you can call 800-436-1463 if you have any questions. I think the 45 day period is designed to give you time to fix any "excessive" wear and tear defects before the maturity date.

 

[CSW]

Do they charge you sales tax on the sale of the car when you buy it at the end of the lease?

Like as-if it were a new/used car sale origination?

If so, that would mean you have to pay sales tax on like $7000 bucks, at 9% that is $630.

Also, any more updates from folks who bought their Spark when lease was over?

I have about 6 months left on my 2015 and would like to buy it if the price is right!

 

[MrDRMorgan]

Do they charge you sales tax on the sale of the car when you buy it at the end of the lease?

Like as-if it were a new/used car sale origination?

If so, that would mean you have to pay sales tax on like $7000 bucks, at 9% that is $630.

Also, any more updates from folks who bought their Spark when lease was over?

I have about 6 months left on my 2015 and would like to buy it if the price is right!

I believe you will have to pay sales tax on the purchase price you negotiate for the vehicle at the end of the lease.

I will be turning in my 2015 Spark EV next month. My inspection has been completed so all I have to do is return the vehicle to the dealer. They will download the inspection report and verify that there is no additional damage. If everything is OK, I give them the key FOBS, registration and owner's manual and that is it.

If someone is looking for a nice 2015 Spark EV with DCFC that has had 3 years of TLC, let me know. The car has about 27k miles on the ODO. Current battery capacity is 16 kWh and the full-charge GOM is right at 90 miles. The front tires were replaced last month with Bridgestone 422 Plus LRR tires.

 

[CSW]

Have they made an offer to you to buy it?

If I were in the market for a Spark, I would hit you up, but I have 2 right now.

The fact I would have to pay sales tax will push me towards maybe leasing a Volt when Spark is over.

Volt right now is 500 down and 260 a month....

I really curious what they will offer me at lease-end.

 

[MrDRMorgan]

Have they made an offer to you to buy it?

If I were in the market for a Spark, I would hit you up, but I have 2 right now.

The fact I would have to pay sales tax will push me towards maybe leasing a Volt when Spark is over.

Volt right now is 500 down and 260 a month....

I really curious what they will offer me at lease-end.

I am not considering purchasing the 2015 Spark EV as, over the last 3 years, I also purchased a used 2014 Spark EV and a used 2016 Spark EV. These two currently meet all of my needs.

 

[CSW]

So they don't make a proactive offer to you ?
You gotta ask?

 

[MrDRMorgan]

So they don't make a proactive offer to you ?
You gotta ask?

As you approach the end of your lease, GM will send you an END-OF-LEASE GUIDE booklet. You have three options.
Option 1 - Turn in your GM vehicle and purchase or lease a new GM vehicle.
Option 2 - Purchase your leased GM vehicle.
Option 3 - Turn in your GM vehicle.

Under Option 2 it says "You can purchase your leased vehicle at anytime during your lease period, or you may do so near the end of your lease.
Here's how:
1. Contact your originating GM dealer to discuss purchase or finance options.
2. Call GM Financial at 1-800-436-1463 to request a customer payoff quote".

It looks like you can either accept GM's payoff quote or contact your originating GM dealer and try to negotiate a better purchase price.

If you decide to turn in you vehicle, you will need to schedule a complimentary vehicle inspect about 45 days before the date your lease ends. You can also contact GM Financial at 1-800-436-1463 to get answers to any questions you may have.

 

[Redpoint5]

Has anyone actually answered this thread? I see 1 post say they were offered $16k, and another post saying $8k. That's a big difference.

I skimmed through the pages and don't see many posts relating to the buyout price at end of lease. I'm curious as this will set my expectation when negotiating a private party sale.

 

[CSW]

Has anyone actually answered this thread? I see 1 post say they were offered $16k, and another post saying $8k. That's a big difference.

I skimmed through the pages and don't see many posts relating to the buyout price at end of lease. I'm curious as this will set my expectation when negotiating a private party sale.

Yes, I would like some #s as well.

My lease is up in Nov and I would like to buy it, but I need to know what they are offering.

I will not pay over 8k, but my paperwork say 11k or so.

I see used Sparks on craigslist from about 9k from used car dealers, meaning they got the cars at auction for 7k or even less.

 

[MrDRMorgan]

Has anyone actually answered this thread? I see 1 post say they were offered $16k, and another post saying $8k. That's a big difference.

I skimmed through the pages and don't see many posts relating to the buyout price at end of lease. I'm curious as this will set my expectation when negotiating a private party sale.

Yes, I would like some #s as well.

My lease is up in Nov and I would like to buy it, but I need to know what they are offering.

I will not pay over 8k, but my paperwork say 11k or so.

I see used Sparks on craigslist from about 9k from used car dealers, meaning they got the cars at auction for 7k or even less.

If you leased your vehicle and are considering purchasing it, you have a few of options.
(1) Call GM Financial and get a customer payoff quote. It probably will be what you see on your lease contract.
(2) Contact your leasing dealer and try to negotiate a better buyout price. Good Luck!
(3) Turn in the car and find a similar one within your price range.

My 2015 Spark EV will reach the end of its lease this month so I will be turning it in next week. Rather than do the "negotiation thing", last October I found a nice, very low mileage (6700 miles on the ODO) used 2016 Spark EV 2LT and bought it for $11,200 (not including tax and license) after a $500 PG&E rebate.

 

[CSW]

My 2015 Spark EV will reach the end of its lease this month so I will be turning it in next week. Rather than do the "negotiation thing", last October I found a nice, very low mileage (6700 miles on the ODO) used 2016 Spark EV 2LT and bought it for $11,200 (not including tax and license) after a $500 PG&E rebate.

I get the impression they don't wanna deal with you until the lease is almost over....

I tried to see about buying my 2014 spark at 6 months before lease-end and they would not even entertain the idea.

So, I am just gonna wait & see what happens at lease-end.

To me, it seems so much easier for GM to sell it to the leasing person for a decent price, rather than having to take the car back, clean it up, pay to transport it to auction, and pay auction fees. Better for GM to sell it to me for 8k rather than at auction for 7k and pay fees.

But want do I know, I just a random guy on the outside looking in.

But if they don't budge, I will prob getta Volt or a Bolt, or maybe I get on the list for a Model 3 outta spite.

Maybe that is why they don't wanna sell you the car after lease, in hopes you just buy another car. But that is a gamble for them.

 

[TheLondonBroiler]

Maybe that is why they don't wanna sell you the car after lease, in hopes you just buy another car. But that is a gamble for them.

Bingo!

They either sell it to you to high to make money, or suppose you don't buy, and now you likely need a a set of wheels, well they hope to cash in. They can write off losses, but not missed sales opportunities.

There is additional value knowing what you know about your vehicle and not having to go through another car buying process again. Everyone puts a different dollar figure on that I suppose. I'd act as disinterested in buying the vehicle after lease as possible. Just my two cents.

 

[oregonsparky]

My lease is up in early august. I called to get payoff from gm financial and see if I could negotiate something better than the residual. They won't budge and have been bombarding us with offers to move into a new GM vehicle..... We bought a new chevy diesel cruze last year... So spark ev is extra car which I now use to keep miles of a more expensive diesel pickup.

The Spark had a high residual (payoff) - which my guess is $4k more than current value - so it is being returned...

jeff

 

[CSW]

My lease is up in early august. I called to get payoff from gm financial and see if I could negotiate something better than the residual. They won't budge and have been bombarding us with offers to move into a new GM vehicle..... We bought a new chevy diesel cruze last year... So spark ev is extra car which I now use to keep miles of a more expensive diesel pickup.

The Spark had a high residual (payoff) - which my guess is $4k more than current value - so it is being returned...

jeff

Hm, I wonder at what point they give up trying to get you into a new car and offer you the current car (the spark) for a fair price? Prob the very last day of the lease.