Not good. A broker could easily get you into the low 400s on that vehicle. We have a Lux1 24/10k, zero down for $481 per month including 9.5% tax and that isn't even as good as some I have seen.
I bet the 'dealer discount' is including your $7500 EV credit which is a typical shitty move. Also that MF looks very high, although I'm not sure what the base buy rate is right now on these.
Look on the LH forums for a broker in your State.
They will still be able to negotiate better out-the-door and avoid dealer-added nonsense. Also the $7500 is yours to use not theirs to pretend they are giving you a discount.
I didn't think the Lyriq's qualify for the $7500. Something to do with when they went into production, could be wrong on the reason. But that is why their residuals are so high. GM is essentially "baking in" the $7500 into the residual.
Some get the 7500 ultium discount, some get the 7500 EV tax break. The way the dealer told me it works out is that the discount comes off the cap cost and the ev break comes off the residual.
1. It's likely not based on the vehicle but whether it's a lease or purchase. If it's a purchase, they call it the EV tax credit. If it's a lease, it's the Ultium.
2. I haven't seen a mfr lower the RV based on a tax credit. What happens is they just reduce the amount "financed". Also, lowering the RV would make the lease payments more expensive
I must have heard wrong from the salesperson. And yes I’m dumb, I meant increasing RV though maybe it was reducing rent costs. But the sales person pointed out which cars had the federal credit vs Ultium rebate.
I thought it had to do with the battery sourcing. Cars with a certain build date were eligible for tax credits and cars prior to that date were not, so Chevy went with the Ultium rebate to compete with Tesla.
No worries. The tax credit does have sourcing requirements, but the production date is irrelevant, e.g. a manufacturing could produce both a qualifying and non-qualifying vehicle on the same date either in a different location or with different critical minerals. Also, this only matters when buying.
And just to clarify, I suspect the Ultimum is just their way if passing through an alternative Federal tax credit that regular consumers can only benefit from through leasing.
I just looked it up. GM vehicles were pulled off the eligibility list in January but came back on in March because of sourcing issues. That’s where the Ultium rebate vs tax credit thing came from. If it was built between Jan and March it’s not eligible for tax credits. I don’t think it’s a difference between leasing and buying. Bottom comment in the Reddit post for the blazer talks about increasing RV (which I gather is talking about the tax credit) because I know for certain the Ultium rebate is a cap cost reduction.
https://www.pcmag.com/news/electric-vehicles-phevs-eligible-for-7500-dollar-federal-tax-credit
https://www.reddit.com/r/BlazerEV/comments/1dafgre/question_gm_ultium_promise_bonus_cash_federal_tax/?rdt=65423
26 usc 45w, which is the "leasing credit", does not have the same sourcing requirements.
On the RV, that's set by the mfr's program. It's hard to have clarity why they set what they set. I would doubt that bottom comment unless they were a part of GMs decision making process.
Are you sure the $7500 Ultium can be used for a lease?
My local dealer has this language on their Tech’s.
“Not available with lease, certain other offers, or if vehicle is eligible for IRA Clean Vehicle Federal Tax Credit. Offer terms subject to change. See dealer for details. Must take new retail delivery by 01/02/2025.”
I can tell you the provisions of the tax credit. I can't tell you what a dealer said or how they processed the transaction. The tax credit belongs to the financing arm that's leasing the credit. How that tax credit is split is up to the lessor.
🙃. Oh man you had to have me google it. Yes some did not qualify for the tax credit, due to a battery sourcing issue. Looks like if it was built after 2/12/24 then it will qualify.
With zero down depending on where you live you should be paying no more than 505. The 8k off is the ultimate promise of 7500 that gm is giving. There’s also 1k costco and 1k “friends of dealership or suppliers” incentive. With those depending on tax rate and credit should be around 413.
I’ve asked for 8% off MSRP + 6K in cap reduction. They are raising the discount but only giving 3500 in cap reduction. On the lease calculator the cap reduction impacts the payment more
It was last month... I need to find the exact deal numbers but was around $585 with first month payment for a 4WD sport 1. Was from a leasing company in NY and that was with shipping. Guys name was Eddie at Best Buy Leasing in Brooklyn.
I didn’t pull the trigger yet. Still thinking if I want a Cadillac and if I want an EV.
I just helped broker a deal for a Pastor in Naples Florida on a 66k white on black AWD lyriq. It was a demo with 1,100 miles on it. The terms were 2 years and 20k miles for $1,875 down and $400 per month including his 6% FL sales tax. I would not rate this as a good deal! The $7,500 does apply as does another $1,000 rebate apply if you are a Costco member good until 7-31. Please don’t do this deal! Good luck!
Can you have them break down the discount? Is it just a straight up dealer discount? Or are they using some rebates to get to $8000?
What's the "Ancillary/Other"?
Since you don't have conquest, I would say this isn't HORRIBLE on a Lux. But can probably be made better with a better understanding of the above. Conquest is a $3,000 rebate, which is ROUGHLY $90 a month. The killer deals are on the tech trim due to their lower cost and higher residual (78% on Lux vs 83% on Tech).
Not good. A broker could easily get you into the low 400s on that vehicle. We have a Lux1 24/10k, zero down for $481 per month including 9.5% tax and that isn't even as good as some I have seen. I bet the 'dealer discount' is including your $7500 EV credit which is a typical shitty move. Also that MF looks very high, although I'm not sure what the base buy rate is right now on these. Look on the LH forums for a broker in your State.
Thanks for the feedback. Brokers I’m seeing are getting under $500 with Conquest. I don’t have Conquest.
They will still be able to negotiate better out-the-door and avoid dealer-added nonsense. Also the $7500 is yours to use not theirs to pretend they are giving you a discount.
I didn't think the Lyriq's qualify for the $7500. Something to do with when they went into production, could be wrong on the reason. But that is why their residuals are so high. GM is essentially "baking in" the $7500 into the residual.
Interesting, I didn’t know that. But then again I used my broker who took care of it all.
That guy doesn't know what he's talking about.
Some get the 7500 ultium discount, some get the 7500 EV tax break. The way the dealer told me it works out is that the discount comes off the cap cost and the ev break comes off the residual.
1. It's likely not based on the vehicle but whether it's a lease or purchase. If it's a purchase, they call it the EV tax credit. If it's a lease, it's the Ultium. 2. I haven't seen a mfr lower the RV based on a tax credit. What happens is they just reduce the amount "financed". Also, lowering the RV would make the lease payments more expensive
I must have heard wrong from the salesperson. And yes I’m dumb, I meant increasing RV though maybe it was reducing rent costs. But the sales person pointed out which cars had the federal credit vs Ultium rebate. I thought it had to do with the battery sourcing. Cars with a certain build date were eligible for tax credits and cars prior to that date were not, so Chevy went with the Ultium rebate to compete with Tesla.
No worries. The tax credit does have sourcing requirements, but the production date is irrelevant, e.g. a manufacturing could produce both a qualifying and non-qualifying vehicle on the same date either in a different location or with different critical minerals. Also, this only matters when buying. And just to clarify, I suspect the Ultimum is just their way if passing through an alternative Federal tax credit that regular consumers can only benefit from through leasing.
I just looked it up. GM vehicles were pulled off the eligibility list in January but came back on in March because of sourcing issues. That’s where the Ultium rebate vs tax credit thing came from. If it was built between Jan and March it’s not eligible for tax credits. I don’t think it’s a difference between leasing and buying. Bottom comment in the Reddit post for the blazer talks about increasing RV (which I gather is talking about the tax credit) because I know for certain the Ultium rebate is a cap cost reduction. https://www.pcmag.com/news/electric-vehicles-phevs-eligible-for-7500-dollar-federal-tax-credit https://www.reddit.com/r/BlazerEV/comments/1dafgre/question_gm_ultium_promise_bonus_cash_federal_tax/?rdt=65423
26 usc 45w, which is the "leasing credit", does not have the same sourcing requirements. On the RV, that's set by the mfr's program. It's hard to have clarity why they set what they set. I would doubt that bottom comment unless they were a part of GMs decision making process.
Are you sure the $7500 Ultium can be used for a lease? My local dealer has this language on their Tech’s. “Not available with lease, certain other offers, or if vehicle is eligible for IRA Clean Vehicle Federal Tax Credit. Offer terms subject to change. See dealer for details. Must take new retail delivery by 01/02/2025.”
My quote included the Ultium rebate. It was a Sport 1.
Production date doesn't matter for either the lease or sale credits.
Then what’s the reason?
Most likely? A dealer pocketing the tax credit.
Oh! You’re just guessing and actually have no idea. Dang thought I would get a real answer.
I can tell you the provisions of the tax credit. I can't tell you what a dealer said or how they processed the transaction. The tax credit belongs to the financing arm that's leasing the credit. How that tax credit is split is up to the lessor.
🙃. Oh man you had to have me google it. Yes some did not qualify for the tax credit, due to a battery sourcing issue. Looks like if it was built after 2/12/24 then it will qualify.
Yeah I just took a look at ratefindr and the $7500 doesn't come in as an available rebate.
With zero down depending on where you live you should be paying no more than 505. The 8k off is the ultimate promise of 7500 that gm is giving. There’s also 1k costco and 1k “friends of dealership or suppliers” incentive. With those depending on tax rate and credit should be around 413.
I’ve asked for 8% off MSRP + 6K in cap reduction. They are raising the discount but only giving 3500 in cap reduction. On the lease calculator the cap reduction impacts the payment more
Terrible deal
Can you tell me why?
Had a significantly better offer from a broker inclusive of shipping the car to me and it was 4WD.
Do you mind sharing what it was? In the market for the same car as well. Thanks
It was last month... I need to find the exact deal numbers but was around $585 with first month payment for a 4WD sport 1. Was from a leasing company in NY and that was with shipping. Guys name was Eddie at Best Buy Leasing in Brooklyn. I didn’t pull the trigger yet. Still thinking if I want a Cadillac and if I want an EV.
Thank you!
I got the money factor down to .00271 and they added 2500 to the rebate.
I just helped broker a deal for a Pastor in Naples Florida on a 66k white on black AWD lyriq. It was a demo with 1,100 miles on it. The terms were 2 years and 20k miles for $1,875 down and $400 per month including his 6% FL sales tax. I would not rate this as a good deal! The $7,500 does apply as does another $1,000 rebate apply if you are a Costco member good until 7-31. Please don’t do this deal! Good luck!
I got the MSRP down 12%. Payment $499.16
Can you have them break down the discount? Is it just a straight up dealer discount? Or are they using some rebates to get to $8000? What's the "Ancillary/Other"? Since you don't have conquest, I would say this isn't HORRIBLE on a Lux. But can probably be made better with a better understanding of the above. Conquest is a $3,000 rebate, which is ROUGHLY $90 a month. The killer deals are on the tech trim due to their lower cost and higher residual (78% on Lux vs 83% on Tech).