August 22, 2023 at 12:31 am #99239SpockSailParticipant
I have seen to references on YouTube videos this weekend (8/19-20) that in a letter to dealers Cadillac will be announcing a new “lease deal” for the Lyriq that essentially uses a loophole in the IRA $7,500 tax credit to have GM Financial get the tax credit and pass that through to the customer. This is great for high income earners (who Caddy probably has more than a few) who would otherwise not qualify for the credit. This is similar to what Hyundai is doing for the Ionic 5 because it is not made in the USA and does not qualify for the credit.
Both are competing against Tesla and this will cost GM almost nothing. However, I also heard that GM Financial will be increasing the residual value to get some of that money back at the end of the lease and to “discourage” the customer from purchasing the car.
Can anyone confirm this “deal” and the specifics?September 27, 2023 at 11:15 am #99813SpockSailParticipant
UPDATE: I finally had a chance to talk to the F&I guy and the Sales Manager at my dealership.
The F&I guy was unaware of the lease IRA tax credit return to the customer, but did research it and DID find a bulletin from GM Financial stating they are doing the rebate.
I will cut him some slack as he recently moved from being a salesman into F&I, but it does indicate that the dealership has some serious training issues to address.
In any case, it does mean that I will not have to leave $7,500 on the table because of my need to lease rather than purchase.
I was a good thing that I went in to the dealership because when the Sales Manager at my request checked the list for Cadillac’s private offer of $5,000 to those who ordered the Lyriq between May and November of 2022 and converted their offer to a 2024 model, my name was on HER dealership list but not on GM’s list. She is checking with the area rep to straighten that out.
I suggest that anyone in the same position confirm with the dealer that you are on both lists. Much better to have time to straighten things out ahead of time than at the time of purchase.December 1, 2023 at 3:38 am #101003
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