Volt Marketing: Try it Free for 60 Days

They probably mean any negative equity from a trade in vehicle, where the owner still owed more than the car was worth. Dealers will often role the extra money owed on the trade in, into the loan amount for the new vehicle. You would not get this money back, as the dealer would have already used it to pay off the remaining loan on the trade in to get free title to the car. I have done this in the past, when I was a field service engineer in radio, and drove so many miles, I was often upside down on my car loans.

 

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LOL. OK: how then does this differ from me buying any other car and returning after 60 days? It doesn't, does it? If that's the case, you pay everything you would returning any other after 60 days, it's a pathetic ploy, a desperate one.​

If it was a TRUE return after 60 and they'd cover at the very least things like negative equity, then it would be a solid move and would demonstrate a high confidence in the buyer that he isn't likely to return it.​

 

But the value of the car is fixed by the discounted price at the time of sale, which is the amount they refund. The list of exclusions is just for stupid people and their laywers.

But apparently they should also have modified the FAQ to deal with blinded cynics who think that they're going to depreciate the value of the car even though they have a mileage limit and exclusions for accident damage.

 

$350/month, 36 months, 15K miles/yr. no cash. taxes included. I have had mine for a month now. Affordable.

 

I'm pretty sure "negative equity" is a reference to having a trade in on which you owe more than it was worth and the dealer paid off your debt as part of putting you into the Volt.

 

I'm pretty sure you could get a refund on the sales taxes, just like taking something back to Walmart for a refund, you get a refund of the sales taxes collected as well. Registration might not be as straight forward, but I think that is less than $100 in most states. The dealer I got my Volt from in Florida charged $99 for their dealer fee. So a couple hundred dollars and a $1 or so a day for charging.....

 

I don't know about sales tax, because aren't you selling it back to the dealer essentially? Anyways registration and fees and interest on any lease or financing.. Would be more than a rental I think.

BTW with all these free ChargePoint stations you'd think they would have more plugins for rental cars.

 

Not sure if the contract/ math allows this, but:

Chevy Volt 60-Day Return Makes Tax Credit Abuse Likely | National Legal and Policy Center

Chevy Volt 60-Day Return Makes Tax Credit Abuse Likely

 

What other car company or dealer will let you return a car after 60 days? They might buy it back, but they don't have to. You won't recoup the sales tax, and there'll be another form to fill out at tax time selling a car back to a dealer.

 

When you trade a vehicle in to a dealer you usually get a sales tax credit for the trade in deducted from the sales tax on the vehicle you are purchasing.

I'm pretty sure that you would get your sales tax back if you decided to return the vehicle under this program.

 

In post #6 of this thread:

5. Does the customer receive a full refund on his/her purchase price?
A. In exchange for the vehicle, the customer will receive the vehicle purchase price after any rebates, discounts, plus genuine Chevy Accessories installed on the vehicle prior to delivery and included in the original vehicle purchase and any applicable sales tax they paid. Only the price of the vehicle itself (plus sales tax) is included.

 

^^ Unclear wording. Perhaps they mean sales tax on accessories is not refunded ? So, who wants to trust GM and be a guinea pig ? LOL

 

i'd rather rent one. at least i'd know up front how much i was getting screwed.

 

OK this is not bad, then. It doesn't sound like you eat the loss of equity in the vehicle...

 

I made the leap before they had the 60 day return program. I won't need the program. I'm pretty happy with the Volt.

$12/day and 2000 miles on about 6 gallons of gasoline is nice.

 

Since the regurned car's will be considered USED, there is no potential for abuse of the tax credit.. that is just a GM hater spreading FUD.. (and Volt haters here falling for it).

 

They mean individuals buying the car, returning it and claiming the $7,500 tax credit. It's only legal to claim the tax credit if you intended to keep it since you cannot claim the tax credit if you purchase the car for resale.

Unless there's a condition in the contract that makes the buyer give up the tax credit if they return the vehicle, I'd expect the IRS would be waiting, audits in hand.

 

Since the car can only have one credit (since GM will sell the returned car as used), even the person who returns it takes the credit, it would not be abuse.

But I agree the IRS could consider the return an attempt to "resell" (unless there was extending circumstances, e.g. the owner lost their job). But that is no more abuse than an individual buying the car in an early release state then selling it used in another state.

GM is taking a risk on some cars, but I think most volt buyers will keep it once they try it..

 

Considering that ALLY leasing buys Volts from GM dealers, claims the $7500 tax credit, and then leases them to consumers not qualified to claim the tax credit, why would this be considered a "tax credit" abuse?

GM might be on the short end of a returned Volt as slightly "used" Volts are worth approximately $7500 less than "new" Volts. That said, there is a market for discounted Volts with their tax credit already stripped. Non-taxable entities like local government, schools, charities, non-profits, etc would be the beneficiary of an inventory of discounted Volts not eligible for a tax credit.

 

It would be abuse by the buyer. It would also encourage the sale of a new Volt that might otherwise not have been sold.

If they were buying to sell it would also be abuse but the tax credit is reflected in the resales price of a used vehicle. There's also more risk. There's really no comparison.

I agree. There's too much cost and risk to take the car if you don't want to keep it.