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Chevrolet Volt Lease Questions

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Comments

  • Yeah the bankruptcy really affects my pricing ......I was working with 3 dealers one is out still trying to work the other two but not much luck so far
  • Volt Base MSRP $39,995
    Price - $38,616
    Factory Rebate - $5020
    Lease Conquest Rebate - $1000

    Term 39 Months
    Miles 12,000
    Cash Down $846
    Total including tax $334 a month

    Please let me know your thoughts
  • jebandajebanda Posts: 1
    edited August 2013
    Got this payment estimate today and need some advice...

    Sticker: 44395 (Nav, Bose, Premium pkg)
    Negotiated: 38500
    Down payment: 0
    First month payment: 393
    Residual: 59%
    Tax: 4%
    Term: 36mos
    Mileage: 15k/yr

    Payment: 393

    Good deal, bad deal, average? At first it seemed high to me as I expected more of around 340/mo. But maybe this isn't that bad.

    Thx.
  • I got the same deal but with 15k miles
  • Seams a little high...not much though...maybe $30 a month.
  • apudiyapapudiyap Posts: 9
    edited August 2013
    Car_Man,

    Since 2007, I have been a follower of yours and have so far bagged 2 great lease deals over time (2007 VW Beetle Conv. and 2011 BMW X5 Diesel). You Rock! I am back again in the market, this time for a 2013 Chevrolet Volt, with an MSRP of 44,945. I am in the San Francisco Bay Area.

    The best price I got is $4,588 dealer rebate + $5,020 factory rebate + $1,000 lease conquest rebate (since I still have the BMW lease) for a selling price of $34,337. The residual is 56% on a 10K/36 lease and the rate is 0.85%. That's a good sized cut (2014s are here in only 2 weeks and they are $5K cheaper, some dealers are sitting on huge 2013 inventories). The lease factors match with what you said on your latest post on this subject. All good.

    But another dealer is offering a 59% residual (but less rebate on a different, but close enough configuration) and told me that the residual is actually 42% + $7,500 federal rebate (which works out to 59% for that particular car) which means the lower the MSRP is, the higher the effective residual will be. That makes sense.

    Yet another dealer, who also told me the same 42% + $7,500 story about residuals gave me a quote with a residual value of close to 56% for an MSRP of $45,605. When questioned, he told me that there was a 'cap' of $43,800 on how much they could 'residualize' and that anything over that I had to pay out of pocket and that's what brings the effective residual down. It doesn't sound very clear (the numbers he gave me did not really add up to that explanation) and I haven't been able to cross check this.

    Would you please share your thoughts on this? From what you told me 6 years back on this forum, 'Residual values are essentially set in stone and dealers really do not have the ability to alter them'.

    Thanks
    -Ajeer
  • mung35mung35 Posts: 10
    edited August 2013
    Ajeer - From what I'm reading earlier in this thread - See Post #275 - that residual max is true.

    What may be set in stone for regular cars, may not hold true here. The numbers with these hybrid/electric-/pug-in cars is all a game to get inventory to move.

    There is a good chance the dealer who originally quoted may have looked it over and would have been brought up during the final paperwork.
  • Thanks mung35 for the reference to #275. So the residual cap was not totally made up!

    According to that post, the residual on 10K/36 is 44 + 1 = 45%. At the 43,800 cap, residual = 43,800 X 0.45 + $7,500 = $27,210.

    I have one dealer website here advertising $26,772 residual on a $43,950 MSRP on a 10K/36. That is 44% of $43,800 plus $7,500. So may be residual value dropped by 1% since #275 was posted?! Could be.

    But on the $44,945 car that I looked at, the effective residual percentage should then be $27,210 / $44,945 = 60.5%. So why the 56% or the 59% that I have been hearing? Looks like the heavier dealer discount is coming at the expense of lowering the residual. Bad dealers! :-)
  • mung35mung35 Posts: 10
    Based on those numbers, it looks like your Volt lease would be $0 down and payment in the mid $200's?

    Also, anyone have residual and MF for 24-month leases?
  • Their advertised offer is $259/month with $2,499 drive off for $43,950 MSRP for 10K/36.
  • mung35mung35 Posts: 10
    Your incentives should get you in that payment neighborhood with $0 down, right?

    MSRP: 44945
    Negotiated Price: 34337
    Term: 36 mos.
    MF: 0.85%
    Residual: ~58.6% = (42%= 18877) + 7500 = $26376

    With no additional cap cost adjustments (pay fees and first month on acqusition), you should be able to get $222 + rent charge $21 for a total payment of ~$243

    That seems like the best deal I've seen on here thus far - or am I missing something?
  • mung35,

    This is what you are missing: The dealer who is offering a $4,500 dealer rebate (which brings the negotiated price to $34,337) uses a residual of 56%. The dealer who uses a residual of 42% + $7,500 (for an effective residual of close to 59%) gives only a $3,000 dealer rebate. So either way, the payments are in the upper 200's... :-) This is why I wanted to know the truth about residual on the Volt.

    $2,499 drive off includes about $400 of cap reduction, about $700 of taxes (they tax the $5020 GM rebate, and it still looks high to me. Sales tax rate here is 8.75%. Does anyone know if this is how it should be?), about $400 DMV fees, about $600 lease acquisition fee, about $300 first month payment and about $100 documentation fee.
  • I will be watching your success.....

    I had hoped to lease another Volt, but this one with Nav and the safety package 2 for the mid-200 range with no money down.
  • apudiyapapudiyap Posts: 9
    edited August 2013
    Pulled the trigger on Sunday. Got a slightly better deal (with a some what different deal structure) from the dealer close to my home for an identical car (but with a dealer added $60 cargo net). I think the deal is one of the best I have seen so far.

    2013 Chevrolet Volt
    Premium White Diamond Tricoat
    Premium Trim Package
    Enhanced Safety Package 1
    Enhanced Safety Package 2
    Chevrolet® MyLinkTM radio with navigation
    Premium Bose® Energy Efficient Series sound system
    Cargo net (Dealer-installed)

    MSRP: $45,005
    Total Due at signing: $2,799 (includes $650 California sales tax, which may not apply to you).
    Monthly: $239 + tax @ 8.75% = ~ 260/month
    (I'll post the detailed break down if anyone is interested)

    California is processing my application for $1,500 rebate and an HOV sticker. So that will bring my effective payment down to $218/month. That's like $199/month + tax on a $45K car! Or $239 + tax with only $1,299 total due at signing (of which $650 would still be California sales tax. Talk about chasing your own tail. Lol!). Not bad whichever way you look at it!

    We took $20K off the MSRP! $5K negotiated savings, $5K GM rebate, $1K GM Lease Conquest rebate, $7500 federal rebate, and $1500 California rebate.

    At only $25K, this is cheaper than a gas car with leather seats, leather steering, heated driver and front passenger seats, 7 inch touch screen, navigation, onstar, 7 speaker Bose audio, satellite radio, bluetooth (pair upto 5 devices), on board Pandora, gas prices finder and other apps, USB storage port, auto dimming mirrors, rear view camera, keyless entry, push button start, smartphone vehicle monitoring and control app with navigation input from phone, front and back parking sensors, *active* cruise control, lane departure warning etc.

    I have been thrilled at how this car drives. This is a fun car. It doesn't drive, it wafts! I'll save my electric rants for a different forum. But I'll just say this car is American ingenuity at work! At this price, its a no brainer!
  • suzksuzk Posts: 1
    Hi apudiyap ,

    can you please send me the break down to skalties at gmail dot com , I want to pull the trigger tomorrow .
    thanks SK
  • That's a great deal - nice job.
  • Hi apudiyap,
    Thanks for the info. I'm also interested in seeing the breakdown of your deal. I'm in the SF BA also. Can you recommend a dealership? Thank you
  • apudiyapapudiyap Posts: 9
    edited August 2013
    Here's the breakdown. Its a 10K/36 lease.

    MSRP: $45,005
    Selling Price: $39,938 ($5,067 dealer discount)
    Total Cap Reduction $6,838 (GM's $5,020 + GM's $1,000 + my $818 cap reduction part of drive off)
    Net Cap Cost: $33,100 (Selling price - total cap reduction)
    Residual: $26,402 (See Explanation below)
    Total Depreciation: $6,698 (Net cap - Residual)
    Total finance charge: $1,906 (See Explanation below)
    Total cost: $8,604 (Depreciation + Finance charge)
    Monthly cost: $239 + tax = $260 (Total cost / 36 plus tax)

    Drive off break down:
    Bank fee: $595
    Sales tax on total cap reduction + Bank fee: $650
    DMV: $396
    Doc fee: $80
    First month payment: $260
    Cap reduction: $818
    Total Drive Off: $2,799

    Explanation:
    The formula for Volt's residual is still a mystery (looks like 43.15% of $43,800 residual cap + $7500, or 58.66% of MSRP. Both look odd) and the finance charge seems pretty high at over 2% (I have top tier credit score). So some of that jack up might have paid for the $5K plus dealer discount.

    But in any case this is the lowest total cost I could find after working with 4 dealers in the area and the selling price is $1,813 lower than truecar.com's best price, which is already much lower than invoice and deep in dealer holdback/incentive territory. So even if they hid $1,800 in there (for this I have to factor in the best case residual of 45% of $43,800 + 7500 = $27,210 which was reported for US Bank and the best case rate of 0.85% which was reported for Ally, even though getting the best of both together is an impossibility), I am still ahead. Also, dealers got to make their money too... lol!

    Good luck for tomorrow, SK!
    And thanks, freeman3!

    -Ajeer
  • apudiyapapudiyap Posts: 9
    edited August 2013
    Kaiserboba,

    I am in the southbay. I bought mine from Courtesy Chevrolet at Steven's Creek. I found from Google local car inventory that they had the car I wanted, walked in with the VIN number, and just gave them a detailed breakdown of the lease deal I was looking for. After a few back and forth, they came up with the lease structure I posted in my previous message to match my bottom line. Deal was done!

    I had talked to Fremont Chevrolet, Capitol Chevrolet and Boardwalk Chevrolet during the previous week and had also worked out truecar.com prices. Fremont Chevrolet came close and were nice to talk to. Capitol Chevrolet in San Jose was the toughest to deal with, playing the old tricks. No wonder they have over 100 2013 Volts just rotting on their lot.
  • gmcustsvcgmcustsvc Posts: 4,083
    edited August 2013
    Hello there,

    I am loving your enthusiasm about your recent vehicle purchase! I am happy you have been thrilled about how well your Chevy Volt drives. The deal you got is definitely a great one! We appreciate your positive feedback on the vehicle. Continue to enjoy driving it around. If you ever have concerns or questions, don't hesitate to reach out to us. We can be contacted by email at socialmedia(at)gm.com.

    Sincerely,

    Laura M.
    GM Customer Care
  • Thank you Ajeer for the info. Seems like a wide range of deals out there and it's good to have a ballpark idea what to shoot for. Hopefully i'll be as successful in our search. enjoy your ride! cheers
  • sectimesectime Posts: 1
    Hi, I'm trying to decide between purchasing or leasing. I see posts about the federal and state tax rebates, how are people claiming these when leasing? Dealers I have talked to says the rebates go to the leasing company.
    Thanks for any input on this
  • mung35mung35 Posts: 10
    edited August 2013
    Leasing companies tack the $7,500 onto the residual to help with payments. the $1,500 you have to apply for on your own.
  • kiranikirani Posts: 5
    Hello,

    I am living in socal area and I am in market for a new lease of 2013 Chevy Volt car. I came across a lease offer from Harbor Chevrolet for $159 per month pls tax. Here is the fine print from their website:

    "5 AT THIS PAYMENT
    36 Months Closed End Lease On Above Average Approved Credit. With $2,350.00 Customer Cash or Trade plus $5,020.00 Factory Rebate, $1,000.00 Lease Conquest Rebate*, and $500 Labor Day Bonus Cash, $8,870.00 Total Due at Lease Signing, assuming all rebates apply. $Ø Security Deposit Required. Plus 1st Payment, Tax and License. 10 K Miles Per Year. 25¢ Per Excess Mile. *Must be currently leasing a non-GM vehicle 1999 or newer. Not all rebates may apply."

    2 weeks ago the same offer was valid for $129 per month plus tax. They also had another offer with $199 per month plus tax for $0 down. This Lease is for the base model with a MSRP of $39,900. I do not have any current lease, so I will not qualify for $1,000 Lease Conquest rebate. The residual value would be about $25,200.

    I would like to lease a higher model volt with navigation, safety package#1 and 2. I was wondering what would be the appropriate price to pay for a chevy volt lease with a MSRP of $45,000 with 36 months term and 12K yearly miles? How much would be the taxes approximately on top of the monthly lease payment in LA area?
  • mung35mung35 Posts: 10
    edited August 2013
    Most people will advise against a lease with that much money up front. At most I would put down what {apudiyap} did. He got a great deal you should try to replicate - I believe with the exact configuration you're looking for.
  • gobiasgobias Posts: 1
    Hi everybody, your comments and advice would be appreciated.

    This is in NJ not far from NYC, and I guess this area tends to be a little more expensive than most places in the US. It's also easily the highest rated dealership in the area, which makes me feel better dealing with them. So far, via email, they've been very professional and responsive.

    Here's the deal: A Premium Volt (leather, navigation, rearview camera, bells & whistles) with a MSRP of $43,950, an invoice of $42,881, discounted to $41,299. This, minus the $5,020 rebate and $500 Labor Day cash. So, total discounts amount to $8k+ off of MSRP.

    Residual is 39%. Money factor is .00055 (US Bank).

    36 months, 15k miles/year, $0 down, tax (%6.25 for MA, moving there soon) and fees (except the $395 disposition charge) included in the monthly payment of $427. So, first month is due at signing, and nothing else. They of course started higher and this was reached after some negotiation.

    I was wary of is the low residual of 39%, given the 46% resale value at the top of KBB's list for 2013. Also, I know that it's US Bank that gets the $7.5k tax credit, but I was under the impression that this should somehow contribute to my bottom line.

    Thanks in advance for comments and suggestions.
  • kiranikirani Posts: 5
    Could you please tell me the Dealership name/city where you got this deal? I am looking for similar deal. I am in socal area. Thanks!
  • I am in Norcal. San Francisco bay area. Please refer to #381 for dealer info.
  • kiranikirani Posts: 5
    okay, got it! Thanks!
    Hopefully, I will be able to get price closer to yours. Will update the forum once my deal goes thru.
  • ods2010ods2010 Posts: 11
    I am looking to lease a Volt (or a Leaf) this long weekend in southBay (SFbay area)

    Couple of general lease questions :
    I read the forum here and got confused about this residual value ? How does that matter ?
    Should it be higher or lower of the MSRP when we lease.

    What happens if you lease a car and car gets into an accident where insurance company totals it.
    Will they cover the down payment or one time payment made at the start of the lease ?

    Now Volt lease questions:

    1) When we lease for 36 months, will we get a high speed charger installed at home from PGE or dealer ? Is it part of the lease or it is extra money ?

    2) Is there a way to fit in 5 people, once in a while.

    3) If you have any suggestions on the deal to expect for Labour day, please post.
This discussion has been closed.