Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





Chevrolet Volt Lease Questions

11011121315

Comments

  • kyfdxkyfdx Posts: 31,194
    The bank that provides the lease gets the credit... and factors that into the lease price of the car..

    That's how you can lease a $40K car for $300/mo.. ;-)

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Hi -
    I'm looking for the 3 year residual value on a 2013 volt, standard. I'm working on getting a good lease deal and I've already gotten great advice from this site. Thanks.

    I'm in California.
  • kyfdxkyfdx Posts: 31,194
    .85% MF and 51% residual.... Looks like Ally provides $7250 of Cap Cost Reduction on this model...

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Wow, so 51% residual is the norm? That seems low. I did get that number from one dealer, but I saw 59% on one of the websites I was looking at.

    So is the .85% MF actually .0085 when calculating? I've seen folks on this site with better MF numbers of .001 and .0008. Any suggestions here?

    Lastly, can I take the 7500 federal rebate off of the retail price and then work a deal from there? I mean, they are getting that rebate, so I should be able to benefit from the entire amount, I would imagine?
  • rick4rick4 Posts: 11
    I stopped by the Chevy dealer today to get an idea what the Volt would cost me to lease for 36 months. I was really surprised by the way they calculated the payment. The msrp was around $36,800, but the residual was $14000 (it was listed as 40%) then they added the $7500 fed tax credit back into the residual. After all the numbers were run it was $396/mo incl tax (California tx)
    Does this sound like a normal way to do this? Is it a good deal? I know here is some room between invoice and the msrp to negotiate a little more. I am only looking for prem pkg and bose.
  • kyfdxkyfdx Posts: 31,194
    Well.. the residual is 51%, but they are taking nearly 18% off the MSRP from the start to account for the tax credit they are receiving...

    If they run the lease through a different bank, they may account for the tax credit in a different way..

    Ally uses percentages... 0.85% does NOT equal .0085... It's equivalent to .00035 MF (which is very low)

    ALLY uses a $7250 CCR credit, in lieu of the $7500 federal tax credit (they get the credit as owner of the vehicle). So, start your deal at $7250 less than MSRP and work down from there. (so, you almost benefit from the entire amount).

    Don't lose sight of the most important thing... your total cash outlay for upfront and monthly payments...

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • kyfdxkyfdx Posts: 31,194
    A different bank can use a different calculation method.. As noted in post above, focus on the price... Nearly $400/mo. seems high, given what I've seen posted.

    There is a dealer ad in my local paper today for $249/mo. for 36mo/10K/yr, with zero down... on a base 2013 model.. I'm sure you would end up with about $1000 upfront and then sales tax of around $20/mo. on top of that, but that's a long way from $400/mo... (this is in Ohio)

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • zoderzoder Posts: 6
    edited September 2013
    It's going to also depend on how many months and miles you are leasing for. I leased mine 3 weeks ago for 39 months / 10000 miles a year.

    It was through Ally and I got a 55% residual. Money factor was the .85% (.00035) with my top credit.

    For reference it was $332 a month 0 down with tax. MSRP 44605.

    To be fair, it should have been a little higher. Dealer made a mistake and used 56% residual on the lease when I signed. They ate the mistake for me when Ally notified them which they didn't have to do.
  • Are you looking at a 13 or 14?

    You should take the MSRP. Subtract out the negotiated price you work out with the dealer. Then subtract any GM incentives from that price which you can find here on Edmunds. Add in your dealer and state fees for your cap cost. If you are offering a trade and/or putting any money down, subtract it from that final price.

    The tax credit is being added to the residual which is why people are getting mid to high 50s depending on when they leased and the terms.
  • Hello,

    I got my Chevy Volt Lease on Aug 30. The dealer did not offer me Smart Lease protection plan at the time of signing the paperwork. Is it possible to buy the Smart Lease protection plan now? I would be interested in knowing what kind of price others have paid for this protection? My lease is thru US Bank and I don't see any information on their website about this plan.

    Thanks,
  • rick4rick4 Posts: 11
    I'm looking at a 2014. So if they add the tax credit to the 40% residual it bumps it to around 58 %. I guess its another way to calculate the lease. I just haven't seen it done that way.
  • rick4rick4 Posts: 11
    36 months/15k yr
  • Since you are in CA and are looking for a 2014 you might want to contact Keyes in Los Angeles. I know they've been advertising $3000 back of invoice on the internet for the 14s the last few weeks. The invoice price with the options you are looking for is $36012. So you'd be looking at $33012 + dealer and state fees for the lease.

    You should have the dealer you want to work with run it through both Ally and US Bank and see who offers the better terms.
  • I got a recent quote of around 385$ including all taxes for a 15k/36 months on a base 2014 model.

    Is this a fair price in Bay area, CA?

    Thanks
  • What's the cap cost you were quoted? Also residual rate and money factor? how much in fees are being added on?

    Seems a bit high.
  • Thanks

    I am new to leasing and hence I primarily have focused on the monthly payments for a 3 year lease and 12k miles minimum.

    Based on the articles that I have been reading in this excellent forum, anywhere around 320$ seems to be the price for a base 2014? Any thoughts?
  • Was quoted a lease deal for a Volt today:

    MRSP: 44545
    $331/mo (tax incl), $0 down, 36mo, 12k

    Curious how that deal rates compared to other current offers. Please grade this deal.
  • To be honest, I don't know what residual value the banks are using on the 2014s so I can't give you a definitive answer
  • Looks like a good deal to me. Mine was 44605 MSRP and I paid 332 w tax for 39 months
  • If you don't mind--where did you get that quote? Seems like a pretty good deal.
  • Seems like a pretty good deal. Can you share the who's the dealer is?
  • bigbutrbigbutr Posts: 111
    Is that deal on a '13 or a '14?
  • I ended up signing my lease this evening. I benefitted from the last day of the month, I think. I'm very happy.

    My Deal:

    $222/mo w/tax, $0 down, 12k, 36 mo. 2013 Volt Dealer Demo, had 2100 miles on the vehicle. White with black leather, nav, all the toys. Cincinnati, OH.
  • kyfdxkyfdx Posts: 31,194
    Wow.... that's cheap!

    Which dealer in Cincinnati?

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • I'm in Cincy and looking for that kind of deal. What dealership and do have any more demo to lease.

    Thanks
  • casualsurfercasualsurfer Posts: 3
    edited October 2013
    Here's what I got - not as good as others, but I was happy with it (Indianapolis):

    2013 Volt Cyber Grey Base
    15K miles/year
    39 months
    $310/month including tax
    $0 down except 1st month + TTL fees
  • bigbutrbigbutr Posts: 111
    Who did you finance the lease through?
    Also, when the issue of the tax credit came up, did the dealer offer it or was it the leasing company that took that amount off. I'm trying to head off any issues when I go into the dealers to look for one this weekend.
  • Ally Bank.

    The discounts weren't all disclosed to my disappointment. You get $7250 for the federal tax credit (instead of $7500).

    If it didn't make a lot more short term financial sense to lease on a monthly basis I may have elected to buy. Think about it: a 2013 Volt has 5K plus 7500 rebate, add dealer markdown (or ask them for GM supplier discount - they don't check anyway), you end up with $14K at least of markdowns from the base price.
  • chasm2chasm2 Posts: 2
    edited October 2013
    I'm looking to lease a Volt here in South Florida. My local dealer has provided the following:

    2013 Base Chevy Volt
    MSRP: $39,995
    Selling Price (after discounts): $32,895
    Tax, Tag, Fees: $3551 (includes $699 dealer service fee and $400 tag)

    36 Month lease, 12,000Miles/yr
    Cash Due: $2000
    Payments: $319/month

    This seems rather high to me for a base 2013. Any thoughts?

    Thanks,
    Charlie
  • That seems high.

    Here's my deal (Ally Bank)
    Base 2013 Volt w/leather steering & heated seats
    39 months
    15K miles per year
    $310/month (tax included)
    $0 down except TTL & first month (~$980 in my case)

    Don't get screwed.
This discussion has been closed.