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Chevrolet Volt Lease Questions

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Comments

  • vin427z28vin427z28 Posts: 1
    I am interested in leasing a Volt, but am wondering how to charge it. I know if you purchase it you can get the charger installed in your garage, but are you able to lease the charger as well?
  • abtladyabtlady Posts: 5
    I just charge it in my garage in the regular 3 prong outlet. Full charge takes 10 hours and I don't have to charge it everyday. Didn't think the faster charging station was worth the money. Hope this helps!
  • swertswert Posts: 3
    Hi I'm looking to lease a 2013 Volt. Has anyone from the Seattle area bought one? How will the dealership reduce the price using the $7500.00 tax credit? and the $4,000.00 from GM. Any suggetions would be great! I'm going to Burien Chevy tomorrow morning.
    Thank you!
  • swertswert Posts: 3
    edited June 2013
    Hi I just got this quote from a drealer. What are your thoughts on the pricing?
    Thank you!

    This is for a 2013 Chevrolet Volt with just the premium trim package. The color is cyber grey and the the interior is black

    msrp $ 41,390.00
    sale price $ 38,490.00
    term $ 36.00
    interest rate $ 1.05
    rebates $ 5,250.00
    down payment $ 1,000.00
    residual .59% = $24,420.10
    payment 294.88 pls tx = $323.78
    license fees $ 230.50
    doc fee $ 150.00
    security deposit $ -
  • Hi Guys,

    I'm looking to lease a Volt for 36 months this month. I'm curious if anyone knows the current Residual and MF? I'm looking primarily for a 36 month lease with 15k. I live in Southern California if that makes a difference on Incentives.

    Thanks!!
  • scdgoofyscdgoofy Posts: 22
    Picked up a Volt today in Los Angeles. Here are my numbers:

    Sticker was $40,275
    Gross cap cost $38,795
    Adjusted cap $31,643
    (Cap reduction was $7,400 - which was $5,250 in rebates to dealer and $2,150 in cash from me - BUT, my cash was $1,300 in drive off, incl first month, DMV, acquisition. So my true cash down was $850.)
    Residual $24,818

    Lease is 12k miles per year, 36 months.
    Monthly is $220.00 and then tack on LA tax and total is $240.50.

    Decent deal and and a pretty cool car so far!

    (Oh yeah, also did the paperwork for the $1,500 California Clean Vehicle Rebate Program. That check comes directly to me. Will also get a carpool lane sticker in a couple weeks.)
  • sussansussan Posts: 17
    That sounds like a good deal.

    Which dealership in LA did you get the car from?

    Can you explain how you had to pay $2150 in cash but your true cash down was only $850?

    Thank you.
    Sussan
  • scdgoofyscdgoofy Posts: 22
    Dealership was in Culver City.

    The ad that drew me into the dealership (and also on their website) was $139 a month for 36 months with 10k miles per year. The ad stated $2,850 down required plus drive-offs, which they estimated to be $1,300. So, a great monthly price, but not so great at $4,150 out the door.

    My offer was basically same lease factors with 12k miles per year and only $850 down plus drive-offs of $1,300 -- thus $2,150. So, my cap cost reduction was only $850... the rest would have been paid regardless (unless you built those into the cost of the monthly payments).

    Ad (and "special pricing") is said to expire end of day on Monday 7/8, but who knows.

    Good luck!
  • sussansussan Posts: 17
    Thank you for the clarification. If you got $139/mo with 12k/yr. and $2150 total drive off, you did very well.

    Did you get discount for having a competitor lease car?
    Did you deal with their Internet department? Can I have his name? I don't want to get the run around.

    Enjoy your new car.
  • scdgoofyscdgoofy Posts: 22
    Perhaps the previous posts weren't clear, so here it goes: The local dealership ran an ad for base model Volt for $139/mo + tax + drive offs (approx $1,300) + $2,850 down for 10k miles per year. (Total out-the-door of $4,150.) Based on this ad, I went in to see what I could get.

    I picked up a base model for $220/mo + tax + drive offs ($1,300) + $850 down for 12k miles per year. (My total drive off was $2,150.)

    Both deals required top tier credit and both had $1,000 competitive lease discount. My deal closed through US Bank.

    The deal you mention above ($139/mo, 12k, $2,150 drive off) doesn't exist anywhere.
  • mcmaybermcmayber Posts: 7
    This tread should be used for simple payment numbers. If you are 100% sure you are going to turn in your Volt at the end of the lease then only 5 things matter.
    1. Payment
    2. Out of pocket upfront fees
    3. Miles per year
    4. Added vehicle features.
    5. Extras...mainteance free...etc.

    This will help avoid confusion of down payments, fees, etc. To do this calculation take your money out of pocket and add it to your payment times number of monthss then divide by number of months.

    I will start.
    1. $337
    2. $0
    3. 15000
    4. Leather wrapped steering wheel and heated seats.
    5. 2 years maintenance included.

    There was a post before this one looks like $299 a month for 12k miles per year. Base model.
  • rosenbj1rosenbj1 Posts: 11
    Car_Man,
    Could you tell me what the current money factor and residual is for a 2013 Volt, leasing for 36mo-12,000mi/yr?
    Also, I'm seeing advertised from Chevrolet $4,000 off the MSRP listed as consumer cash. So, when negotiating the cap cost, should I also take off the $7,500 tax credit that the dealer (or is it Ally?) will get in the deal? Because I know I can't get that tax credit myself when leasing. Pleae help me understand how best to negotiate in a situation such as this.
    Much appreciated...
  • I would like to lease a 2013 Volt, but there are so many factors currently involved I don’t know whose figures to trust. I have never leased a car. I read “10 Steps to Leasing a New Car,” and I have read recent forum posts here.

    Other posts state that the $7,500 Federal Tax Credit should come off the Cap Cost/Purchase price as well as the $2,000 rebate (for lease, instead of $4k cash back for purchase).

    Georgia also gives a $5,000 State Income Tax credit. Do I lose that by leasing or is there a way to apply that to the Cap Cost/Purchase Price?

    Research on several web sites put the “haggle” discount at another $1,500-2,100 off the purchase price.

    Please help me with direction to calculate a lease for the following.

    $44,545. MSRP (all packages + Bose + Nav + polished wheels)
    $2,000 Lease cash incentive (versus $4,000 Purchase incentive)
    $7,500 Federal Tax Credit
    $5,000 Georgia State Income Tax Credit
    $2,000 “haggle” discount (is this still a fair discount?)
    Purchase Price/CAP COST?

    Sales tax is 6.5% - Atlanta, GA

    36 month lease/ 10,000 miles per year
    $0 down (or as little as possible)
    .59 Is current Residual Value still 59%?
    ?? Current Money Factor/Interest Rate

    I don't know how to use these these figures for a lease calculator. I'd like to be well prepared before I visit dealers this weekend.

    Any help will be greatly appreciated!
  • mandelmandel Posts: 1
    edited July 2013
    Here's a simple lease calculator:

    http://www.globalrph.com/lease_calculator.htm

    (A brief internet search informs me the Volt _DOES NOT_ qualify for Georgia's $5,000 Zero Emissions Vehicle credit. Only "All Electric" vehicles will qualify. However leases of such vehicles do seem eligible.)

    I haven't closed a deal, so take this with a grain of salt, but I believe my numbers are correct. Call the dealer with the best deal in your area as listed at truecar.com, and ask them to go over the current lease rebate from Chevrolet, the residual for your specific lease term/mileage, and the money factor for top tier credit. In my case it was $4,250 lease rebate from Chevrolet (and an additional $1,000 lease conquest if leasing a non-Chevrolet car), 56% residual for 39 months and 1.05% APR/money factor from Ally. Note that Ally receives the $7,500 federal tax credit and used it to pump up the residual. TrueCar informed me of a local dealer that offers at least $4,684 off the price, not including the rebate.

    Calculator (not including title, acq., reg. & doc. fees)

    Enter the MSRP:
    $44,545

    Final Negotiated Price:
    $35,611 (MSRP minus Chevrolet rebate of $4,250 and dealer discount of $4,684)

    Down Payment:
    $0

    Usage Tax (Sales Tax) (%)
    6.5%

    Length of Lease (months):
    36

    New Car Lending Rate (%):
    1.05%

    Car Value at End of Loan
    $26,281.55 (MSRP * residual, 59%)

    Results:

    Capitalized Cost:
    $ 35,611 (44,545 MSRP minus discount)

    Lease Price:
    $ 35,611.00 (above minus $ 0 down payment)

    Residual Value:
    $ 26,281.55 (after 36 months)

    Depreciation Fee:
    $ 259.15 - part of lease payment

    Lease Fee:
    $ 27.08 - part of lease payment

    Monthly Payment :
    $ 286.23 without tax

    Usage Tax:
    $ 18.60 over full loan (6.50 % of $9,329.45)

    Total Monthly Payment:
    $ 304.83 WHAT YOU PAY
  • Mandel,

    Thank you very much for taking the time to post your thoughtful reply with all the details and helpful information!

    The first dealer quoted me $516/mo which seemed WAY off. Now I have the details that will help me be an informed shopper. It's exactly what I needed.

    Thanks again!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi rosenbj1. Ally's curent base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Volt without navigation with 12,000 miles per year are 0.85% and 56%.

    General Motors is currently providing a $5,020 cash incentive on leases of this car. The $4,000 consumer cash that you have seen mentioned is not available on leases. Ally pockets the $7,500 tax credit and uses it to artificially inflate the residual value of the Volt, making the lease cheaper. It is able to do that because on a lease the bank technically owns the vehicle, not the lessee.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • iumichaeliumichael Posts: 2
    Hi Car_man,

    Heading to the dealership today to pick up a black 2013 Volt with premium trim, safety package #1, bose audio, polished wheels, and nav. MSRP is $44,089.

    Looking to do a 36 mo/15k per year lease through Ally. From the 56% residual you quoted above, is it correct that I should deduct 2% for the 15k per year vs 12k? And deduct another 1% for having nav? So I'm looking at a 53% residual? Same money factor/lease rate of 0.85%?

    Thanks so much for your help on these boards!
  • Thanks for breaking that down but where is the $7500 Ally uses to pump up the residual?
  • wheels03wheels03 Posts: 2
    edited August 2013
    MSRP 39995.
    My price 38,000 (not sure what is meant by that)
    Base model
    $2300 drive off
    395.23 payment includes monthly tax
    36 months 12,000 miles per year

    I really want 15k a year but do not want to pay anymore per month; have had a bankruptcy in the last 3 years
  • I got base model 15k miles plus 2 year maintenance. 335 a month...335 down for first months payment.so I would say no thats not a good deal.
This discussion has been closed.