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Chevrolet Volt Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey nc_driver1. Ally's current base lease rate and residual value for a 36-month lease of a 2012 Chevrolet Volt with 15,000 miles per year are 1.1% and 59%, respectively. This lease rate is equivalent to a money factor of around .00046, like you mentioned.

    GM is providing a $3,045 cash incentive on leases of this car through Ally in all areas but California (where the allowance is higher). Negotiate a selling price that's as close to dealer invoice as possible (and from what I hear dealers are happy to discount Volts right now) and then have the dealer subtract the aforementioned cash from that.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi magicboy. Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its base lease rate.

    Please see my previous post for information on what this car's programs are like right now.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi nc_driver1. I believe that both an acquisition fee and a security deposit are required on leases of this car through Ally right now. The security deposit would be your car's payment rounded up to the nearest $50 increment. Ally charges a fairly high $795 acquisition fee on every vehicle that it leases.

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  • phaworthphaworth Posts: 20
    $43,553 was the gross cost. after incentives of $3641 the adjusted value is $40,635 with a residual of $26992.
  • Car Man...see below final deal on a 36mos lease of 2012 Volt ,15K miles per year:
    1. MSRP $43,635
    2. Negotiated Price $41,060
    3. Cash Lease Incentive $2675 - used the cash incentive from your Jan 29 post
    4. Refundable Deposit: $197
    5. Acquisition Fee: $890
    6. Residual value 60%
    7. MF 0.00046 or 1.1% interest rate
    8. 3% Sales Tax

    Comes to $411/mo, no money down. If you're still monitoring this discussion, please let me know. Many thanks again.
  • Hi:

    I have the chart for side by side comparsion of Ally and US Bank for the $350 promotion.

    I understand that 1.10 is about .00046 on the money factor but at the top it has the hits for different credit tiers.

    B Tier was 1.2% and C Tier was 3% for Ally

    and on US Bank was 1.32 and the credit hit was .96%

    Can anyone tell me how to get the money factor from these numbers!

    Thanks!!
    Jenny
  • cars4funcars4fun Posts: 5
    I have never leased before. Considering the Volt. It's very cool, and the technology is impressive. Had a great test drive today, ran the battery down to zero, in order to see how the gas generator behaved once the initial charge was depleted. it was still quiet, but in the "mountain mode" there is considerable droning of the gas generator, which was sort of annoying...... but overall it's a great ride.

    one question: I have visited a couple of dealers in my area, and they don't seem to know the answer to my basic question, so hopefully you do. with a lease, is the "buyer" (aka lease-or) entitled to the $7500 tax credit? The dealer says they do not know. You'd think that they should, right? and the various states have their own tax credits as well.

    should we be deducting the tax credit from the price, in order to calculate the lease? or is the "money factor" based on a lower price and tax credit? Is Ally Bank taking the tax credit?

    I've reviewed your site's lease calculation tutorial, and it is simple and easy to understand. Yet, I don't see where the $7500 tax credit is accounted for in the transaction. Any info will be appreciated by me, and by others, I'm sure. thanks!
  • Just leased a 2012 HOV Volt yesterday. Most dealers were not willing to play with the Ally lease deal being advertised for 349 a month if you want an HOV in California. Even though there is nothing specific in the wording about the lease, most dealers say that notices from Ally state that the lease special does not apply to HOV. Here is what I finally got. I wanted to keep my payments low, so I put 5,000 drive off into the deal. We don't drive that much, so we chose 10,000 miles per year and figured we would pay the .20 per mile if we go over.

    MSRP - 45230
    5000 due at signing
    10,000 miles per year
    36 months
    Base monthly payment - 356.27

    Let me know how I did.....
  • magicboymagicboy Posts: 3
    I leased one yesterday in Georgia. My dealership gave me the deal they were running last month. Which was advertised as $1000 down, $399 Month.

    These are the details

    MSRP: 45230
    $1072 due at signing (They told me 1000 but in the deal there was $72 left so instead of paying it over 36 months I put it in the cash down)
    10,000 miles per year
    36 months
    I added the Bumper to Bumper Warranty... It has a name that I can't remember it. Basically was an additional $625 and they waived the $425 security deposit so a net increase of $200.
    Base Monthly Payment $410
    After Taxes: $435

    They tell me that I can register for an EV tag in Georgia for like $30 bucks and get HOV status.

    There was also some mention that I may be able to get some Georgia rebate. I have to have CPA look into it. I figured the bank would try and collect this.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Of course I'm still monitoring this discussion, nc_driver1 :) . This looks like a great deal to me. Dealers certainly are dealing on the Volt now. How quickly things change. Enjoy your new ride!

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Jenny. You can convert lease rates into approximate money factor equivalents by dividing them by 2400.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi cars4fun. That is a good question. The answer is that since the bank and not the lessee owns a leased vehicle the tax credit goes to Ally, or whichever bank you lease it through. The consumer does not receive the tax credit.

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  • Great thread - thx. Close to pulling the trigger on a 2012 and wanted to understand the "incentive" part of many of these calculations - is this a GM incentive, and Ally incentive or other? Also there is mention of "more cash available in CA" - anyone know what this? Lastly I see some posts for a US Bank Lease also - anyone have an info on US bank vs. Ally current offers? The Ally site only allows you to pre-qual for the $39.9MSRP and I'm looking at closer to a $43 MSRP. Thx
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi freedydog. The cash incentive that I mentioned on leases of this car through Ally is being paid for by General Motors.

    California residents are eligible for another $1,100 cash incentive and the waiver of their first month's payment on top of all other offers.

    Car_man
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  • sondrawsondraw Posts: 1
    Hi,

    We're currently in MS (7% tax rate) & are looking at a Volt with MSRP of $45,085 (Nav, Prem Trim, Bose, Park Assist). Dealer has already offered it to us for $1750 off & is offering to take off an additional $750 for a "military discount" as my hubby is in Air Force. I'd like to know if they are simply trying to utilize the Ally/GM lease incentive to offer us this discount. What should we be counter-offering & what exactly is the current Ally/GM lease incentive that is being offered?

    Also, with a $45,085 MSRP, what is the expected residual value? Should I be using 60% or add 1 or 2% for Nav?

    Additionally, from what I've read on this discussion post thus far, Ally has a purchase fee but no disposition fee? Is that right? We currently have a lease through Hyundai Motor Finance & there is a disposition fee but no purchase fee. That seems more reasonable. Are there any other terms that we should be aware of besides excess mileage fee & such?
  • benrey23benrey23 Posts: 42
    Ally is taking the credit and already applied it by increasing the residual %. You are getting the credit in terms of lower payment but not taken off the selling price. The bank is leasing the car to you so they retain the credit and just add residual support.
  • benrey23benrey23 Posts: 42
    The Military discount is what you call GM Preferred Price which is on the invoice. That is basically right at invoice price. There is an aqu. fee of 695 to 795 on the lease.
  • harshika15harshika15 Posts: 1
    edited May 2012
    Could someone let me know what are the (i) acquision fees range, (ii) incentives, (iii) MF (Tier I), and (iv) residuals for a base model HOV volt in California?

    I am thinking about 12K and 15K so the information for both options would help!

    Thanks.
  • oregunguyoregunguy Posts: 9
    I'm interested in the new lease offer for non HOV Volts since I live in Oregon.
    Volt web sit shows $0 down and $369/mo for 36 months with 36k miles. Since I am not looking at the base vehicle I was hoping for the lease details to do my own calculations on a Volt with leather and nav.

    Thank you
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi harshika15. Ally's current base lease rate and residual value for a 36-month lease of a base 2012 Volt with 15,000 miles per year are 1.0% and 57%, respectively.

    The residual value for a lease with only 12,000 miles per year would be 2% higher.

    GM is currently providing a $4,445 cash incentive on leases of the Volt through Ally. It is waiving the first month's payment as well.

    Ally charges a $795 acquisition fee on leases.

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  • bduncan504bduncan504 Posts: 1
    edited May 2012
    What would the lease terms and incentives be on the following:

    MSRP: 44170
    Miles 20k / year
    w/o navigation?

    vs.

    MSRP: 45215
    Miles: 20k / year
    with navigation

    Would either of these qualify for the waiving of the first months payment, or because of the high miles, is this not an option?

    Thanks.
  • sheepdog1sheepdog1 Posts: 28
    Hey carman, You have really helped me over the years. What are the current numbers for a 36 month lease, 15k a year in Florida. I saw your earlier post of 1% rate but the lowest seems to be 1.69%! Residual 58%. Is there $1000 Saturn Owner cash on the Volt? thanks :)
  • I know this is an old post, but I'm trying to figure out my own lease offer. I don't see how 411/month is a good deal. NC-driver1 posted the following:
    1. MSRP $43,635
    2. Negotiated Price $41,060
    3. Cash Lease Incentive $2675 - used the cash incentive from your Jan 29 post
    4. Refundable Deposit: $197
    5. Acquisition Fee: $890
    6. Residual value 60%
    7. MF 0.00046 or 1.1% interest rate
    8. 3% Sales Tax

    But what about the $7,500 federal tax rebate. Doesn't the leasing company get that? If so, shouldn't the price of the vehicle be reduced by $7,500, which would lead to substantially lower lease payments (like by half)?
  • newyork4menewyork4me Posts: 6
    Car_man,

    Does this apply to Ally leases on HOV volts in California too? My dealer's lease workup shows the rebate is only ~3600 and has a security deposit in it too. Is this not correct for SoCal this month?

    Thanks!
  • vaguy79vaguy79 Posts: 13
    edited May 2012
    I have been in the market for a Volt and was offered the following deal:

    MSRP: 44575
    Negotiated Price: 40834.11
    Residual: 57% (or 59% with 12k/year)
    ----Salesperson states that the residual goes down a percent because of navigation.
    Interest Rate: 2%
    Tax Rate in State: 7%
    Aquisition Fee: 795
    Miles A year: 15,000

    His payements comes to 441/month for 15k year and 416 for 12k/year. I keep running the numbers through a lease calc and it seems like his numbers are off. Additionally, I believe the interest rate is too high. This is a lease through Ally, no money done, no security dep., and first payment waived. Any thoughts?

    Thanks!
  • thematchthematch Posts: 2
    Any updates on what the lease terms are on a CA HOV Chevy Volt.

    I was hoping to know what the current purchase price, residual, money factor, money down and mileage is.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    edited June 2012
    Hey sheepdog1. I'm glad that I've been able to help you out.

    Ally's current base lease rate and residual value for a 36-month lease of a 2012 Chevrolet Volt with 15,000 miles per year in Florida are 1.0% and 58%, respectively.

    There is a $4,445 cash incentive on leases of this car through Ally. The $1,000 for current Saturn owners is available on top of that.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi mgreenfield. On leases through Ally, the bank pockets the $7,500 cash incentive and it uses it to artificially inflate the Volt's residual value. The realistic residual value for a used Volt several years down the road is nowhere near the percentage that Ally is using.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi newyork4me. GM's cash incentive on leases of the Volt through Ally is $4,445 for non HOV and $3,370 for HOV models.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi vaguy79. I think that you can do better than this on the Volt right now. First of all, Ally's base lease rate on a 36-month lease of a 2012 Volt is only 1%, not 2%. If your credit is in good shape the dealer is marking your rate up on you.

    Also, GM is providing a $4,445 cash incentive on non-PCV Volts through Ally right now. You should be able to have that entire incentive deducted from your car's price and then you should be able to eat into part of the $1,500 dealer gross on top of that.

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This discussion has been closed.