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Chevrolet Volt Lease Questions

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  • dwynnedwynne Posts: 4,018
    "Cash Incentive" of $2,675? So you get this as a further discount off of whatever price you negotiate and then lease at 1.1% and 60%? What is the residual for 12k miles per year?
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  • That is correct. There's even additional cash on top of that if you are in California.

    Ally's 12,000 mile per year residual values are 2% higher than its 15,000 mile per year residuals.

    Car_man
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  • dwynnedwynne Posts: 4,018
    The 10k mile per year residual is 64%, I think? One dealer quoted me 1.6% on a 36 month lease and $895 bank fee. Sounds like marking up the money for extra profit? He is offering the car for invoice and rolling the bonus cash into the lease as an additional discount. Also says security deposit required. I have not had to pay one of those since the very first lease I did more than a decade ago. An Ally requirement? He had not run my credit, just given me numbers so the deposit may not apply?

    One big gotcha with an Ally lease is the $2,500 purchase fee. Want the car at lease end or want an early exit and sell the car to a dealer then the fee applies. No turn in fee as far as I know.

    Thanks,
    Dennis
  • jacobmejacobme Posts: 1
    edited February 2012
    Hi,

    I am a daily commuter of about 50 miles and have a montly gas bill of about $200. I am considering a purchase of a used 09' forester or a lease of a Volt with $3,788 down and 389/mo. Any thougths on which is the better banng for your buck as far as true cost of ownership? All of my math points to the Volt as the winner.

    Thanks, Jacob
  • Hi Car Man. I consider leasing a 2012 Volt, 3yrs/15k per yr. MSRP $43,635. Negotiated sale price $41,060.26. If I understand correctly, I use $2675 cash incentive as Cap Cost Reduction to arrive to Net Cap Cost and compute montly lease using 60% residual value and 0.00046 MF?

    Many thanks
  • magicboymagicboy Posts: 3
    Need some help. First time looking at lease and i have not seen the full paperwork yet but i asked for the total cost of a lease of a loaded Volt from nearby dealership. Msrp is $45,250.

    I was told $1000 due at signing
    $399 / month + tax (6%)
    3 year lease at 10000 miles/year

    I drive about 8500 miles a year so thats plenty of miles for me. I asked if there were any other fees and was told that at end of lease bank would charge a $2500 fee on top of residual.

    I dont really car about the residual or that particular fee as i have no plans of buying the car in 3 years. By then they should be on Gen 2 of the volt and there may be good alternatives from other brands by that time.

    Does this sound like a good/fair price or is there something i am missing? Any way they would be able to come down on the monthly price?
  • Can anyone confirm whether a security deposit and acquisition fee is required for a lease through Ally Financial, and their respective value?
    Thank you.
  • phaworthphaworth Posts: 20
    I leased a California 2012 non-HOV Volt over the weekend. They have a great lease program for these models. Mine stickered at $45,070 and it cost $500 to drive off. the $500 is for tax/license/reg and that was it. Payment is $417 plus tax for a total of $450 mo. 3/36 and .25 over 36K miles. They normally use Ally bank but US Bank had a lower payment. By the time my lease is up the next generation will be out and maybe time to buy.
  • what was the negotiated lease price? thx
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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.

    Car_man
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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: 38,518
    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!

    Car_man
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This discussion has been closed.