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Chevrolet Volt Lease Questions

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

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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: 41
    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: 41
    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: 38,518
    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.

    Car_man
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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: 26
    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: 38,518
    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: 38,518
    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: 38,518
    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: 38,518
    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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