2014 Chevrolet Volt Lease Questions

Michaell · April 2014

@Slimms said:
I came back and said my numbers were more around $302. Am I right with that?

With your MSRP and selling price used with the residual of 58% and a .00042 MF, I get a pre-tax payment of $304.15.

Slimms · April 2014

I also wasn't getting the 58%. They said they were using us banks 41% plus 7500 because it was a better deal. After talking to them, I realized they were giving me the car for 32,429 with 2,000 in incentives built in, for a sale price of 34,429. I thought they could do much better, but he tried to stress that incentives were the discount, I'm not that gullible. Incentives come of the sale price, not the sticker. Do you know what incentives are running now?

Michaell · April 2014

@Slimms said:
I also wasn't getting the 58%. They said they were using us banks 41% plus 7500 because it was a better deal. After talking to them, I realized they were giving me the car for 32,429 with 2,000 in incentives built in, for a sale price of 34,429. I thought they could do much better, but he tried to stress that incentives were the discount, I'm not that gullible. Incentives come of the sale price, not the sticker. Do you know what incentives are running now?

Looks like $1571 in lease cash on the Volt.

And yes, you want to negotiate the best price possible before any incentives are factored in.

octoucan · April 2014

Hello, helping a friend of mine as she is clueless. Please provide April's MF, RV and any lease incentives available on 2014 Volt. Thank you

kyfdx · April 2014

@octoucan said:
Hello, helping a friend of mine as she is clueless. Please provide April's MF, RV and any lease incentives available on 2014 Volt. Thank you

1.00% MF and 56% residual for 36mo, 15K/yr. $1571 lease cash

octoucan · April 2014

@kyfdx@Edmunds‌ Thank you. I think that is the highest MF I've ever seen in the 10+ yrs I've been leasing cars. It's even more than Mercedes AMG's MF 7-8 yrs ago.

Am I correct to assume 57% RV for 12K/yr?

Michaell · April 2014

@octoucan said:
kyfdx@Edmunds‌ Thank you. I think that is the highest MF I've ever seen in the 10+ yrs I've been leasing cars. It's even more than Mercedes AMG's MF 7-8 yrs ago.

Am I correct to assume 57% RV for 12K/yr?

12K is usually 2 points higher than 15K, so 58%.

octoucan · April 2014

@Michaell@Edmunds‌ Thank you. Is the Money factor 0.00042 or is it really 1.0? I'm assuming 1.00% effective APR on the lease. Is that correct?

Michaell · April 2014

@octoucan said:
Michaell@Edmunds‌ Thank you. Is the Money factor 0.00042 or is it really 1.0? I'm assuming 1.00% effective APR on the lease. Is that correct?

Correct - GM uses percentages for their leases. Divide by 2400 to get the equivalent MF.

octoucan · April 2014

@Michaell@Edmunds‌ Thank you so much. You guys are the BEST.

hb_dude · April 2014

Hi, Would love an opinion/evaluation of following offer in LA County:
2014 Volt, Safety package 1, Premium leather interior package, roughly 37.1K MSRP.
gross cap cost 33730, cap reduction 2110,
Net cap cost 31620, Residual 20796
36 mos, 15k mi / yr, Base payment 323, Tax 29, Total monthly 352, $1500 due on delivery

Good deal??? It's so hard to figure these things out............
Thanks for any and all advice.

kyfdx · April 2014

Does the CAP reduction come from a rebate? I'm wondering, because it's $2110, but you only have $1500 due at signing..

$350/mo. for a 36mo, 15K/yr lease is cheap for a car that's over $30K.

hb_dude · April 2014

From one part of quote sheet....
1st payment $351.93
Cap Reduction $2109.97
Sales Tx upfront $197.10
First yr fees $332.00
Other upfront $80.
Total Initial payment = $3071
Due on delivery = $1500

Does this help? I'm assuming due on delivery is the only amount I'll need to pay out of pocket.....
Thanks for your thoughts!

kyfdx · April 2014

There is $1571 of lease cash on this model, so that adds up exactly. I agree.. Due on Delivery should be all you have to pay.

Looks good!

ctelkes · April 2014

Could someone please explain what I did wrong? I researched on here, but was quoted a deal that was so far out of whack with recent posts I just walked out.
I was looking at a car with an MSRP of $37,160, they agreed to $35601. We started working on the lease terms, but they weren't being very forthright with any of the variables you guys list (MF, Residual Value, etc...) They offered either $500 per month no money down for 15k 3 years, or $400 per month with 4000 down?? They also said there was NO lease incentive of $1500 and that the residual value (when they finally told me) was .55 not .56 -
In addition, they offered $3k less for my trade in (which is in AWESOME condition) than either NADA of KBB suggested I could expect.
Is this the real world, or did I go about it the wrong way? They let me walk, so they stuck by their terms. It was odd though, they made NO effort to negotiate at all?

Slimms · April 2014

Any dealership that won't disclose standard lease information doesn't need your business

hb_dude · April 2014

I agree. My first offer at another dealer was for $470 / month at 3yr / 15K mi.
Just got another email this week from same dealer in Orange County, CA:

xxxx is excited to offer all prospective Chevrolet Volt customers a very limited time offer.

Now through April 30, 2014 take advantage of SPECIAL LEASE PRICING on a Fully Loaded
2014 CHEVROLET Volt including Audio System w/Navigation, Safety Package 1 & 2, and polished aluminum wheels.Low-Mileage Lease for Qualified Non-GM Lessees
36 month lease
$299/month*
$0 due at signing
WE PAY:
1st Payment
All Fees due at signing
*Payment does not include sales tax. Mileage charge of $0.25 /mile over 30,000 miles. On lender approval. Customer must present this offer at time of purchase. See dealer for additional details.

clone135 · April 2014

Test drove a 2014 Chevy Volt today in Northern California and I wanted to see if it is a good deal on the lease.

MSRP: $34,995 (Base Model)
Cap Cost: 30,995
APR: not disclosed
factory lease cash/rebate: $1571
Zero money down

36 month lease
12k miles/year = $268 + tax
15k miles/year = $288 + tax

Thoughts? Concerns? Can i do better?

I think it is a really good deal considering I saw the same car advertised for $258/month with no money down but only for 10k miles/year

carbuyer230 · April 2014

Looking at Volt or Fusion Energy 36/12k lease in Indiana. Volt is base with MSRP of $34,995 and sales price of $32,465. Trying to calculate my own lease using 58% and .00042 residual plus lease cash $1575, but I am not getting the numbers I see in the above posts. What should the lease payment be for my scenario?

Michaell · April 2014

@carbuyer230 said:
Looking at Volt or Fusion Energy 36/12k lease in Indiana. Volt is base with MSRP of $34,995 and sales price of $32,465. Trying to calculate my own lease using 58% and .00042 residual plus lease cash $1575, but I am not getting the numbers I see in the above posts. What should the lease payment be for my scenario?

Plugging your numbers in gives me a pre-tax payment of $360.16 for 36 months. Is the $1575 lease cash being used to reduce the sales price? If so, that doesn't represent much of a discount from sticker.

Slimms · April 2014

I kept getting the run around as well. For a base of 34995, they gave me 32495 saying it was a great deal. After subtracting the lease cash and 500 conquest rebate they only discounted the car $500 and wouldn't budge. Invoice price isn't much lower on these cars so I don't know how the dealers are making money selling them so cheap

carbuyer230 · April 2014

$32465 is the set employee price before any incentives (ie, the lease cash) is considered. I wasn't quite sure how to handle the lease cash in my calculations. Dealer quote for 36/12k was $369/month. No trade. Thank you for any help.

Slimms · April 2014

Lease cash should drop the payment about $40 per month. My dealer was acting as if the lease cash was part of the discount the dealer was offering to me, disguising it to be a great deal. They had no problem getting me to 32xxx because there was basically no dealer discount involved.

carbuyer230 · April 2014

Thanks Slimms, now I am getting $360.16 before lease cash and $315.75 with lease cash factored in.

Slimms · April 2014

It's great to have all this knowledge, but if you have a dealer that doesn't want to participate it gets very frustrating. I had a truecar dealer not offer the price because they said that truecar lies and doesn't inform the dealer of the prices. I ended up buying a civic and every piece of info I gave them they took and gave me the deal no questions asked.

carbuyer230 · April 2014

The only pushback I got was the money factor. Can someone confirm the money factor for Indiana 36/12k at .00042?

Michaell · April 2014

@carbuyer230 said:
The only pushback I got was the money factor. Can someone confirm the money factor for Indiana 36/12k at .00042?

My numbers show 1% MF for Volt .. which, when divided by 2400, comes out to .00042.

Could this be a lease through another finance institution? My numbers are for Ally.

danielalvarado · April 2014

Hi all,

I'm just wondering why no one's lease includes the 7500 tax credit reduction to the cap cost? My local dealer told me that there were some lessors (Ally Bank, Union/US Bank? Forgot the other one) that deduct some/all of the 7500 federal tax credit from the capitalized cost, like NMAC does for the Nissan Leaf.

Has anyone done such a deal?

I started with a $35,010 Sticker Price for 2014 Base Model
Got a TrueCar price of $31,425 from local deal

So shouldn't it be $31,425 minus $7500 (fed tax credit cap cost reduction) minus $1571 (lease cash) = $22,425 Net Capitalized Cost?

Kirstie_H · April 2014

A reporter would like to speak to a recent car buyer/shopper who delayed purchasing their car because of the cold weather. If inclement weather prevented you from buying a new or used car earlier this year, please send your daytime contact info to pr@edmunds.com no later than Tuesday, 4/29/14 at 8 a.m. PT/11 a.m. ET.

carbuyer230 · April 2014

@Michaell@Edmunds: Got it done at that MF. This forum helped a lot thanks!

flapjackcrust · June 2014

Hi. Please provide me with mf and rv for 10k, 12k, and 15k miles.

Also, what are incentives available for leases. I currently lease a non-gm vehicle, too.

Do the Fed and State (CA) tax credits get deducted from selling price to calculate a cap cost?

Thanks.

Michaell · June 2014

@flapjackcrust said:
Hi. Please provide me with mf and rv for 10k, 12k, and 15k miles.

Also, what are incentives available for leases. I currently lease a non-gm vehicle, too.

Do the Fed and State (CA) tax credits get deducted from selling price to calculate a cap cost?

Thanks.

What lease term?

I believe the tax credits are subtracted from your best negotiated selling price to give you the net cap cost.

flapjackcrust · June 2014

I think 36 months would be ideal unless there is a better program.

Would you happen to have any info on the incentives for leasing?

Thanks

Michaell · June 2014

@flapjackcrust said:
I think 36 months would be ideal unless there is a better program.

Would you happen to have any info on the incentives for leasing?

Thanks

1.0% MF and 57% residual for 36/15K. $2240 lease cash this month.

flapjackcrust · June 2014

Thanks for the info.

Are there any other incentives in addition to the $2240 lease cash? Conquest money?

And how do the federal and state tax credits get applied?

Thanks.

Michaell · June 2014

@flapjackcrust said:
Thanks for the info.

Are there any other incentives in addition to the $2240 lease cash? Conquest money?

And how do the federal and state tax credits get applied?

Thanks.

No other incentives that I'm aware of.

Usually the credits are taken off the cap cost.

vshah05 · June 2014

Just signed a 36-mo lease in Northern California for a 2014 Chevy Volt. 2014 Volt Base Model w/ Safety Package 1.

36-mo term
15k miles/yr
$5k down (includes 1-month payment)
$174/mo + tax
$0 disposition (return) fee
58.05% residual
0.96% MF

Will receive additional $1500 cash rebate through State of CA.

icherub1 · June 2014

@vshah05 said:
Just signed a 36-mo lease in Northern California for a 2014 Chevy Volt. 2014 Volt Base Model w/ Safety Package 1.

36-mo term

15k miles/yr

$5k down (includes 1-month payment)

$174/mo + tax

$0 disposition (return) fee

58.05% residual

0.96% MF

Will receive additional $1500 cash rebate through State of CA.

Maybe I just don't get leasing yet, but I ran your numbers through Bankrate's leasing calculator and found that even if you paid MSRP - $7,500 tax credit, your payment should be under $100/month with that down payment. Am I missing something?

kyfdx · June 2014

The lessee doesn't get the $7500 tax credit. The bank gets it, because they are buying the car.. If the lessee received the entire $7500 credit, then the residual would be a lot lower..

flapjackcrust · June 2014

For a California Volt lease, are these the minimum drive offs? Also, what are the amounts of each of these?

Registration
CA Tire Fee
Electronic Vehicle Registration
Doc Fee
Acquisition Fee

kyfdx · June 2014

@flapjackcrust said:
For a California Volt lease, are these the minimum drive offs? Also, what are the amounts of each of these?

Registration
CA Tire Fee
Electronic Vehicle Registration
Doc Fee
Acquisition Fee

In CA, registration runs about 1% of MSRP, tire fee is $20 or less, EVR is another small amount.. Doc fee is capped at $80. Acquisition fee is somewhere around $600-$700.

flapjackcrust · June 2014

I leased a 2014 Chevy volt.
Base price $34,995
36 month term
15,000 miles per year
Dealer discount $4500
Lease discount $2400
Chevy private offer $1000
GM Card redemption $1000
Money factor .0004
57% residual
$0 out of pocket

kyfdx · June 2014

@flapjackcrust said:
I leased a 2014 Chevy volt.
Base price $34,995
36 month term
15,000 miles per year
Dealer discount $4500
Lease discount $2400
Chevy private offer $1000
GM Card redemption $1000
Money factor .0004
57% residual
$0 out of pocket

So.. .what's the payment?

alokpatel · June 2014

Just wondering if i am getting a good deal !

2014 Volt, Premium Pakage, Safety 1 & 2 - Neg price: 32,900

No money down no fees no taxes all rolled into the monthly payment - only 1st month payment of 347.73 for 39 months with 10,000 m/year

IS this worth pulling the trigger on ?

Live in NY but deal is from NJ - sales tax is 8.25%

Michaell · June 2014

@alokpatel said:
Just wondering if i am getting a good deal !

2014 Volt, Premium Pakage, Safety 1 & 2 - Neg price: 32,900

No money down no fees no taxes all rolled into the monthly payment - only 1st month payment of 347.73 for 39 months with 10,000 m/year

IS this worth pulling the trigger on ?

Live in NY but deal is from NJ - sales tax is 8.25%

What was the MSRP? Was this through Ally?

icherub1 · June 2014

@kyfdx said:
The lessee doesn't get the $7500 tax credit. The bank gets it, because they are buying the car.. If the lessee received the entire $7500 credit, then the residual would be a lot lower..

I know the lessee doesn't get the credit, but I thought the credit came off the cap cost, as seems to be indicated in this thread and others. If both the cap cost and residual are affected by the credit, how can we determine whether a lease deal is a good one vs. one where the dealer is pocketing too much of the credit? Lease calculators seem useless if the credit does not just come off the cap cost.

kyfdx · June 2014

@icherub1 said:
I know the lessee doesn't get the credit, but I thought the credit came off the cap cost, as seems to be indicated in this thread and others. If both the cap cost and residual are affected by the credit, how can we determine whether a lease deal is a good one vs. one where the dealer is pocketing too much of the credit? Lease calculators seem useless if the credit does not just come off the cap cost.

More than one way to skin a cat, I guess.. The bank could put a realistic residual on the car, then give the whole $7500 as an incentive.. Or, they could contribute half the incentive, but pump up the residual by 10%... Usually, they are trying to hit a payment that they think will sell the car. Who knows the financial engineering behind their decisions, and what they are trying to accomplish, otherwise.

One thing for certain. They are not trying to make it crystal clear for the consumer.

icherub1 · June 2014

@kyfdx said:
The bank could put a realistic residual on the car, then give the whole $7500 as an incentive.. Or, they could contribute half the incentive, but pump up the residual by 10%... Usually, they are trying to hit a payment that they think will sell the car. Who knows the financial engineering behind their decisions, and what they are trying to accomplish, otherwise.

One thing for certain. They are not trying to make it crystal clear for the consumer.

That's for sure. I've been trying to compare the Fusion Energi and Volt, but they are difficult to compare because of the state and federal tax credits/rebates. The Volt is attractive because of the additional $4,500 in credits, yet the advertised lease deals are no better than the Fusion, leading me to believe that there are still issues there (like when dealers were inflating prices to cover the credit or improperly claiming credits for themselves). Even the Fusion leases want like $10,000 down before the federal credit and lease cash. I just don't know how to approach the negotiations now without getting screwed, and moving to leasing is only feasible if it really saves a lot of money.

Every article on the topic advises that one should negotiate the price of the car (cap cost) first, but that is impossible to do accurately without knowing how the credits will be utilized, and even if a good deal is struck it can be undone with the residual. There is also the issue now in MA where the credit is actually a rebate and is referred to as being "point of sale" but must be applied for, leaving the question of whether it is assignable and thus falls within the "all rebates to dealer" language usually in bills of sale. Everything I've read about it basically tells the reader to trust the dealer.

alokpatel · June 2014

@alokpatel said: Just wondering if i am getting a good deal !

2014 Volt, Premium Pakage, Safety 1 & 2 - Neg price: 32,900

No money down no fees no taxes all rolled into the monthly payment - only 1st month payment of 347.73 for 39 months with 10,000 m/year

IS this worth pulling the trigger on ?

Live in NY but deal is from NJ - sales tax is 8.25%

What was the MSRP? Was this through Ally?

I am not sure if this was through Ally or USBANK

I this is a good deal for a Volt or do I have still have room to negotitate since the 2015 model will be hitting the floors in the next few months.

Advise is greatly appreciated!

Kirstie_H · July 2014

Did you recently trade in a Toyota Prius for a different vehicle? A reporter is interested in talking to you about what went into your decision. If you can help, please contact pr@edmunds.com by no later than Wednesday, July 30, 2014.

2014 Chevrolet Volt Lease Questions

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xxxx is excited to offer all prospective Chevrolet Volt customers a very limited time offer.

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