Chevrolet Volt Lease Questions

kyfdx

Ask your Volt lease questions here!

dave328

What are the terms for the 2012 Volt lease?

Thanks,

PK

tnsjconvert

Has anyone leased or purchase one that can share their experience?

CarMan@Edmunds

Hi dave328. Ally's November base lease rate and residual value for a 36-month lease of a 2012 Chevrolet Volt without Navigation with 15,000 miles per year through Ally are 1.1% and 61%.

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dave328

Thanks!

nyprius

Looking to Lease a 2012 Volt with Navigation & Leather Seats.
What would the monthly payments be with 2500.00 cash due at signing?
Thanks
EM

CarMan@Edmunds

You're very welcome dave328.

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CarMan@Edmunds

Greetings to the appropriately named nyprius. If you provide me with this car's MSRP and dealer invoice price I will gladly work up a payment on it for you. You can find this data over in the New Vehicle Pricing section of Edmunds.com.

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melram

Car_man

Could you give me your opinion on this lease deal for 2012 Chevy Volt. Just got back from the dealer and trying to back into the payments to evaluate the deal. The dealer claims its $1,000 under MSRP.

$46,165 MRSP (includes $850 for destination charge)
$1395 Due @ signing
62% Residual
12,000 miles per year
36 month lease
$579 per month + tax
(did not get the money factor)
Lease is through Ally bank

Thanks for your help
Mel

nyprius

Thanks for the reply.
The invoice price is 42,025 and the MSRP is 44,080.
Thanks
EM
As for the NYPrius I have a Prius since 2006 and belong to Priuschat.com

CarMan@Edmunds

Hi Mel. I'm really not all that familiar with what the market is like for the Volt right now. Obviously they were initially going for full MSRP, but they have gotten some negative publicity lately so perhaps they are going for a little less than that now. To me, a $1,000 discount sounds reasonable. Just make sure that the dealer uses Ally's current base lease rate of 1.1% to calculate your payment. Just make sure that the dealer takes the tax credit into account if its still available.

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CarMan@Edmunds

Thanks for the additional information nyprius. According to my calculations, if you were to lease a 2012 Chevrolet Volt that has an MSRP of $44,080 and a selling price of say $43,080 through Ally right now for 36 months with 15,000 miles pr year, your zero down, pre-tax monthly payment would be around $494.

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melram

Carman,

can you please provide the money factor and residual % for 2012 volt with premium trim package and navigation. Lease would be 36 month/36,000 mile lease.

Thanks
Mel

basamx

Car_man,

I'm thinking of leasing a 2012 Chevy Volt and using my Calc my monthly payment on a 46,165 MSRP and say a 45,165 purchase price with a 62% residual and 0.00045 Money Factor (1%) would be around $492.72 a month plus tax. I'm trying to get a hold of this Tax Incentive though. If Chevy is rolling the incentive into the lease, wouldn't it be money down? Which would bring the month payment down to $281 a month.

Otherwise I would rather just apply for the tax credit at tax time and pay the $492 a month and get a $7,500 check from Uncle Sam in 2013.

melram

Basamx,

I have also asked the same question in the past. It appears the $7500 tax credit is added to the residual price on a lease. My guess is the 62% residual would include your $7500 tax credit. That is how the sales person explained it to me.

How much money down do they want?

Thanks
Melram

basamx

Melram,

I called and spoke with a Dealer today. US Bank uses a 43% residual and a 1.32% rate, then adds the $7,500 back in. Ally just uses a 60% residual and a 1.1% rate. Since the Lease company actually bought the car, they take the $7,500, but play with the residuals to give you a small piece of it.

This kind of SUCKS, because back when you could get a deduction on Hybrids, it didn't matter if you bought or leased the car. Also, I have to figure out how the tax credit plays back into the purchase price at the end of the lease.

CarMan@Edmunds

Here you go melram. Ally's current base lease rate and residual value for a 36-month lease of a 2012 Chevrolet Volt with navigation and 12,000 miles per year are 1.1% and 61%, respectively.

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brunof

Hello CarMan.

I can't understand how you find the time to do any of this... hundreds / thousands of posts... ???
My appreciation for this resource and your input is immeasurable.

Here's the offer:
2012 Volt Lease MSRP 42085
Sale Price 40386

Finance Rebate of 2075

36 month / 15k per year

With 2000 OOP cap cost reduction, monthly + tax = $386

Based on these numbers, residual appears to be 43% (7500 credit added on top of that?) and .00045 MF

Not sure what his DMV or Doc fees are but I think they may be rolled in. Waiting on buyout.

Thanks again for all your hard work.

harrigan

1.1% and 61% -- kind of a screamin' deal, I think. If you lease you don't get the Federal tax credit, but it's baked into that fat residual -- which likely won't be anywhere *near* that high in three years given it's a GM, that other electrics are coming along and that the Federal rebate will likely diminish or disappear.

I think I might jump on it.

CarMan@Edmunds

Neither do I, neither do I brunof . Thanks .

General Motors just significantly enhanced its lease program on the Volt. Apparently all of the negative publicity that it has received lately has taken its toll on demand. I believe that the cash incentive for leases of this truck through Ally is now up to $2,675. That knocks about fifty bucks a month off of where the lease was before this enhancement.

Ally's current residual value for a 36-month, 15,000 mile per year lease of a 2012 Volt without navigation is 60%. Unlike U.S. Bank which uses the $7,500 tax credit as a capitalized cost reduction for leases, Ally keeps the money itself and uses it to artificially inflate the Volt's residual value all the way to 60%.

Ally's current base lease rate for this car is 1.1%. This is equivalent to a money factor of around .00046, as you suspected.

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Kirstie_H

If you recently considered a hybrid but decided on a fuel-efficient non-hybrid instead, please email pr@edmunds.com by Friday, February 3, 2011 to share your story.
Please include your daytime contact information and a few words about the decision you made.

dwynne

"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?

Kirstie_H

A journalist is looking to speak with anyone who recently purchased a Chevy Volt or a Chevy Cruze. Please send a brief description of your shopping experience and your preferred contact information to pr@edmunds.com by no later than Monday, February 6, 2012

CarMan@Edmunds

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.

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dwynne

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

jacobme

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

nc_driver1

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

magicboy

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?

nc_driver1

Can anyone confirm whether a security deposit and acquisition fee is required for a lease through Ally Financial, and their respective value?
Thank you.

phaworth

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.

nc_driver1

what was the negotiated lease price? thx

CarMan@Edmunds

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@Edmunds

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@Edmunds

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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phaworth

$43,553 was the gross cost. after incentives of $3641 the adjusted value is $40,635 with a residual of $26992.

nc_driver1

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.

jennifer91701

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

cars4fun

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!

newvoltowner1

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.....

magicboy

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@Edmunds

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@Edmunds

Hi Jenny. You can convert lease rates into approximate money factor equivalents by dividing them by 2400.

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CarMan@Edmunds

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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freedydog

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@Edmunds

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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sondraw

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?

benrey23

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.

benrey23

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.

harshika15

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.

oregunguy

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@Edmunds

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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