2016 Chevrolet Volt Lease Questions

Hey, I didn't see this here so I figured I'd start the thread.
My 2013 Volt lease is coming to an end next year. I wanted to start shopping for a new car and I just test drove the new Volt and it was awesome!
So currently, they have a Lease Pull Ahead Program where they'll pay up to 4 payments on your current lease.
During the test drive, I just got a rough idea of the current MF & Residual for November 2015. In the paperwork, he said there's also a "Cash Incentive" for $5150
36/12
.0004 MF (It says 0.96 Rate on paper so I divided by 2400)
51% Residual
36/15
.0004 MF
49% Residual
QUESTIONS
From my understanding, we have to determine the following four numbers to get our payment:
My 2013 Volt lease is coming to an end next year. I wanted to start shopping for a new car and I just test drove the new Volt and it was awesome!
So currently, they have a Lease Pull Ahead Program where they'll pay up to 4 payments on your current lease.
During the test drive, I just got a rough idea of the current MF & Residual for November 2015. In the paperwork, he said there's also a "Cash Incentive" for $5150
36/12
.0004 MF (It says 0.96 Rate on paper so I divided by 2400)
51% Residual
36/15
.0004 MF
49% Residual
QUESTIONS
From my understanding, we have to determine the following four numbers to get our payment:
- MSRP
- Negotiated Final Capital Cost
- Money Factor
- Residual Value
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Comments
We don't yet have any GM Financial numbers for the 2016 Volt, so can't validate the numbers your dealer gave you.
I believe the $7500 is taken off the selling price (which you should still negotiate to as low as you can). The cash incentive may be for purchases only - doubtful that you'll get a $12K discount from a new Volt.
Pull ahead is separate from any other incentive program.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
2016 Chevy Volt Premiere
Location: San Francisco Bay Area
Term: 36 Months, 15,000 Miles/Year
MSRP: $41,025
Negotiated Vehicle Price: 33,282.01
MF: 0.0004%
Residual: 51% ($20,922.75)
Initial/Upfront Payment: $1,550.00 (Includes 1st Month, License, Registration, Doc Processing, and remaining balance on "Pull Ahead Program.")
I originally had a 2013 Volt with 7 months to go but only 4000 miles left. That lease was 36/10 with a payment of $225/month. There was a large down payment on that one. I was going to hit the 30k mark in 2 months based on my recent driving habits.
I got the Costco deal where I get "Supplier Pricing" and a $300 Costco Gift Card
I will get the $1,500 CA PHEV Rebate
Monthly w/ Tax ended up being: $425.61
On the Pull Ahead, they paid for 4 of the remaining 7 payments plus the $350 returning fee. My car had a few notable areas of wear and tear IMO, which they seemed to waive.
The vehicle is still on route and will not arrive until next week, so I do have an out if I need it.
I would ask the dealer what the final net cap cost is .. if it is higher than the negotiated price, get them to explain what they've added to it.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Because of that Federal Tax thing and my Pull Ahead participation, I feel like it wasn't terribly straight forward.
Here is a link to my Lease Agreement... Can you maybe make heads or tails of it? I'd really appreciate it!
http://i.imgur.com/OF7AON9.jpg
Through trial and error, the MF of .00087 results in a pre-tax payment of $390.47/mo, which is what the worksheet shows. Unfortunately, I can't tell you if this MF is marked up or not as I don't have the 2016 Volt lease numbers with the documents I have for November.
The only thing I can suggest is to call a couple of other Chevrolet dealers and ask them what MF they would use when writing up a lease on a 2016 Volt.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Wow, looks like they did kind of mark up the MF. It's crazy because during negotiations I told them that I was able to get a .0004 MF and the Sales Manager agreed. At first, they wanted to charge MF of .00123 but I told them immediately of the much lower rate.
Ugh, this is why I hate going to dealerships.
Would I be able to go back and have them adjust the MF back down to .0004? And also, since they haven't even taken delivery of the vehicle yet--worst-case scenario... can I just back out of the deal?
Unfortunately they already took my previous Volt and gave me a loaner but I should be able to get it back.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
I really appreciate your help on this!
http://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html
Then, plug in the numbers you've shared.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Net cap cost is 33282
MF is .00087
Residual is 51%
lease term is 36 months
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Thanks again!
http://i.imgur.com/5tsazKR.jpg
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
So if they refuse to bring the MF down to 0.0004%, I should be able to back out of the deal without penalty, right? Should I be worried that they'll either: do something to my original car that they are holding or "blacklist the car" to make other dealerships charge me for supposed excess wear/tear that weren't there originally or charge me for use of the loaner vehicle while I wait for delivery?
I would politely but firmly explain to the salesman and finance person that you believe the MF was inflated and that you want the deal rewritten with the base MF of .00004.
(BTW, MF is not expressed as a %; it is a decimal value; to convert to an APR %, multiply the MF by 2400)
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Location: Orange County CA
Capitalization:
Selling Price: 38,962.45
Doc Fee: 80
Acquisition Fee 595
License Fee: 354
Gross Cap Cost 39,557.45
Cap Cost Reduction:
Customer cash 1,285.00
Total Rebates: 5,650. (5,150 + 500 lease conquest)
Amt Applied Upfront: 1,305.16 (waiting to hear what this is from dealer - any ideas?)
Net Cap Cost: 33,927.61
Residual:
MSRP 38,890
Residual% 53
Mileage Program 12,000 miles/yr
Prepaid cents/mile: .20
Residual Amount 21,141,70
Payment:
Term:
36 mos
Money Factor: .0004
Advanced/Monthly Payment: 407.37 (includes tax)
Total Cap Reduction: 5,629.84
Upfront charges: 897.79?
Initial Payment 6,935
Due on delivery: 1,285
Thanks,
Lee
Assuming 9% sales tax, I get a payment of $427/mo with your numbers - your quote of $407 looks pretty good by comparison.
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Premier - 51%
No MF or incentive information, however.
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$37,598.75 (includes $1000 rebate) for 15k miles per year for 36 months with $1000 down for $374.84 a month - $404.83 with taxes. Does this sound like a good deal?
That appears to be a decent deal.
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Looking for residual value and money factor for CA on the 2017 Volt LT for 36 months and 24 months if possible. Also, do you know if there are any incentives/rebates available? I know there's the 2017 Chevrolet Volt Incremental Consumer Cash of $1000...Thank you in advance!
http://forums.edmunds.com/discussion/39897/chevrolet/volt/2017-chevrolet-volt-lease-questions#latest
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