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Chevrolet Volt Lease Questions
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36 Month Lease / 15K Miles per year
Base Payment is $360 + Tax
Due at Delivery - $1,500
Is there any other info I should find out? That's all I really have. Thanks.
2K drive-off, $400/month including taxes.
$395 termination
Premium Package
Safety Package 2
Navigation
Courtesy Chevrolet on Stevens Creek - ask for Rich.
General Motors is providing a $2,420 cash incentive on leases of this car right now.
The residual value for a lease with only 12,000 miles per year is 2% higher.
Car_man
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I went to the dealer yesterday(Southern California) and was told that US Bank adds $7500 to the residual the following way(for 36mo/12k terms, base msrp):
Residual=$39,999*45%+$7500=$25,499.55 which makes Residual less than 64% I didn't get any comprehensive reply why initial residual is lowered to 45%
For Ally, I was quoted 60% residual and Federal Rebate was not in calculations.
If I wasn't misled by the dealer, we, consumers, don't get any significant portion of federal rebate. Do others have different experience with utilizing federal rebate for the leases?
1.1 % but it was back in Sept.
Good luck with the car deal.
You will love the car,
I do!
- A lease consultant from Chart Software (maker of Expert Lease Pro)
- An Ally bank "Chevy Volt Division" representative (877 486 5846)
- A local Chevy dealer (who unfortunately understood this the least)
The Chart Software lease consultant indicated a "real world" residual for the 2013 volt of 39% (after 36 months).
He explained this 39% is so low in order to mitigate the risk a lessor takes due to the vehicle and it's technology being relatively new and the lack of historical reliability and resale value data.
Both the dealer and the Ally representative said the actual 36-month residual being used for the Volt was 62%. So clearly this is artificially inflated over the real world expected value of the car 3 years down the road.
The Ally representative confirmed the $7500 federal rebate is accounted for in the elevated residual. It would not appear in the lease worksheet anywhere else (such as coming off the top to reduce the purchase price, etc).
The dealer (after taking a day to research this) also finally concluded that the federal rebate must be accounted for in the higher residual.
A quick calculation shows that for a $40k MSRP vehicle, taking the residual from 39% to 62% amounts to a boost in residual value of $9200. So this is indeed in the neighborhood of making up for the $7500 federal rebate that bank (Ally) gets to keep in a lease since they are the vehicle owner.
I had heard from a friend at work that earlier in 2012 there were Volt 24-month leases of around $240/mo to be had. He didn't say how much was required down up front and I forgot to ask.
Working with my local (Western New York) dealer on a $40k MSRP Volt, and using the GM employee pricing which I am eligible for (amounts to about $1000 off of this vehicle) plus a $2500 incentive for leasing through Ally at 36 months or more, a 62% residual, 12k miles/yr, zero down, and 4.9% APR financiing, they came up with $465/mo.
So, either the $240/mo I had heard about was with something like $6k down, or there were some other pretty big incentives available earlier in the year that aren't available now, or some combination of the two.
Either way, since this was about double the payment amount that I was expecting, I ended up not going through with it. Bummer too, because I really think it's a great vehicle, and not just because I'm a GM employee.
MSRP: $39,995
3 Year 36,000 miles
$2,230 down + fees (all-in of ~$3,200)
Payment of $235/Month
Hope this helps.
Thanks!
How much more should I expect to pay for premium trim ($1395)
Im looking for 36mos 15k miles, with premium trim
getting quotes around $465 with 3000 down. I, new to leasing what do I need to know.
- Which incentives applied and how much they were
- Agreed selling price after incentives/promotions applied
- Residual
- Lease APR
I ask because in my area, a very similar lease (3yr/36kmi) on similar vehicle was $465/mo (zero down), so I'm assuming the difference is in incentives/promotions or lease APR. Even if I put $2200 down like you, that would only lower my payment to around $400/mo.
Thanks
Ally gave 1.1 % I believe we are about the same price on the lease.
BTW, you will love the car, I do!
Do you have the residual, money factor/rate, dealer cash, and dealer contribution for the current advertised lease on the Volt?
36mo, 12k miles/yr, $2419 down, $299/mo
Thanks.
1.32% or .00055 MF Residual of 44% + $7500
Current lease rate for Ally on the same term and mileage.
1.05% or .0004375 MF Residual of 58%
Both US Bank & Ally have $2820 lease incentive and there's also a GM $1000 Private Offer cash for current/previous GM owner. Ask your dealer to check your address if there's one in the database under your name/address.
There's a cap of $43805 on MSRP when figuring the residual. So if your Volt is $45k, the bank will only base the residual on $43805. This makes the MAX residual for all Volts at $26,774.20 In another word, for the best deal on a non base model, option your Volt as close to $43805 as possible.
$2700 down, 36m @ 15k miles for $399/m including sales tax of 6.25.
hope that helps.
- Agreed selling price after incentives/promotions applied ($36,755)
- Residual (Original Residual, 43%; Adj. Res: 45%; Net residual of 63.752% after $7,500 credit)
- Lease APR (Not sure of this exactly but it was less than 1.4%
The promotion that I used expired on the 2nd of January but looks like a very similar offer is still available. Good luck.
http://www.heiserchevroletcadillac.com/Special/new/2013-Chevrolet-Volt-5dr_HB-18- 91927983-$235mo/36mo_Lease_13_Volt-West_Allis-WI/16862740
General Motors is providing a $2,820 cash incentive on leases of this car through Ally.
Car_man
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Car_man
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GM is currently providing a $2,820 cash incentive on leases of this car through Ally.
Car_man
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Premium trim Package
Comfort Package
Enhanced safety Package #1 and #2
Navigation
MSRP: $44225
36month with 10k a year. (Orange County, CA)
What will be the best
Money factor and residual for this car? Best selling price if possible?
Thanks.
There is an incentive from Chevrolet for 36 month lease of 2870. The 7500 tax credit from the US Gov goes to Ally. The give it to you in a raised residual which lowers the payment. Highly doubtful you will want to buy at end of lease unless the market value in equal or greater than the residual value. I would say 1,000 discount plus the chevy incentive called CCR is sufficient for price, and a rate of 1.05 to 4 would be fair depending on credit. Good luck and have fun. It is a great car.
MSRP: $43,645 (Premium Trim, Nav, Bose, Sport Wheels)
Residual: 56% / $24,441
Selling Price: $42,300
Rebate: $2820
Driveoff Due: $5000
Capped FeesAdds: $1122
Cash Cap Reduction: $4077
Adjusted Cap Cost: $36,525
Term: 39 months 12,000 mi/yr
APR: 1.05%
Total Taxes: $1623
Base Monthly Rental: $336.93
Monthly Payment: $364.22
Thanks for any help anyone can provide.
$299 36m 12k miles
$2419 due at signing
are these numbers typically negotiated lower?
thanks
Need your help. The lease deal I got is as follows - let me know if this is competitive
MSRP: 44,705
Period/Miles: 36/36k
Down:2,120
Drive-off: 3,346 (includes tag, tax etc.,)
Monthly: 408 including 6.375% tax
Thank you and appreciate your help
Ram
The numbers for an otherwise identical lease through US Bank are 1.32% and 40%.
If you were to lease with only 12,000 miles per year, this car's residual values would be 2% higher.
Car_man
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Let us know what this number is and I'm sure that either myself or another community member will tell you what they think.
For now I can tell you that a little over two grand is too much money to put down on a lease. If your leased vehicle is totaled in an accident or stolen and never recovered you are at risk of losing any money that you put down.
Car_man
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Car_man
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thanks
I too would like 24 month lease numbers from Ally and USB including CCR for 12k and 15k a year on the non-navi model.
Thanks!
General Motors is not providing any support on 24-month leases of this model and as a result, you definitely do not want to lease one for two years.
There is a $2,820 cash incentive on leases of this car right now.
Illinois is notoriously expensive when it comes to the sales tax that it charges on leased vehicles.
Car_man
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The residual value for a lease with only 12,000 miles per year would be 2% higher.
GM is currently providing a $2,820 cash incentive on leases of this car through Ally.
Car_man
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Look forward to seeing the US Bank numbers.
Also, was surprised to learn that Nav wasn't necessary on this lease because it comes with 3 years free onstar, which includes Nav. This is free nav for the entire 3 year lease (great for when smart phone is already in use)
Any thoughts on this deal?
Car_man
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I leased one too and who cares what the residual will be as this car is not worth owning as in three years the technology should hopefully be better. I love my Volt....and it was done through Ally Bank.