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Chevrolet Volt Lease Questions

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Comments

  • jonathanbjonathanb Member Posts: 2
    I leased a 2012 in Riverhead, Long Island, NY. My Volt is fully loaded, including the Diamond White paint. I negotiated a payment of $418 per month for 36 months and 36,000 miles (20 cents per mile over that limit). As your posting is almost a month old, I'll assume that you made your deal. I hope that you like your 2012 as much as I love mine. I've driven over 9500 miles to date, half electric, half gas. I get an average of 20.7 kWh/100 miles and 41.2 mpg in CS mode. My total energy cost is averaging 6 cents per mile (and that's using premium gas at around $4.20 per gallon). Usable life of the ICE oil is at 79%, many more mile yet to go before needing an oil change. The 2010 Prius I traded in would have averaged 8 cents per mile (50 mpg and $3.85 per gallon), or more when factoring in oil changes. The electric rate I pay, with taxes and surcharges factored in, is 20 Cents per kWh. Good luck with your 2012 - you're in for a treat! And just for the record, I am completely bewildered with the Edmunds comment about touchy brakes, My brakes act just like my Prius brakes acted. They are NOT touchy, IMO. They are excellent.
  • neerajsoodneerajsood Member Posts: 3
    I leased from Felix chevrolet in Los Angeles.
  • travispete1travispete1 Member Posts: 46
    Fairfield Chevy
  • dphillipsjrdphillipsjr Member Posts: 3
    has anyone negotiated a 15k mile lease? Thanks
  • dugknightdugknight Member Posts: 2
    In So Cal. Might pick one up today if this sounds like a good deal! Thanks everybody.
    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.
  • dugknightdugknight Member Posts: 2
    Working on that today. See my last post in this forum. Thanks.
  • indercarindercar Member Posts: 2
    12K/36K miles
    2K drive-off, $400/month including taxes.
    $395 termination

    Premium Package
    Safety Package 2
    Navigation

    Courtesy Chevrolet on Stevens Creek - ask for Rich.
  • ozpozp Member Posts: 2
    Car man do you have the lease rates, residuals and incentives for base model and 12k/15k per year? Thanks.
  • hippievolthippievolt Member Posts: 1
    edited December 2012
    back in Oct i neg a 2013 volt, leather, safety package 2, 15k year, 1100 drive off, 36month, 425month. great car, love it. love that im not spending 700 a month on gas anymore. got it from felix chevrolet in los angeles.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I sure do ozp. BTW, I personally think that the Volt is really cool. Ally's December base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Volt without navigation with 15,000 miles per year are 1.05% and 57%.

    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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  • bromionbromion Member Posts: 17
    Does that 57% include the $7500 credit already or will $7500 be added to the residual after the 57%?
  • ozpozp Member Posts: 2
    Thanks Car man!

    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?
  • icemanbryanicemanbryan Member Posts: 16
    I got an ally lease
    1.1 % but it was back in Sept.
    Good luck with the car deal.
    You will love the car,
    I do!
  • wz40ftwz40ft Member Posts: 2
    I recently explored the parameters for a Volt lease. I consulted 3 different sources:
    - 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.
  • vegeta888vegeta888 Member Posts: 1
    Hello Dugknight, where is this deal from? I am located in LA and I'd like to pick one up before the end of the year. Thanks.
  • mozzy21mozzy21 Member Posts: 2
    edited January 2013
    After passively looking for a Volt since August '12 and talking with ~10 different dealers in NE IL and SE WI, I finally pulled the trigger on a 2013 lease before some special pricing / promotion expired. Wasn't as good as what was being offered in August, but here are the details:

    MSRP: $39,995
    3 Year 36,000 miles
    $2,230 down + fees (all-in of ~$3,200)
    Payment of $235/Month

    Hope this helps.
  • tschaitschai Member Posts: 14
    Carman, do you have the January lease rate? 12k/yr 36m on a 2013 Volt with Nav. Is it pretty much the same as last month as far incentives go with either Ally, GM Financial and US Bank.

    Thanks!
  • dpw1dpw1 Member Posts: 3
    That sounds like a great rate any seems like current deal is $299 on base 36mos.
    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.
  • wz40ftwz40ft Member Posts: 2
    edited January 2013
    Mozzy21, that is a good deal.. can you provide any other info that will help explain the low monthly rate? E.g. what was:
    - 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
  • icemanbryanicemanbryan Member Posts: 16
    I did my lease back in Sept.
    Ally gave 1.1 % I believe we are about the same price on the lease.

    BTW, you will love the car, I do!
  • dphillipsjrdphillipsjr Member Posts: 3
    Yesterday, i was offered a 15k mile lease with $2599 down for $381/m. This would be my first lease. Does this sound about right or should i shop around more? Thanks so much
  • heb80heb80 Member Posts: 1
    Carman,

    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.
  • tschaitschai Member Posts: 14
    Current lease rate for US Bank on a 36m 12k/yr Volt with Navi. Should be the same without Navi. Subtract 2% for 15k and add 1% for 10k.

    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.
  • dpw1dpw1 Member Posts: 3
    So if I'm looking at a 43850 msrp 36 mos 15k. 2300 due at signing what do you think a good monthly lease would be. Tax in my state is 6% on lease payments
  • dphillipsjrdphillipsjr Member Posts: 3
    for sorta close comparison sake, this is what i got for a deal that i think i'll sign today:

    $2700 down, 36m @ 15k miles for $399/m including sales tax of 6.25.

    hope that helps.
  • mozzy21mozzy21 Member Posts: 2
    WZ40FT:

    - 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
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go tschai. Ally's January base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Volt with navigation and 12,000 miles per year are 1.05% and 58%.

    General Motors is providing a $2,820 cash incentive on leases of this car through Ally.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dphillipsjr. It would be easier for us to evaluate this deal if you were able to provide us with this car's MSRP and selling price. These numbers would show us how large a dealer discount you are being given and in turn if there is any room left to negotiate.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi heb80. Ally's January base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Volt without navigation with 12,000 miles per year are 1.05% and 59%.

    GM is currently providing a $2,820 cash incentive on leases of this car through Ally.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • cad14cad14 Member Posts: 2
    Looking to lease 2013 Volt with following options:
    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.
  • benrey23benrey23 Member Posts: 42
    Money factor a A+ credit score through Ally starts at 1.05% or .0004375 and up depending on credit. Residual value on that car would be about $25,650 regardless of price paid.

    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.
  • kenyonlvkenyonlv Member Posts: 1
    Been poking around trying to learn about leases, but it did not seem to help when I got this offer on a 2013 Volt today. Is this a good deal or not?
    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.
  • plus11plus11 Member Posts: 6
    Just leased a 2013 Volt. Sticker price 43155. 3yr. 12000 mile term. Put in 2050. total out the door cash including DMV charge. 325.00 per month. All I had was the 2850. lease incentive from ally and 1000. from the GM card. The remainder was dealer discount. 14221 zip. Western NY. By the way, if you don't know, the charging station is 490. plus installation if you can't do it yourself.
  • leepoffaithleepoffaith Member Posts: 38
    Could anyone provide me the February Lease rates for a 36 month lease (12k and 15k) w/o navigation? I'm looking for both ally and US Bank (who has a $2820 CCR right now). Thanks!
  • jaycee87jaycee87 Member Posts: 1
    edited February 2013
    looking to lease a volt and was curious to know what others think about the current lease deals.

    $299 36m 12k miles
    $2419 due at signing

    are these numbers typically negotiated lower?

    thanks
  • ramsvramsv Member Posts: 1
    Car_man

    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
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi leepoffaith. Ally's February base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Volt without Navigation with 15,000 miles per year are 1.05% and 55%.

    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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  • bromionbromion Member Posts: 17
    Remind us, does Ally's residual include the $7500 tax credit? Does US Bank add it to the residual afterwards? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Ram. It would be much easier for me to evaluate this deal if you were able to provide me with this car's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is more difficult to tell how large a dealer discount you are being given and in turn if there's any room left to negotiate.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi bromion. Ally's residual value percentages definitely have the tax credit baked in. From the looks of it, US Bank's residual values do not. If that is indeed the case, chances are the tax credit will be applied on a leases through it as a cash incentive that would reduce the capitalized cost.

    Car_man
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  • deaddogdeaddog Member Posts: 60
    I'm looking for moneyfactor and residual for 24 month lease from Ally or USB - 12K miles/year. Also, it looks like the State of Illinois 10% up to $4000 rebate does NOT work on lease deals? Anybody know this for sure? Assuming that you had the cash to buy and only wanted to keep for 2 years, would you buy (and get the 4K rebate) and suffer the depreciation or lease?
    thanks
  • gregdole7gregdole7 Member Posts: 14
    Carman,

    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!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Ally's current base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Volt without navigation with 12,000 miles per year are 1.05% and 59%.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gregdole7. I haven't seen the US Bank lease program yet, but I can look into it for you. Ally's current base lease rate and residual value for a 36-month lease of a 2013 Chevrolet Volt without navigation with 15,000 miles per year are 1.05% and 57%.

    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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  • deaddogdeaddog Member Posts: 60
    Thanks Car_man. Do you know if the dealer can use the $2820 lease cash towards a purchase? Or are there current purchase incentive/rebates out there?
  • gregdole7gregdole7 Member Posts: 14
    edited March 2013
    Thank you kindly, Carman.

    Look forward to seeing the US Bank numbers.
  • deaddogdeaddog Member Posts: 60
    Dealer says only incentive is a $3000 rebate which requires me to take the 48 months 0% finance deal with no prepayment penalty. but offering me $4100 below invoice per edmunds on car that is $42,435 invoice, 44,545 msrp. Something is mot adding up - either edmunds invoice is wrong or there hasto be more rebate money because he isnt going to sell at a true loss. So, anybody know the real story?
  • waterman9waterman9 Member Posts: 1
    We negotiated a 1k total drive off and $358 / mo including tax for a 15k/yr 3 yr lease on a Silver Topaz with leather package and safety 1. No other fees, no disposition, no buyout fee above purchase price. We're happy with those numbers. The buyout number, however, is $30k. Salesperson claims this is through USBank. Should we worry about buyout number, i.e. I'm assuming this can be renegotiated at the end, especially if we're willing to walk away at the end of the lease. This is my first time leasing; I've always purchased in the past.

    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?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Good question, deaddog. No the cash incentive that is available on leases is not available on purchases...however General Motors is providing a $2,000 cash incentive on this car to consumers who finance it through Ally at 0% for up to 6 years. That's a very attractive offer.

    Car_man
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  • joncab5joncab5 Member Posts: 8
    You have a great deal. Dont forget to get the $1,500 California Clean Care Rebate.

    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.
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