This tread should be used for simple payment numbers. If you are 100% sure you are going to turn in your Volt at the end of the lease then only 5 things matter. 1. Payment 2. Out of pocket upfront fees 3. Miles per year 4. Added vehicle features. 5. Extras...mainteance free...etc.
This will help avoid confusion of down payments, fees, etc. To do this calculation take your money out of pocket and add it to your payment times number of monthss then divide by number of months.
I will start. 1. $337 2. $0 3. 15000 4. Leather wrapped steering wheel and heated seats. 5. 2 years maintenance included.
There was a post before this one looks like $299 a month for 12k miles per year. Base model.
Car_Man, Could you tell me what the current money factor and residual is for a 2013 Volt, leasing for 36mo-12,000mi/yr? Also, I'm seeing advertised from Chevrolet $4,000 off the MSRP listed as consumer cash. So, when negotiating the cap cost, should I also take off the $7,500 tax credit that the dealer (or is it Ally?) will get in the deal? Because I know I can't get that tax credit myself when leasing. Pleae help me understand how best to negotiate in a situation such as this. Much appreciated...
I would like to lease a 2013 Volt, but there are so many factors currently involved I don’t know whose figures to trust. I have never leased a car. I read “10 Steps to Leasing a New Car,” and I have read recent forum posts here.
Other posts state that the $7,500 Federal Tax Credit should come off the Cap Cost/Purchase price as well as the $2,000 rebate (for lease, instead of $4k cash back for purchase).
Georgia also gives a $5,000 State Income Tax credit. Do I lose that by leasing or is there a way to apply that to the Cap Cost/Purchase Price?
Research on several web sites put the “haggle” discount at another $1,500-2,100 off the purchase price.
Please help me with direction to calculate a lease for the following.
$44,545. MSRP (all packages + Bose + Nav + polished wheels) $2,000 Lease cash incentive (versus $4,000 Purchase incentive) $7,500 Federal Tax Credit $5,000 Georgia State Income Tax Credit $2,000 “haggle” discount (is this still a fair discount?) Purchase Price/CAP COST?
Sales tax is 6.5% - Atlanta, GA
36 month lease/ 10,000 miles per year $0 down (or as little as possible) .59 Is current Residual Value still 59%? ?? Current Money Factor/Interest Rate
I don't know how to use these these figures for a lease calculator. I'd like to be well prepared before I visit dealers this weekend.
(A brief internet search informs me the Volt _DOES NOT_ qualify for Georgia's $5,000 Zero Emissions Vehicle credit. Only "All Electric" vehicles will qualify. However leases of such vehicles do seem eligible.)
I haven't closed a deal, so take this with a grain of salt, but I believe my numbers are correct. Call the dealer with the best deal in your area as listed at truecar.com, and ask them to go over the current lease rebate from Chevrolet, the residual for your specific lease term/mileage, and the money factor for top tier credit. In my case it was $4,250 lease rebate from Chevrolet (and an additional $1,000 lease conquest if leasing a non-Chevrolet car), 56% residual for 39 months and 1.05% APR/money factor from Ally. Note that Ally receives the $7,500 federal tax credit and used it to pump up the residual. TrueCar informed me of a local dealer that offers at least $4,684 off the price, not including the rebate.
Calculator (not including title, acq., reg. & doc. fees)
Enter the MSRP: $44,545
Final Negotiated Price: $35,611 (MSRP minus Chevrolet rebate of $4,250 and dealer discount of $4,684)
Down Payment: $0
Usage Tax (Sales Tax) (%) 6.5%
Length of Lease (months): 36
New Car Lending Rate (%): 1.05%
Car Value at End of Loan $26,281.55 (MSRP * residual, 59%)
Results:
Capitalized Cost: $ 35,611 (44,545 MSRP minus discount)
Lease Price: $ 35,611.00 (above minus $ 0 down payment)
Residual Value: $ 26,281.55 (after 36 months)
Depreciation Fee: $ 259.15 - part of lease payment
Lease Fee: $ 27.08 - part of lease payment
Monthly Payment : $ 286.23 without tax
Usage Tax: $ 18.60 over full loan (6.50 % of $9,329.45)
Hi rosenbj1. Ally's curent 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 0.85% and 56%.
General Motors is currently providing a $5,020 cash incentive on leases of this car. The $4,000 consumer cash that you have seen mentioned is not available on leases. Ally pockets the $7,500 tax credit and uses it to artificially inflate the residual value of the Volt, making the lease cheaper. It is able to do that because on a lease the bank technically owns the vehicle, not the lessee.
Car_man Host Prices Paid: Buying & Leasing Experiences Forum
Heading to the dealership today to pick up a black 2013 Volt with premium trim, safety package #1, bose audio, polished wheels, and nav. MSRP is $44,089.
Looking to do a 36 mo/15k per year lease through Ally. From the 56% residual you quoted above, is it correct that I should deduct 2% for the 15k per year vs 12k? And deduct another 1% for having nav? So I'm looking at a 53% residual? Same money factor/lease rate of 0.85%?
MSRP 39995. My price 38,000 (not sure what is meant by that) Base model $2300 drive off 395.23 payment includes monthly tax 36 months 12,000 miles per year
I really want 15k a year but do not want to pay anymore per month; have had a bankruptcy in the last 3 years
Yeah the bankruptcy really affects my pricing ......I was working with 3 dealers one is out still trying to work the other two but not much luck so far
Since 2007, I have been a follower of yours and have so far bagged 2 great lease deals over time (2007 VW Beetle Conv. and 2011 BMW X5 Diesel). You Rock! I am back again in the market, this time for a 2013 Chevrolet Volt, with an MSRP of 44,945. I am in the San Francisco Bay Area.
The best price I got is $4,588 dealer rebate + $5,020 factory rebate + $1,000 lease conquest rebate (since I still have the BMW lease) for a selling price of $34,337. The residual is 56% on a 10K/36 lease and the rate is 0.85%. That's a good sized cut (2014s are here in only 2 weeks and they are $5K cheaper, some dealers are sitting on huge 2013 inventories). The lease factors match with what you said on your latest post on this subject. All good.
But another dealer is offering a 59% residual (but less rebate on a different, but close enough configuration) and told me that the residual is actually 42% + $7,500 federal rebate (which works out to 59% for that particular car) which means the lower the MSRP is, the higher the effective residual will be. That makes sense.
Yet another dealer, who also told me the same 42% + $7,500 story about residuals gave me a quote with a residual value of close to 56% for an MSRP of $45,605. When questioned, he told me that there was a 'cap' of $43,800 on how much they could 'residualize' and that anything over that I had to pay out of pocket and that's what brings the effective residual down. It doesn't sound very clear (the numbers he gave me did not really add up to that explanation) and I haven't been able to cross check this.
Would you please share your thoughts on this? From what you told me 6 years back on this forum, 'Residual values are essentially set in stone and dealers really do not have the ability to alter them'.
Ajeer - From what I'm reading earlier in this thread - See Post #275 - that residual max is true.
What may be set in stone for regular cars, may not hold true here. The numbers with these hybrid/electric-/pug-in cars is all a game to get inventory to move.
There is a good chance the dealer who originally quoted may have looked it over and would have been brought up during the final paperwork.
Thanks mung35 for the reference to #275. So the residual cap was not totally made up!
According to that post, the residual on 10K/36 is 44 + 1 = 45%. At the 43,800 cap, residual = 43,800 X 0.45 + $7,500 = $27,210.
I have one dealer website here advertising $26,772 residual on a $43,950 MSRP on a 10K/36. That is 44% of $43,800 plus $7,500. So may be residual value dropped by 1% since #275 was posted?! Could be.
But on the $44,945 car that I looked at, the effective residual percentage should then be $27,210 / $44,945 = 60.5%. So why the 56% or the 59% that I have been hearing? Looks like the heavier dealer discount is coming at the expense of lowering the residual. Bad dealers! :-)
With no additional cap cost adjustments (pay fees and first month on acqusition), you should be able to get $222 + rent charge $21 for a total payment of ~$243
That seems like the best deal I've seen on here thus far - or am I missing something?
This is what you are missing: The dealer who is offering a $4,500 dealer rebate (which brings the negotiated price to $34,337) uses a residual of 56%. The dealer who uses a residual of 42% + $7,500 (for an effective residual of close to 59%) gives only a $3,000 dealer rebate. So either way, the payments are in the upper 200's... :-) This is why I wanted to know the truth about residual on the Volt.
$2,499 drive off includes about $400 of cap reduction, about $700 of taxes (they tax the $5020 GM rebate, and it still looks high to me. Sales tax rate here is 8.75%. Does anyone know if this is how it should be?), about $400 DMV fees, about $600 lease acquisition fee, about $300 first month payment and about $100 documentation fee.
Pulled the trigger on Sunday. Got a slightly better deal (with a some what different deal structure) from the dealer close to my home for an identical car (but with a dealer added $60 cargo net). I think the deal is one of the best I have seen so far.
2013 Chevrolet Volt Premium White Diamond Tricoat Premium Trim Package Enhanced Safety Package 1 Enhanced Safety Package 2 Chevrolet® MyLinkTM radio with navigation Premium Bose® Energy Efficient Series sound system Cargo net (Dealer-installed)
MSRP: $45,005 Total Due at signing: $2,799 (includes $650 California sales tax, which may not apply to you). Monthly: $239 + tax @ 8.75% = ~ 260/month (I'll post the detailed break down if anyone is interested)
California is processing my application for $1,500 rebate and an HOV sticker. So that will bring my effective payment down to $218/month. That's like $199/month + tax on a $45K car! Or $239 + tax with only $1,299 total due at signing (of which $650 would still be California sales tax. Talk about chasing your own tail. Lol!). Not bad whichever way you look at it!
We took $20K off the MSRP! $5K negotiated savings, $5K GM rebate, $1K GM Lease Conquest rebate, $7500 federal rebate, and $1500 California rebate.
At only $25K, this is cheaper than a gas car with leather seats, leather steering, heated driver and front passenger seats, 7 inch touch screen, navigation, onstar, 7 speaker Bose audio, satellite radio, bluetooth (pair upto 5 devices), on board Pandora, gas prices finder and other apps, USB storage port, auto dimming mirrors, rear view camera, keyless entry, push button start, smartphone vehicle monitoring and control app with navigation input from phone, front and back parking sensors, *active* cruise control, lane departure warning etc.
I have been thrilled at how this car drives. This is a fun car. It doesn't drive, it wafts! I'll save my electric rants for a different forum. But I'll just say this car is American ingenuity at work! At this price, its a no brainer!
Hi apudiyap, Thanks for the info. I'm also interested in seeing the breakdown of your deal. I'm in the SF BA also. Can you recommend a dealership? Thank you
MSRP: $45,005 Selling Price: $39,938 ($5,067 dealer discount) Total Cap Reduction $6,838 (GM's $5,020 + GM's $1,000 + my $818 cap reduction part of drive off) Net Cap Cost: $33,100 (Selling price - total cap reduction) Residual: $26,402 (See Explanation below) Total Depreciation: $6,698 (Net cap - Residual) Total finance charge: $1,906 (See Explanation below) Total cost: $8,604 (Depreciation + Finance charge) Monthly cost: $239 + tax = $260 (Total cost / 36 plus tax)
Drive off break down: Bank fee: $595 Sales tax on total cap reduction + Bank fee: $650 DMV: $396 Doc fee: $80 First month payment: $260 Cap reduction: $818 Total Drive Off: $2,799
Explanation: The formula for Volt's residual is still a mystery (looks like 43.15% of $43,800 residual cap + $7500, or 58.66% of MSRP. Both look odd) and the finance charge seems pretty high at over 2% (I have top tier credit score). So some of that jack up might have paid for the $5K plus dealer discount.
But in any case this is the lowest total cost I could find after working with 4 dealers in the area and the selling price is $1,813 lower than truecar.com's best price, which is already much lower than invoice and deep in dealer holdback/incentive territory. So even if they hid $1,800 in there (for this I have to factor in the best case residual of 45% of $43,800 + 7500 = $27,210 which was reported for US Bank and the best case rate of 0.85% which was reported for Ally, even though getting the best of both together is an impossibility), I am still ahead. Also, dealers got to make their money too... lol!
I am in the southbay. I bought mine from Courtesy Chevrolet at Steven's Creek. I found from Google local car inventory that they had the car I wanted, walked in with the VIN number, and just gave them a detailed breakdown of the lease deal I was looking for. After a few back and forth, they came up with the lease structure I posted in my previous message to match my bottom line. Deal was done!
I had talked to Fremont Chevrolet, Capitol Chevrolet and Boardwalk Chevrolet during the previous week and had also worked out truecar.com prices. Fremont Chevrolet came close and were nice to talk to. Capitol Chevrolet in San Jose was the toughest to deal with, playing the old tricks. No wonder they have over 100 2013 Volts just rotting on their lot.
I am loving your enthusiasm about your recent vehicle purchase! I am happy you have been thrilled about how well your Chevy Volt drives. The deal you got is definitely a great one! We appreciate your positive feedback on the vehicle. Continue to enjoy driving it around. If you ever have concerns or questions, don't hesitate to reach out to us. We can be contacted by email at socialmedia(at)gm.com.
Thank you Ajeer for the info. Seems like a wide range of deals out there and it's good to have a ballpark idea what to shoot for. Hopefully i'll be as successful in our search. enjoy your ride! cheers
Hi, I'm trying to decide between purchasing or leasing. I see posts about the federal and state tax rebates, how are people claiming these when leasing? Dealers I have talked to says the rebates go to the leasing company. Thanks for any input on this
I am living in socal area and I am in market for a new lease of 2013 Chevy Volt car. I came across a lease offer from Harbor Chevrolet for $159 per month pls tax. Here is the fine print from their website:
"5 AT THIS PAYMENT 36 Months Closed End Lease On Above Average Approved Credit. With $2,350.00 Customer Cash or Trade plus $5,020.00 Factory Rebate, $1,000.00 Lease Conquest Rebate*, and $500 Labor Day Bonus Cash, $8,870.00 Total Due at Lease Signing, assuming all rebates apply. $Ø Security Deposit Required. Plus 1st Payment, Tax and License. 10 K Miles Per Year. 25¢ Per Excess Mile. *Must be currently leasing a non-GM vehicle 1999 or newer. Not all rebates may apply."
2 weeks ago the same offer was valid for $129 per month plus tax. They also had another offer with $199 per month plus tax for $0 down. This Lease is for the base model with a MSRP of $39,900. I do not have any current lease, so I will not qualify for $1,000 Lease Conquest rebate. The residual value would be about $25,200.
I would like to lease a higher model volt with navigation, safety package#1 and 2. I was wondering what would be the appropriate price to pay for a chevy volt lease with a MSRP of $45,000 with 36 months term and 12K yearly miles? How much would be the taxes approximately on top of the monthly lease payment in LA area?
Most people will advise against a lease with that much money up front. At most I would put down what {apudiyap} did. He got a great deal you should try to replicate - I believe with the exact configuration you're looking for.
Hi everybody, your comments and advice would be appreciated.
This is in NJ not far from NYC, and I guess this area tends to be a little more expensive than most places in the US. It's also easily the highest rated dealership in the area, which makes me feel better dealing with them. So far, via email, they've been very professional and responsive.
Here's the deal: A Premium Volt (leather, navigation, rearview camera, bells & whistles) with a MSRP of $43,950, an invoice of $42,881, discounted to $41,299. This, minus the $5,020 rebate and $500 Labor Day cash. So, total discounts amount to $8k+ off of MSRP.
Residual is 39%. Money factor is .00055 (US Bank).
36 months, 15k miles/year, $0 down, tax (%6.25 for MA, moving there soon) and fees (except the $395 disposition charge) included in the monthly payment of $427. So, first month is due at signing, and nothing else. They of course started higher and this was reached after some negotiation.
I was wary of is the low residual of 39%, given the 46% resale value at the top of KBB's list for 2013. Also, I know that it's US Bank that gets the $7.5k tax credit, but I was under the impression that this should somehow contribute to my bottom line.
I am looking to lease a Volt (or a Leaf) this long weekend in southBay (SFbay area)
Couple of general lease questions : I read the forum here and got confused about this residual value ? How does that matter ? Should it be higher or lower of the MSRP when we lease.
What happens if you lease a car and car gets into an accident where insurance company totals it. Will they cover the down payment or one time payment made at the start of the lease ?
Now Volt lease questions:
1) When we lease for 36 months, will we get a high speed charger installed at home from PGE or dealer ? Is it part of the lease or it is extra money ?
2) Is there a way to fit in 5 people, once in a while.
3) If you have any suggestions on the deal to expect for Labour day, please post.
I just picked up my new Volt in OC (Connell Chevy). Black with black leather, enhanced safety 1, no NAV, no polished chrome or enhanced safety 2. $800 down, $278 incl. tax 36 mo, 12k mi/yr. Great car- definitely call/email dealers around town as they vary quite a bit in rates. This forum is the best source of info.
Question- my wife would really like the enhanced safety 2, which wasn't that big of a deal to me. Does anyone know if it is possible to have the dealer add/activate that feature OR at the least, know of a good front bumper sensor that does not require any drilling and is wireless?
I think residual matters most at the end of your lease- if you want to purchase the time to negotiate that is now, but I could be wrong. I think if you know you are turning it in, it may not matter as much. Not sure about the insurance question- call your carrier. Re 240 charger, you pay the installer. Cost is about $500, but some utility companies have rebates to cover the cost. Also, there is a $1000 Fed. tax credit so if you itemized it will help. Most folks will do okay with a regular outlet as long as you have overnight to plug in. The Volt allows you to program start charge time to charge when rates are lowest. Can't see how you could safely ever put 5 in the car. Shop for the car by email with multiple dealers. The minute you start dealing with only one dealer, you make the negotiating process much more difficult. Make them bid against each other- they will know their bottom line and when you hit it that number with several dealers, then you know you have arrived at a good deal.
A few questions: 1) Based on recent lease stories, do you guys think this is negotiable? 2) I have a trade in worth about $2,500 (conservatively). In a lease scenario would they just remove the down payment? 3) any other tips?
$372.88 monthly payment (including tax) for a 36 Months Lease(36K miles) with $1300 drive off for a 2013 White Diamond Tricoat (fully loaded - premium trim pkg, 17" polished aluminum wheels, mylink radio with nav, premium bose pkg, safety pkg 1 and 2). I talked to couple of different dealers in my area but the prices were way off. This dealer was consistent about his price and quoted me the best price by email. We went to the dealership this morning and signed the lease and drove off my car this afternoon!
Last night I leased a black 2013 Volt fully loaded with the exception of navigation and chrome wheels.
Here's the deal: $800 drive off $326.92/mo 3 years, 12,000mi/yr
I had wanted white, but this seemed to be a deal I couldn't pass up. Please tell me it was!
I am wondering if I should go back today and add the SmartLease Protect for another $595. That would bring my monthly payment up to $343.45. I have never leased before. Is the SmartLease Protect a worthwhile investment? I imagine my car will get dinged - it may buy me some piece of mind. I appreciate any input.
– $5,000.00 manufacturer discount – $500.00 holiday bonus cash (Labor Day Weekend) – $1,000.00 conquest cash (we are also leasing a 2012 Toyota RAV4) – $7,500.00 Federal Tax rebate (kept by the bank, obviously) _________ – $14,00.00
Bottom Line
• 36 months • 15,000 miles annually • $0.00 down (only first month payment) • purchased from Coughlin Automotive in Columbus, OH (Pataskala) • top tier credit _________ $302.88/mo
I almost had a deal working with Capitol Chevy on a fully loaded 2013 Black Volt. How I hate these dealerships. Final sale price was $34,685 on an MSRP of $44,605. Their money factor was 0.00106 until I walked away and they got it to what everyone in the Bay area is reporting 0.00055. They sent a written proposal via email
$2399 down, 10k/year. $26580 residual.
I am about to close the deal and then their GM overrules the deal and raises the money factor to 0.00086. My monthly payments including tax go from $287.15 to $310 just because he said so.
I voided the deal. They can keep the Volt No wonder they have the largest Volt inventory in the Bay area. They can't sell any. Tesla, here I come.
Our past experience showed us that Chevy dealers, in general, have very little interest in moving these cars.
We tried last fall to lease one, and contacted 5-6 dealers. Many times, our inquiries were not responded to at all despite the fact that we are highly qualified customers. In one case, the dealer agreed to the deal over the phone, and as we got in the car to sign, called back and said he changed his mind. Unbelievable.
Because there are so many Chevy dealers, I would recommend that you stick with it and just keep moving on until you find the right dealer. Our latest experience with Coughlin was more like the experience I am accustomed to at a Lexus dealer – low pressure, straight dealing, and genuinely wanting to sell/lease us the car. That experience stands in stark contrast to every other one we had with every other Chevy dealer.
Great forum! My first deal is from Dave Smith in Idaho (would have to fly to Spokane). Local deals not so good, however.
For the base model: 15k, $3000 down and $266 per month for 36 months. Burien Chevrolet south of Seattle indicated on phone they would match that price, but I'm wondering now if I can do better. Best deals here, out of pocket, are about $10800 or so for 3 year lease, and these are with some upgrades--one with 12k miles instead of 15. Should I keep shopping? I want a good deal and like the Volt but don't want to nickel and dime it to death! Thanks for input.
Comments
1. Payment
2. Out of pocket upfront fees
3. Miles per year
4. Added vehicle features.
5. Extras...mainteance free...etc.
This will help avoid confusion of down payments, fees, etc. To do this calculation take your money out of pocket and add it to your payment times number of monthss then divide by number of months.
I will start.
1. $337
2. $0
3. 15000
4. Leather wrapped steering wheel and heated seats.
5. 2 years maintenance included.
There was a post before this one looks like $299 a month for 12k miles per year. Base model.
Could you tell me what the current money factor and residual is for a 2013 Volt, leasing for 36mo-12,000mi/yr?
Also, I'm seeing advertised from Chevrolet $4,000 off the MSRP listed as consumer cash. So, when negotiating the cap cost, should I also take off the $7,500 tax credit that the dealer (or is it Ally?) will get in the deal? Because I know I can't get that tax credit myself when leasing. Pleae help me understand how best to negotiate in a situation such as this.
Much appreciated...
Other posts state that the $7,500 Federal Tax Credit should come off the Cap Cost/Purchase price as well as the $2,000 rebate (for lease, instead of $4k cash back for purchase).
Georgia also gives a $5,000 State Income Tax credit. Do I lose that by leasing or is there a way to apply that to the Cap Cost/Purchase Price?
Research on several web sites put the “haggle” discount at another $1,500-2,100 off the purchase price.
Please help me with direction to calculate a lease for the following.
$44,545. MSRP (all packages + Bose + Nav + polished wheels)
$2,000 Lease cash incentive (versus $4,000 Purchase incentive)
$7,500 Federal Tax Credit
$5,000 Georgia State Income Tax Credit
$2,000 “haggle” discount (is this still a fair discount?)
Purchase Price/CAP COST?
Sales tax is 6.5% - Atlanta, GA
36 month lease/ 10,000 miles per year
$0 down (or as little as possible)
.59 Is current Residual Value still 59%?
?? Current Money Factor/Interest Rate
I don't know how to use these these figures for a lease calculator. I'd like to be well prepared before I visit dealers this weekend.
Any help will be greatly appreciated!
http://www.globalrph.com/lease_calculator.htm
(A brief internet search informs me the Volt _DOES NOT_ qualify for Georgia's $5,000 Zero Emissions Vehicle credit. Only "All Electric" vehicles will qualify. However leases of such vehicles do seem eligible.)
I haven't closed a deal, so take this with a grain of salt, but I believe my numbers are correct. Call the dealer with the best deal in your area as listed at truecar.com, and ask them to go over the current lease rebate from Chevrolet, the residual for your specific lease term/mileage, and the money factor for top tier credit. In my case it was $4,250 lease rebate from Chevrolet (and an additional $1,000 lease conquest if leasing a non-Chevrolet car), 56% residual for 39 months and 1.05% APR/money factor from Ally. Note that Ally receives the $7,500 federal tax credit and used it to pump up the residual. TrueCar informed me of a local dealer that offers at least $4,684 off the price, not including the rebate.
Calculator (not including title, acq., reg. & doc. fees)
Enter the MSRP:
$44,545
Final Negotiated Price:
$35,611 (MSRP minus Chevrolet rebate of $4,250 and dealer discount of $4,684)
Down Payment:
$0
Usage Tax (Sales Tax) (%)
6.5%
Length of Lease (months):
36
New Car Lending Rate (%):
1.05%
Car Value at End of Loan
$26,281.55 (MSRP * residual, 59%)
Results:
Capitalized Cost:
$ 35,611 (44,545 MSRP minus discount)
Lease Price:
$ 35,611.00 (above minus $ 0 down payment)
Residual Value:
$ 26,281.55 (after 36 months)
Depreciation Fee:
$ 259.15 - part of lease payment
Lease Fee:
$ 27.08 - part of lease payment
Monthly Payment :
$ 286.23 without tax
Usage Tax:
$ 18.60 over full loan (6.50 % of $9,329.45)
Total Monthly Payment:
$ 304.83 WHAT YOU PAY
Thank you very much for taking the time to post your thoughtful reply with all the details and helpful information!
The first dealer quoted me $516/mo which seemed WAY off. Now I have the details that will help me be an informed shopper. It's exactly what I needed.
Thanks again!
General Motors is currently providing a $5,020 cash incentive on leases of this car. The $4,000 consumer cash that you have seen mentioned is not available on leases. Ally pockets the $7,500 tax credit and uses it to artificially inflate the residual value of the Volt, making the lease cheaper. It is able to do that because on a lease the bank technically owns the vehicle, not the lessee.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Heading to the dealership today to pick up a black 2013 Volt with premium trim, safety package #1, bose audio, polished wheels, and nav. MSRP is $44,089.
Looking to do a 36 mo/15k per year lease through Ally. From the 56% residual you quoted above, is it correct that I should deduct 2% for the 15k per year vs 12k? And deduct another 1% for having nav? So I'm looking at a 53% residual? Same money factor/lease rate of 0.85%?
Thanks so much for your help on these boards!
My price 38,000 (not sure what is meant by that)
Base model
$2300 drive off
395.23 payment includes monthly tax
36 months 12,000 miles per year
I really want 15k a year but do not want to pay anymore per month; have had a bankruptcy in the last 3 years
Price - $38,616
Factory Rebate - $5020
Lease Conquest Rebate - $1000
Term 39 Months
Miles 12,000
Cash Down $846
Total including tax $334 a month
Please let me know your thoughts
Sticker: 44395 (Nav, Bose, Premium pkg)
Negotiated: 38500
Down payment: 0
First month payment: 393
Residual: 59%
Tax: 4%
Term: 36mos
Mileage: 15k/yr
Payment: 393
Good deal, bad deal, average? At first it seemed high to me as I expected more of around 340/mo. But maybe this isn't that bad.
Thx.
Since 2007, I have been a follower of yours and have so far bagged 2 great lease deals over time (2007 VW Beetle Conv. and 2011 BMW X5 Diesel). You Rock! I am back again in the market, this time for a 2013 Chevrolet Volt, with an MSRP of 44,945. I am in the San Francisco Bay Area.
The best price I got is $4,588 dealer rebate + $5,020 factory rebate + $1,000 lease conquest rebate (since I still have the BMW lease) for a selling price of $34,337. The residual is 56% on a 10K/36 lease and the rate is 0.85%. That's a good sized cut (2014s are here in only 2 weeks and they are $5K cheaper, some dealers are sitting on huge 2013 inventories). The lease factors match with what you said on your latest post on this subject. All good.
But another dealer is offering a 59% residual (but less rebate on a different, but close enough configuration) and told me that the residual is actually 42% + $7,500 federal rebate (which works out to 59% for that particular car) which means the lower the MSRP is, the higher the effective residual will be. That makes sense.
Yet another dealer, who also told me the same 42% + $7,500 story about residuals gave me a quote with a residual value of close to 56% for an MSRP of $45,605. When questioned, he told me that there was a 'cap' of $43,800 on how much they could 'residualize' and that anything over that I had to pay out of pocket and that's what brings the effective residual down. It doesn't sound very clear (the numbers he gave me did not really add up to that explanation) and I haven't been able to cross check this.
Would you please share your thoughts on this? From what you told me 6 years back on this forum, 'Residual values are essentially set in stone and dealers really do not have the ability to alter them'.
Thanks
-Ajeer
What may be set in stone for regular cars, may not hold true here. The numbers with these hybrid/electric-/pug-in cars is all a game to get inventory to move.
There is a good chance the dealer who originally quoted may have looked it over and would have been brought up during the final paperwork.
According to that post, the residual on 10K/36 is 44 + 1 = 45%. At the 43,800 cap, residual = 43,800 X 0.45 + $7,500 = $27,210.
I have one dealer website here advertising $26,772 residual on a $43,950 MSRP on a 10K/36. That is 44% of $43,800 plus $7,500. So may be residual value dropped by 1% since #275 was posted?! Could be.
But on the $44,945 car that I looked at, the effective residual percentage should then be $27,210 / $44,945 = 60.5%. So why the 56% or the 59% that I have been hearing? Looks like the heavier dealer discount is coming at the expense of lowering the residual. Bad dealers! :-)
Also, anyone have residual and MF for 24-month leases?
MSRP: 44945
Negotiated Price: 34337
Term: 36 mos.
MF: 0.85%
Residual: ~58.6% = (42%= 18877) + 7500 = $26376
With no additional cap cost adjustments (pay fees and first month on acqusition), you should be able to get $222 + rent charge $21 for a total payment of ~$243
That seems like the best deal I've seen on here thus far - or am I missing something?
This is what you are missing: The dealer who is offering a $4,500 dealer rebate (which brings the negotiated price to $34,337) uses a residual of 56%. The dealer who uses a residual of 42% + $7,500 (for an effective residual of close to 59%) gives only a $3,000 dealer rebate. So either way, the payments are in the upper 200's... :-) This is why I wanted to know the truth about residual on the Volt.
$2,499 drive off includes about $400 of cap reduction, about $700 of taxes (they tax the $5020 GM rebate, and it still looks high to me. Sales tax rate here is 8.75%. Does anyone know if this is how it should be?), about $400 DMV fees, about $600 lease acquisition fee, about $300 first month payment and about $100 documentation fee.
I had hoped to lease another Volt, but this one with Nav and the safety package 2 for the mid-200 range with no money down.
2013 Chevrolet Volt
Premium White Diamond Tricoat
Premium Trim Package
Enhanced Safety Package 1
Enhanced Safety Package 2
Chevrolet® MyLinkTM radio with navigation
Premium Bose® Energy Efficient Series sound system
Cargo net (Dealer-installed)
MSRP: $45,005
Total Due at signing: $2,799 (includes $650 California sales tax, which may not apply to you).
Monthly: $239 + tax @ 8.75% = ~ 260/month
(I'll post the detailed break down if anyone is interested)
California is processing my application for $1,500 rebate and an HOV sticker. So that will bring my effective payment down to $218/month. That's like $199/month + tax on a $45K car! Or $239 + tax with only $1,299 total due at signing (of which $650 would still be California sales tax. Talk about chasing your own tail. Lol!). Not bad whichever way you look at it!
We took $20K off the MSRP! $5K negotiated savings, $5K GM rebate, $1K GM Lease Conquest rebate, $7500 federal rebate, and $1500 California rebate.
At only $25K, this is cheaper than a gas car with leather seats, leather steering, heated driver and front passenger seats, 7 inch touch screen, navigation, onstar, 7 speaker Bose audio, satellite radio, bluetooth (pair upto 5 devices), on board Pandora, gas prices finder and other apps, USB storage port, auto dimming mirrors, rear view camera, keyless entry, push button start, smartphone vehicle monitoring and control app with navigation input from phone, front and back parking sensors, *active* cruise control, lane departure warning etc.
I have been thrilled at how this car drives. This is a fun car. It doesn't drive, it wafts! I'll save my electric rants for a different forum. But I'll just say this car is American ingenuity at work! At this price, its a no brainer!
can you please send me the break down to skalties at gmail dot com , I want to pull the trigger tomorrow .
thanks SK
Thanks for the info. I'm also interested in seeing the breakdown of your deal. I'm in the SF BA also. Can you recommend a dealership? Thank you
MSRP: $45,005
Selling Price: $39,938 ($5,067 dealer discount)
Total Cap Reduction $6,838 (GM's $5,020 + GM's $1,000 + my $818 cap reduction part of drive off)
Net Cap Cost: $33,100 (Selling price - total cap reduction)
Residual: $26,402 (See Explanation below)
Total Depreciation: $6,698 (Net cap - Residual)
Total finance charge: $1,906 (See Explanation below)
Total cost: $8,604 (Depreciation + Finance charge)
Monthly cost: $239 + tax = $260 (Total cost / 36 plus tax)
Drive off break down:
Bank fee: $595
Sales tax on total cap reduction + Bank fee: $650
DMV: $396
Doc fee: $80
First month payment: $260
Cap reduction: $818
Total Drive Off: $2,799
Explanation:
The formula for Volt's residual is still a mystery (looks like 43.15% of $43,800 residual cap + $7500, or 58.66% of MSRP. Both look odd) and the finance charge seems pretty high at over 2% (I have top tier credit score). So some of that jack up might have paid for the $5K plus dealer discount.
But in any case this is the lowest total cost I could find after working with 4 dealers in the area and the selling price is $1,813 lower than truecar.com's best price, which is already much lower than invoice and deep in dealer holdback/incentive territory. So even if they hid $1,800 in there (for this I have to factor in the best case residual of 45% of $43,800 + 7500 = $27,210 which was reported for US Bank and the best case rate of 0.85% which was reported for Ally, even though getting the best of both together is an impossibility), I am still ahead. Also, dealers got to make their money too... lol!
Good luck for tomorrow, SK!
And thanks, freeman3!
-Ajeer
I am in the southbay. I bought mine from Courtesy Chevrolet at Steven's Creek. I found from Google local car inventory that they had the car I wanted, walked in with the VIN number, and just gave them a detailed breakdown of the lease deal I was looking for. After a few back and forth, they came up with the lease structure I posted in my previous message to match my bottom line. Deal was done!
I had talked to Fremont Chevrolet, Capitol Chevrolet and Boardwalk Chevrolet during the previous week and had also worked out truecar.com prices. Fremont Chevrolet came close and were nice to talk to. Capitol Chevrolet in San Jose was the toughest to deal with, playing the old tricks. No wonder they have over 100 2013 Volts just rotting on their lot.
I am loving your enthusiasm about your recent vehicle purchase! I am happy you have been thrilled about how well your Chevy Volt drives. The deal you got is definitely a great one! We appreciate your positive feedback on the vehicle. Continue to enjoy driving it around. If you ever have concerns or questions, don't hesitate to reach out to us. We can be contacted by email at socialmedia(at)gm.com.
Sincerely,
Laura M.
GM Customer Care
Thanks for any input on this
I am living in socal area and I am in market for a new lease of 2013 Chevy Volt car. I came across a lease offer from Harbor Chevrolet for $159 per month pls tax. Here is the fine print from their website:
"5 AT THIS PAYMENT
36 Months Closed End Lease On Above Average Approved Credit. With $2,350.00 Customer Cash or Trade plus $5,020.00 Factory Rebate, $1,000.00 Lease Conquest Rebate*, and $500 Labor Day Bonus Cash, $8,870.00 Total Due at Lease Signing, assuming all rebates apply. $Ø Security Deposit Required. Plus 1st Payment, Tax and License. 10 K Miles Per Year. 25¢ Per Excess Mile. *Must be currently leasing a non-GM vehicle 1999 or newer. Not all rebates may apply."
2 weeks ago the same offer was valid for $129 per month plus tax. They also had another offer with $199 per month plus tax for $0 down. This Lease is for the base model with a MSRP of $39,900. I do not have any current lease, so I will not qualify for $1,000 Lease Conquest rebate. The residual value would be about $25,200.
I would like to lease a higher model volt with navigation, safety package#1 and 2. I was wondering what would be the appropriate price to pay for a chevy volt lease with a MSRP of $45,000 with 36 months term and 12K yearly miles? How much would be the taxes approximately on top of the monthly lease payment in LA area?
This is in NJ not far from NYC, and I guess this area tends to be a little more expensive than most places in the US. It's also easily the highest rated dealership in the area, which makes me feel better dealing with them. So far, via email, they've been very professional and responsive.
Here's the deal: A Premium Volt (leather, navigation, rearview camera, bells & whistles) with a MSRP of $43,950, an invoice of $42,881, discounted to $41,299. This, minus the $5,020 rebate and $500 Labor Day cash. So, total discounts amount to $8k+ off of MSRP.
Residual is 39%. Money factor is .00055 (US Bank).
36 months, 15k miles/year, $0 down, tax (%6.25 for MA, moving there soon) and fees (except the $395 disposition charge) included in the monthly payment of $427. So, first month is due at signing, and nothing else. They of course started higher and this was reached after some negotiation.
I was wary of is the low residual of 39%, given the 46% resale value at the top of KBB's list for 2013. Also, I know that it's US Bank that gets the $7.5k tax credit, but I was under the impression that this should somehow contribute to my bottom line.
Thanks in advance for comments and suggestions.
Hopefully, I will be able to get price closer to yours. Will update the forum once my deal goes thru.
Couple of general lease questions :
I read the forum here and got confused about this residual value ? How does that matter ?
Should it be higher or lower of the MSRP when we lease.
What happens if you lease a car and car gets into an accident where insurance company totals it.
Will they cover the down payment or one time payment made at the start of the lease ?
Now Volt lease questions:
1) When we lease for 36 months, will we get a high speed charger installed at home from PGE or dealer ? Is it part of the lease or it is extra money ?
2) Is there a way to fit in 5 people, once in a while.
3) If you have any suggestions on the deal to expect for Labour day, please post.
Question- my wife would really like the enhanced safety 2, which wasn't that big of a deal to me. Does anyone know if it is possible to have the dealer add/activate that feature OR at the least, know of a good front bumper sensor that does not require any drilling and is wireless?
Thanks much
Not sure about the insurance question- call your carrier.
Re 240 charger, you pay the installer. Cost is about $500, but some utility companies have rebates to cover the cost. Also, there is a $1000 Fed. tax credit so if you itemized it will help.
Most folks will do okay with a regular outlet as long as you have overnight to plug in. The Volt allows you to program start charge time to charge when rates are lowest.
Can't see how you could safely ever put 5 in the car.
Shop for the car by email with multiple dealers. The minute you start dealing with only one dealer, you make the negotiating process much more difficult. Make them bid against each other- they will know their bottom line and when you hit it that number with several dealers, then you know you have arrived at a good deal.
Good luck- great car.
Lurker here. I'm looking to pull the trigger for a Volt. The local dealership is offering this deal: http://www.burienchevrolet.com/weekly-ad
A few questions:
1) Based on recent lease stories, do you guys think this is negotiable?
2) I have a trade in worth about $2,500 (conservatively). In a lease scenario would they just remove the down payment?
3) any other tips?
$372.88 monthly payment (including tax) for a 36 Months Lease(36K miles) with $1300 drive off for a 2013 White Diamond Tricoat (fully loaded - premium trim pkg, 17" polished aluminum wheels, mylink radio with nav, premium bose pkg, safety pkg 1 and 2). I talked to couple of different dealers in my area but the prices were way off. This dealer was consistent about his price and quoted me the best price by email. We went to the dealership this morning and signed the lease and drove off my car this afternoon!
Hope this information is helpful to the others!
Here's the deal:
$800 drive off
$326.92/mo
3 years, 12,000mi/yr
I had wanted white, but this seemed to be a deal I couldn't pass up. Please tell me it was!
I am wondering if I should go back today and add the SmartLease Protect for another $595. That would bring my monthly payment up to $343.45. I have never leased before. Is the SmartLease Protect a worthwhile investment? I imagine my car will get dinged - it may buy me some piece of mind.
I appreciate any input.
$39,145.00 Silver Topaz Metallic (non-premium paint) w/ white ceramic interior
+ $1,395.00 Premium Trim Package (full leather w/ leather wheel, heated seats, removable rear storage armrest)
+ $850.00 Destination Charge
_________
$41,390.00
Rebates and Incentives
– $5,000.00 manufacturer discount
– $500.00 holiday bonus cash (Labor Day Weekend)
– $1,000.00 conquest cash (we are also leasing a 2012 Toyota RAV4)
– $7,500.00 Federal Tax rebate (kept by the bank, obviously)
_________
– $14,00.00
Bottom Line
• 36 months
• 15,000 miles annually
• $0.00 down (only first month payment)
• purchased from Coughlin Automotive in Columbus, OH (Pataskala)
• top tier credit
_________
$302.88/mo
$2399 down, 10k/year. $26580 residual.
I am about to close the deal and then their GM overrules the deal and raises the money factor to 0.00086. My monthly payments including tax go from $287.15 to $310 just because he said so.
I voided the deal. They can keep the Volt No wonder they have the largest Volt inventory in the Bay area. They can't sell any. Tesla, here I come.
Our past experience showed us that Chevy dealers, in general, have very little interest in moving these cars.
We tried last fall to lease one, and contacted 5-6 dealers. Many times, our inquiries were not responded to at all despite the fact that we are highly qualified customers. In one case, the dealer agreed to the deal over the phone, and as we got in the car to sign, called back and said he changed his mind. Unbelievable.
Because there are so many Chevy dealers, I would recommend that you stick with it and just keep moving on until you find the right dealer. Our latest experience with Coughlin was more like the experience I am accustomed to at a Lexus dealer – low pressure, straight dealing, and genuinely wanting to sell/lease us the car. That experience stands in stark contrast to every other one we had with every other Chevy dealer.
Truly unfortunate.
For the base model: 15k, $3000 down and $266 per month for 36 months. Burien Chevrolet south of Seattle indicated on phone they would match that price, but I'm wondering now if I can do better. Best deals here, out of pocket, are about $10800 or so for 3 year lease, and these are with some upgrades--one with 12k miles instead of 15. Should I keep shopping? I want a good deal and like the Volt but don't want to nickel and dime it to death! Thanks for input.