Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!

2016 Chevrolet Volt Lease Questions

you_rebel_scumyou_rebel_scum Member Posts: 12
edited November 2015 in Chevrolet
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:
  • MSRP
  • Negotiated Final Capital Cost
  • Money Factor
  • Residual Value
Since the lessor is the one that gets the $7500 Federal Tax Incentive, how do I calculate and arrive to the final negotiated capital cost? Also, how do I factor that $5150 Cash Incentive? Is the Pull Ahead program part of that $5150 Cash Incentive or a different program altogether?

Comments

  • MichaellMichaell Moderator Posts: 240,058

    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:

    • MSRP
    • Negotiated Final Capital Cost
    • Money Factor
    • Residual Value
    Since the lessor is the one that gets the $7500 Federal Tax Incentive, how do I calculate and arrive to the final negotiated capital cost? Also, how do I factor that $5150 Cash Incentive? Is the Pull Ahead program part of that $5150 Cash Incentive or a different program altogether?
    Those are the four pieces necessary to calculate a lease.

    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.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    edited November 2015
    Please evaluate my lease!!

    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.
  • MichaellMichaell Moderator Posts: 240,058

    Please evaluate my lease!!

    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.

    Plugging in your numbers, I get a payment of $345.48/mo + tax. Assuming tax is 9%, the final payment is $376.57.

    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.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    Michaell said:


    Plugging in your numbers, I get a payment of $345.48/mo + tax. Assuming tax is 9%, the final payment is $376.57.

    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.

    Hey thanks for taking a look. Honestly, I have no idea how they came to that number myself... When I plugged it all in to my own calculator, it came out pretty similar to what they got so I thought all was good.

    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
  • MichaellMichaell Moderator Posts: 240,058

    Michaell said:


    Plugging in your numbers, I get a payment of $345.48/mo + tax. Assuming tax is 9%, the final payment is $376.57.

    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.

    Hey thanks for taking a look. Honestly, I have no idea how they came to that number myself... When I plugged it all in to my own calculator, it came out pretty similar to what they got so I thought all was good.

    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
    In your earlier post, you said the MSRP was $41,025 - I don't see this number on the worksheet anywhere. The closest I get is the "Gross Cap Cost" amount of $40,092. However, the residual amount is exactly 51% of the $41,025 number.

    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.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    edited November 2015
    Ah ok, sorry about the mixup. I honestly didn't know what to put down for the numbers. Thank you!

    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.
  • MichaellMichaell Moderator Posts: 240,058

    Ah ok, sorry about the mixup. I honestly didn't know what to put down for the numbers. Thank you!

    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.

    if you haven't taken delivery, you should be able to have them rewrite the deal. if they don't agree, get your car back and unwind the deal.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    Ok thanks. Would you be able to show me how you were able to calculate the .00087 MF so I can show them the work?
    I really appreciate your help on this!
  • MichaellMichaell Moderator Posts: 240,058

    Ok thanks. Would you be able to show me how you were able to calculate the .00087 MF so I can show them the work?
    I really appreciate your help on this!

    You can build your own lease calculator here:

    http://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html

    Then, plug in the numbers you've shared.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    edited November 2015
    Oh ok. Yeah I was trying to use that but I have no idea how or where I need to plug in the numbers... like which one to use for Cap Cost... 40092 or 41025? Sorry I'm so clueless.
  • MichaellMichaell Moderator Posts: 240,058

    Oh ok. Yeah I was trying to use that but I have no idea how or where I need to plug in the numbers... like which one to use for Cap Cost... 40092 or 41025? Sorry I'm so clueless.

    MSRP is 41095
    Net cap cost is 33282
    MF is .00087
    Residual is 51%
    lease term is 36 months

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    I'm plugging those numbers in but I'm still not getting $425 on the edmunds calculator.... I feel like I should buy you lunch now lol
  • MichaellMichaell Moderator Posts: 240,058

    I'm plugging those numbers in but I'm still not getting $425 on the edmunds calculator.... I feel like I should buy you lunch now lol

    I don't use the Edmunds' calculator .. I built my own spreadsheet. Too many assumptions with on-line calcs that we don't know of and cannot control

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    Ah ok good idea. So using Google Sheets, I was able to come to the same conclusion you did.

    Thanks again!

    http://i.imgur.com/5tsazKR.jpg
  • MichaellMichaell Moderator Posts: 240,058

    Ah ok good idea. So using Google Sheets, I was able to come to the same conclusion you did.

    Thanks again!

    http://i.imgur.com/5tsazKR.jpg

    You got it.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • you_rebel_scumyou_rebel_scum Member Posts: 12
    Is there a reason why they would do such a thing? I mean, since I already asked them to calculate the residual using 0.0004% why would they jack it up to 0.00087%? I mean, I know part of it is my fault because I should have asked to see the numbers before I signed--but then again, I had no idea how to calculate it all.

    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?

  • MichaellMichaell Moderator Posts: 240,058

    Is there a reason why they would do such a thing? I mean, since I already asked them to calculate the residual using 0.0004% why would they jack it up to 0.00087%? I mean, I know part of it is my fault because I should have asked to see the numbers before I signed--but then again, I had no idea how to calculate it all.

    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 can't say what might happen to your trade if you choose to unwind the deal. All I can tell you is that it's easier to unwind if you haven't taken delivery of the new car.

    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)

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • jetleesjetlees Member Posts: 4
    2016 Volt Premier Lease Quote - Comments?
    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
  • MichaellMichaell Moderator Posts: 240,058
    jetlees said:

    2016 Volt Premier Lease Quote - Comments?
    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

    I don't have the 2016 Volt lease numbers yet, but the MF and residual look right.

    Assuming 9% sales tax, I get a payment of $427/mo with your numbers - your quote of $407 looks pretty good by comparison.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • dpmakodpmako Member Posts: 14
    Are there lease number for 2016 Volt yet? Looking for NJ, 36 Mo, 12k. thx
  • MichaellMichaell Moderator Posts: 240,058
    dpmako said:

    Are there lease number for 2016 Volt yet? Looking for NJ, 36 Mo, 12k. thx

    Nothing published that we have available .. read back through the last page to see what information others have posted.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • dpmakodpmako Member Posts: 14
    Ok, just got back from dealer, have all the details on 2016 Volt Premier with Nav and both driver confidence packages. 36 mo, 12k, 2k down (first month, taxes and fees), 54% residual value, 0.96% finance rate (.0004MF) with NJ tax of 7%. $336/month. All details in file attached.



  • kyfdxkyfdx Moderator Posts: 235,188
    @dpmako Looks like a very good deal. Congrats!

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • lee_scottlee_scott Member Posts: 7
    Could I please have the 36/10K RV and MF for both trims of the MY16 Volt, also any lease cash?
  • MichaellMichaell Moderator Posts: 240,058
    lee_scott said:

    Could I please have the 36/10K RV and MF for both trims of the MY16 Volt, also any lease cash?

    Base - 54%
    Premier - 51%

    No MF or incentive information, however.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • lee_scottlee_scott Member Posts: 7
    OK, thanks!
  • jsgesqjsgesq Member Posts: 5
    Does anyone have the March 2016 residuals and MF for Volt?
  • kyfdxkyfdx Moderator Posts: 235,188
    jsgesq said:

    Does anyone have the March 2016 residuals and MF for Volt?

    Only for the 2017 model.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • kperez814kperez814 Member Posts: 1
    Anyone know how i can back into the rest of the lease information for 2016 Volt Premier
    $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?
  • kyfdxkyfdx Moderator Posts: 235,188
    kperez814 said:

    Anyone know how i can back into the rest of the lease information for 2016 Volt Premier
    $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?

    We don't have any 2016 model info, only 2017.

    That appears to be a decent deal.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Davo818Davo818 Member Posts: 10
    Hello,

    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!
  • MichaellMichaell Moderator Posts: 240,058
    Davo818 said:

    Hello,

    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!

    Ask your 2017 Volt questions here:

    http://forums.edmunds.com/discussion/39897/chevrolet/volt/2017-chevrolet-volt-lease-questions#latest

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

Sign In or Register to comment.