Last post on May 22, 2013 at 6:14 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Chevrolet Volt, Car Buying, Car Leasing, Sedan
#264 of 315 Re: 2013 Volt December Lease Terms [bromion]
Dec 28, 2012 (1:43 pm)
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?
#265 of 315 Re: 2013 Volt December Lease Terms [ozp]
Dec 28, 2012 (5:57 pm)
I got an ally lease
1.1 % but it was back in Sept.
Good luck with the car deal.
You will love the car,
#266 of 315 Re: 2013 Volt December Lease Terms [ozp]
Dec 28, 2012 (7:20 pm)
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.
#267 of 315 Re: How does this deal look? [dugknight]
Dec 29, 2012 (12:35 am)
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.
#268 of 315 Re: How does this deal look?
Jan 03, 2013 (2:19 pm)
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:
3 Year 36,000 miles
$2,230 down + fees (all-in of ~$3,200)
Payment of $235/Month
Hope this helps.
#269 of 315 2013 Volt January Lease Terms [Car_man]
Jan 03, 2013 (3:38 pm)
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.
#270 of 315 Re: How does this deal look? [mozzy21]
Jan 03, 2013 (10:33 pm)
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.
#271 of 315 Re: How does this deal look? [mozzy21]
Jan 04, 2013 (7:26 am)
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
- 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.
#272 of 315 Maybe the lease rate?
Jan 04, 2013 (7:51 am)
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!
#273 of 315 my 15k mile offer (in MA)
Jan 04, 2013 (8:46 am)
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