Last post on Apr 20, 2013 at 6:10 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Chevrolet Volt, Car Buying, Car Leasing, Sedan
#266 of 313 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 313 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 313 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 313 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 313 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 313 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 313 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 313 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
#274 of 313 January 2013 Lease #'s
Jan 09, 2013 (5:17 am)
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
#275 of 313 Current 2013 Lease Rates
Jan 09, 2013 (11:58 am)
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.