Last post on Nov 14, 2013 at 12:00 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Chevrolet Volt, Car Buying, Car Leasing, Sedan
#354 of 482 Current Lease Calculation
Jul 16, 2013 (11:48 am)
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.
#355 of 482 Please help a lease newbie!
Jul 19, 2013 (11:57 am)
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.
Any help will be greatly appreciated!
#356 of 482 Re: Please help a lease newbie! [atl30309_ev]
Jul 19, 2013 (9:23 pm)
Here's a simple lease calculator:
(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:
Final Negotiated Price:
$35,611 (MSRP minus Chevrolet rebate of $4,250 and dealer discount of $4,684)
Usage Tax (Sales Tax) (%)
Length of Lease (months):
New Car Lending Rate (%):
Car Value at End of Loan
$26,281.55 (MSRP * residual, 59%)
$ 35,611 (44,545 MSRP minus discount)
$ 35,611.00 (above minus $ 0 down payment)
$ 26,281.55 (after 36 months)
$ 259.15 - part of lease payment
$ 27.08 - part of lease payment
Monthly Payment :
$ 286.23 without tax
$ 18.60 over full loan (6.50 % of $9,329.45)
Total Monthly Payment:
$ 304.83 WHAT YOU PAY
#357 of 482 Re: Please help a lease newbie! [mandel]
Jul 20, 2013 (7:40 pm)
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.
#358 of 482 Re: Current Lease Calculation [rosenbj1]
Jul 30, 2013 (3:07 pm)
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.
Prices Paid: Buying & Leasing Experiences Forum
#359 of 482 Re: Current Lease Calculation [CarMan@Edmunds]
Jul 31, 2013 (5:06 am)
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!
#360 of 482 Re: Please help a lease newbie! [mandel]
Aug 03, 2013 (2:40 pm)
Thanks for breaking that down but where is the $7500 Ally uses to pump up the residual?
#361 of 482 Is this a decent lease?
Aug 04, 2013 (4:21 am)
My price 38,000 (not sure what is meant by that)
$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
#362 of 482 Re: Is this a decent lease? [wheels03]
Aug 04, 2013 (4:23 am)
I got base model 15k miles plus 2 year maintenance. 335 a month...335 down for first months payment.so I would say no thats not a good deal.
#363 of 482 Re: Is this a decent lease? [mcmayber]
Aug 04, 2013 (4:34 am)
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