Can someone explain how the Chevy Volt deal (@ $168/mo) is “$0 Net down”?
I’m following the scenario listed in the calculator. I’ve gotten a dealership to agree to a sales price of $31,500 before incentives. Now I need to get my hands on a private offer, but before I do that I don’t really understand the drive off section. If I understand it correctly I will owe $2,777 at signing. Or, maybe $1,277 if I pledge to give them the $1,500 air rebate.
What am I missing?
Hi @mlandesman,
Thanks for reaching out. $0 net down means $0 net downpayment, not $0 drive-off, because you are still required to pay taxes, document fees, registration fees etc. Some manufacturers allow you to roll the drive-off into the monthly payment and have a $0 drive-off, but the monthly payment would consequently go up. Hope this clears things up!
Thanks for the quick response! That makes sense.
I’ve continued to run the numbers, but for the life of me I can’t reach the total lease cost listed on the page. I want to be prepared before I walk into the dealership tomorrow… If someone can show the calculations from start to finish, or the derivations, I’d really appreciate.
I don’t want leave room for the sales guys to pull something on me!
Thanks again.
Hi mlandesman,
In that sample deal, the total drive-off is indeed $2,777. You can apply for a $1,500 mail-in rebate (it takes about 2-4 weeks), which effectively makes the drive-off cost $1,277.
Feel free to share the lease quote you received from the dealer, and we’ll be happy to review it.
Cheers,
Michael