Hi all, I first started messing around looking at the BMW i3 calculations then started looking at the Volt. Using the lease calculator from the main page, it looks like some stuff is missing. Wondering if someone could help me out.
Using Costco’s program it appears the GM Supplier discount is roughly 4% off MSRP on a 2016 Volt. A local dealer has one on sale for 31332 which likely includes a Conquest Rebate of $500. For the calculator, I added that back into the sales price and put it back under taxable incentives.
Base 33995
Sales price: 31832
Taxed Incentives (MD): 11450; 7500fed, 2750state, 500conquest
Untaxed Incentives: 700 Costco Cash
Down Payment: $1000
Acquisition: $595
Residual (populated by calculator): 59%
12k miles, etc etc.
Id I click on paying the money factor up front, it zeros the monthly fee out (bug?)
The resulting calcs also show $0 for MSDs?
Monthly Payment (incl. tax): $31
Drive Off: $2,851
First month’s Payment incl. tax: $31
Down payment: $1,000
Registration and doc fee: $480
Total MSD Payment: $0
Tax on cap reduction and fees: $746
Acquisition Fee: $595
$31/month just doesnt sound right to me. Any help is appreciated, thank you.
Lease programs vary by model and can change monthly. Here’s GM Financial’s lease program for 2016 Volt LT this December:
36-month residual, 12,000 miles per year: 55%
Money Factor: .00040
CCR lease cash: $5,150
As for the incentives, the $7,500 federal tax credit goes to the owner of the car (i.e., GM Financial), not the lessee. However, GM passes on $5,150 of that tax credit to the lessee in the form of lease cash. The Maryland Excise Tax Credit is a mail-in rebate you apply for; it’s not factored into the lease calculations. Similar story with the $700 Costco Cash Card.
Here’s how you should fill out the calculator:
MSRP: 33995
Sales Price: 31832
Taxed Incentives: 5650 ($5,150 lease cash + $500 conquest)
Untaxed Incentives: 0
Down Payment: 0
Acquisition Fee: 595
Residual: 55%
Miles/yr: 12,000
Money Factor: .00040
Months: 36
Document Fee: 0 (depends on dealer; let’s assume $0 for now)
License/Registration: 0 (depends; let’s assume $0 for now)
Sales Tax: 6%
Tax is levied on the sales price upfront.
Monthly payment including tax is $243. Total drive-off is $2,153, but you get $2,300 back from Maryland and $700 Costco cash card.
Effective monthly cost is $213/month – pretty good! If you browse the Chevrolet site for a few minutes, you might get a private offer pop-up good for $1,000. You can use this in lieu of the $500 Conquest Rebate.
Thanks for reaching out. The reason the monthly payment becomes $0 when you apply the One-Pay Lease Discount to lower the MF is that you are paying EVERYTHING upfront. This means that there is no monthly payment–only drive-off. Because the One-Pay Lease Discount is not a form of multiple security deposit, MSD is $0. There is no MSD program for GM cars.
Some Leasehackr community members have spoken against using the One-Pay Lease Discount: MY16 Cadillac ATS-V Sedan Lease Info Please. This may be something you wish to consider.
Let us know if you have further questions regarding the calculator!
There might be a targeted pull-ahead program on the Volt; best to double-check with another dealer to see if it’s true. Sometimes dealers simply roll over your current negative equity into the new lease, so watch out for that.
GM Financial is not currently offering 24-month leases on Volt. Best to go with 36 months. (It’s also a requirement to hold onto your car for at least 30 months to get the $1,500 California state rebate.)
Current lease program, and the Costco $700 offer, expires January 4, 2016. I can’t tell you what Volt deals will be like in April. With the current program (see posts above), you should be able to get a base 2016 Volt for $189/month + tax with approx. $3,500 drive-off.
The $1,500 California rebate, $700 Costco cash card, and $1,000 Private Offer (try browsing on Chevrolet.com or KBB.com to get one) bring it down to net $300 drive-off. That’s great!
I wonder why Chevy doesn’t pass the full 7.5k towards the lease? They did for the Spark EV. I think all the other EVs on the market do too. Does it have to do with the popularity?
Hard to know why. They might have used a portion of the tax credit towards inflating the residual. This way, the payments remain the same, but lessees will be discouraged from buying the car at lease-end.
That’s the case with my father’s 2014 Volt lease. Lease cash was less than $7,500, and the residual is way higher than the current value of the car. When the lease is up, he’ll probably lease another one – or perhaps an i3!
