Please let me know if you guys think this is a good lease offer:
2018 Chevy Volt Base
MSRP: $34,300.00
Selling Price: $30,600
Monthly Payment: $309 (x 35 months)
Cash Due at Signing: $0
MSD: 0
Incentives:
$6,900 Federal Tax Credit
$309.00 Chevy pays first month lease
Months: 36
Annual Mileage: 12k
MF: 0.00102 (2.45%)
Residual: 49% ($16,807.00)
Region: Nor Cal
I am aware that the tax credit is supposed to be $7,500, and it is supposed to be applied as an incentive but every dealer that I have contacted in Norther California refuses to apply the entire $7,500 credit. I am not sure if the dealership is keeping the difference, or if Chevy is keeping it.
They also said I could bump up my miles from 12k per year to 15k per year for an extra $20/mo payment.
Please let me know what you think, are the dealerships trying to rip me off on the tax credit? Is this a decent lease deal? This will be my first lease ever.
You may be able to do a bit better on price but donāt compare the leases we see here in California (or in any other state for that matter) to deals you are getting as suggested above. The rebates most surely vary between here and there. I can tell you that the money factor, and residual look on point and the price looks good but what we are seeing on this coast is closer to $5K off instead of the $4K you show there. That may or may not be the market where you are.
Are there any incentives? You didnāt list any but there must be.
Iām a little confused about the $7,500 rebate. Is that something that the dealers are supposed to give you? Or is that something the government gives you as a rebate after youāve purchased or lease? Iām slowly dipping my toes in the world of leasing, and Iām very confused about these rebates.
GMFinancial is only passing along $2,900 in CCR this month. There is also 4,000 in incremental CCR this month for NorCal. 6900 is correct.
Keep in mind, a captive is not required to pass any of the 7500 rebate along. They can pass a portion, all or none. They are the owners of the car after you lease it.
Where did you get that info from? Again, my apologies, Iām really new to all this and have been trying to read a bunch of articles, understand definitions, etc. Iām slowly getting it, but it definitely feels like drinking from a fire hydrant right now. Hahaha.
Iām looking to lease a Chevy Volt 2018 sometime this month, and Iāve got a ton of questions myself, so Iām trying to gather what info I can.
@Irongunner
I am in California, Sacramento to be exact.
Thank you guys for the clarification on the $6,900 credit. I did not know that it varied by month.
@remmbermytitans
You get the $7,500 off your federal taxes if you BUY the car. If you lease it, GMFinacial gets the $7,500 and can choose to pass it on to you. Per @mp11477 they are currently only passing on $6,900 and I guess keeping the rest.
GM will start the new month on 9/5 after the Labor Day holiday. Nobody knows if numbers will be better, the same, or worse until the month changes. Itās a gamble to hold out or to jump now. Residual and MF can also adjust for the better, the worse, or stay the same.
Not to hijack the OPās thread, but is that the same as āSelect Market Bonus Cashā, that the following site is advertising?
The reason Iām super curious, is because this dealership is known for being a āno-haggleā dealer, but I donāt know if thatās true. Iām trying to figure out if the price theyāre showing is a āgood priceā (seems like it based on what Iāve seen), but the price theyāre quoting me for seems high at 36mo/12k for $345 with $0 drive off. But Iām not seeing anything about any of that $7500 rebate, and am wondering if that would apply to the lease.
Iām trying to gather as much info as I can before I actually talk to a sales rep this weekend, and would love anyoneās help. :]
When you say they ācan chooseā, at what point in the process is that? Is that after everything has been negotiated? Can the be negotiated as part of the ācap costā?
GM Financial chooses how much of the rebate to pass along at the beginning of the month when they send their lease programs down to the dealerships. This month, they are passing down 2900. Depending on where you live, you may receive more. NorCal, for example, gets another 4k. Pennsylvania, as another example, gets 0.
Again, autobytel will tell you. SoCal gets the same incentives as NorCal this month. You get 6900 in incentives. Another 500 if you have a GM lease in your house, or a competitive lease.
Aha. That explains a ton. The numbers I was crunching felt wrong, and that explains it.
My last question (and again, thank you youāve been a big help), is letās say I go to the dealer tomorrow, the MSRP theyāre showing is $34,555, the price theyāre āactually selling it forā is $31,690. Through an email I sent, Iām getting the information for the expected residual and the money factor, hopefully by the end of the day. If I understand everything correctly, the goal should be to get that $31,690 down as low as I can. Whatever the price I finalize on, will be subtracted by the residual to give me the amount of the lease. I would then take an extra $6,900 off of that price, which are the lease incentives. That final price, would be divided by 36 months, and would result in the monthly payments (plus taxes, and those pesky fees). Do I have that about right? (Again, Iām like barely dipping my toes into this, so apologies if I get some parts wrong here.)
