Bad Credit 2017 Chevy Volt lease deal, Is what I got bad?

Hi Everyone,

So I don’t know what to think about the deal I just signed (other than I love the car!), I’m in Los Angeles and got sucked into the “It’s the last day of the month (June 30th) fourth of July weekend get a smoking deal” hype, and I ended up pulling the trigger.
The mitigating factor is that I have bad credit 630 score with a bankruptcy 1 1/2 years ago and no credit record since. I got a job a year ago earning $5k gross/mo and needed to get a new car (driving a dying 1999 Chrysler Concorde). I’ve been saving up a lot of cash for a good down payment. I also really wanted a volt premiere with Adaptive Cruise Control.
The dealership said I have A3 tier credit which is obviously bad, but due to them wanting to make a deal this is what I eventually bargained for:
2017 Chevy Volt Premiere (Black/Black) with Driver’s confidence I & II
15,000/yr miles
$6000 down and $399/mo for 36mo
If I want to buy the car at the end it will cost me $19,528
I’m glad I’m starting to restore my credit.
Did I get a decent deal considering the state of my credit et al?


If you enjoy the car and can afford it, I think that’s the most important thing at this point since you’ve already done the deal. 6000k down wasn’t the best idea (effectively making your payment 550$) as many will tell you to put 0. For reference this was my volt lease.

Volt LT
MSRP 34.355
0 down

Your credit effects the payment of course, nonetheless enjoy the vehicle!

First and foremost - enjoy the car and use it as an opportunity to continue rebuilding your credit. Looking back now doesn’t serve to make you feel good.

However, I think given your credit score and BK, you got as good as you were going to get. Or close.

Enjoy the the car. With leases you should place 0 down for reasons front page articles and threads all over explain. Never feel pressure from a dealer. Always do research before hand. See what others are getting in general on forums to compare.

Considering your situation. That’s probably the best you can do. It’s a done deal. After driving the Volt in a few weeks. It wouldn’t bother you as much. You got yourself a fine car. Got mine Memorial Day and I love it :heart_eyes:

What color was your Volt? Also, which dealership did you get it from and when? Seems like a good deal even today on the 4th weekend!

Unfortunately, it is better to seek advice before the fact than after the fact. If someone with good credit got a Chevy volt lease at 226, I find it hard to believe that the difference between good credit and risky credit is 6k + 170 per month (ie almost twice as much). Dealers love this kind of customer - the one they can make a huge solid profit of. To evaluate the deal and see where you could have done better, you need to post numbers such as MSRP, sales price and money factor (MF).

My recommendation for someone with poor credit would be to build better credit first, then lease a new expensive car. With 6k cash down, you could have bought, or financed ( with a smaller loan ), a 3-year old Volt for around 12k.

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Yeah I keep seeing subpar deals being posted on here AFTER the fact.

How do these people find this website magically after the purchase and not before?


Was the $226/mo lease on a Premiere? That’s sounds like LT pricing.

Yeah, I could have gotten a used car much cheaper but I was specifically looking for a volt or malibu hybrid with ACC and only the fully loaded Premiere had it (and I liked the look better).

The MSRP was $40,650
The sale price was $34, 410
and I dont know how to calculate the money factor.

I went with white, Weseloh Chevrolet in Carlsbad.

Black/Black from Keyes Chevrolet in Van Nuys, CA on June 30th at close to closing time.

Some have done better. I’m ok with mine.
2017 LT
15K Miles
Gave them $1500 which I’m getting back anyway with the Ca Clean Vehicle Rebate.

I’m not sure how to do it politely and not my strong suit but we really shouldn’t pussy foot around someones bad deal or others will follow suit.

Sorry OP you’re deal is bad even with bad credit. If your state allows it i would try to return the vehicle and get out of it then start fresh at another dealer.

I’m sure it was a shame sell too, some bullshit line like “Well…wed love to offer something better but…you know…with your credit…”


Nah it probably went like this " well you know with your credit it can be tough to get approval but we pulled out all the stops and we have this deal which is valid today only since it is the last of the month … and with 6k we can get the payment under 400 for this amazing 40k Volt" And when Op said yes, they were high fiving each other and ringing the bell in the office …

I couldve gotten a $55-60k mercedes AMG with that money…

How do people with bad credit even afford $400 month with $6k down? geezus

Actually, I don’t think this is a bad deal.

So on the face of it this lease sounds expensive. I’ve been following the Volt for a couple of months now, and my calculations say that you should be able to get a $40,800 Volt Premier for about $350 plus tax with nothing else down.

This payment assumes you got a $4k dealer discount plus $8k in manufacturer and bank lease rebates, which varied depending on how long the car had been sitting on the lot.

According to Edmunds, June’s numbers for a Premier were 47% residual for 15k miles and .00069 money factor or about 1.7% APR for tier 1+ credit.

But I have never seen published manufacturer rates for below tier 1+ credit. However, I used to estimate a rate based off of a $35k loan for a credit score below 650, which is on the cusp of sub-prime.

Their calculator shows Capital One offering a rate as low as 7%.

Assuming GM Financial or whatever bank your dealer used, required a rate of at least 7%, my calculator shows the Volt costing at least $450/mo before taxes. I believe the California tax rate is 7.5% on the payment only, so that puts a bottom line payment at about $485 a month.

Now you’re paying about $560 a month considering the $6k you put down. So the difference between what you’re paying and what I calculate to be a great deal is just $2700. And it could be that the car you chose didn’t have an extra $2700 in Chevy bonus cash on it.

So overall, assuming your interest rate is about 7%, I don’t think you got a bad deal considering your credit. I hope you enjoy your new car!

I still remember how excited I was to take deliver of Volt #2144 back in 2011. You’ll love zipping past every other car at stop lights with that instant, electric torque.

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Bad Credit =/= Bad Income
If you go back and read my post I said that my gross income is $5k/mo of which I have about $3,400/mo after taxes ,retirement, etc. My rent is $800/mo and other bills et al about $4-500/mo. I saved up about $20k over the last year and a half while driving a crappy 1999 Chrysler Concorde. The reason my credit is bad is because of a bankruptcy and since that I was so disgusted by the entire credit industry that I haven’t touched anything I couldn’t buy cash in hand. The only thing on my credit history has been regular current payments on my student loans which are pretty much all gone. Creditors have been telling me that I need to show some regular unsecured credit payments to boost back my rating. I kept getting denied by banks for auto loans even though I could prove the ability to pay and the savings.

Please do not total that Volt or you will be out the $6,000 plus any CA rebates that require you to possess the car for a certain period of time.

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Unfortunately you ran away from the disgusting credit industry into the arms of disgusting car sales industry. Kind of like running away from the creepy frat guy trying to grope you straight into the slasher’s axe in a horror movie.

That being said, the analysis posted by Shellzj was very thoughtful and hope you find this as a good learning moment to build your credit and get a better lease next time.


Wouldn’t my insurance cover everything?