Current residual on 2017 Volts for Aug and help on lease

So I finally might have found an out of state dealer that’s willing to discount the car a decent amount. It’s listed at $36,695 and the selling price is $32,410 (so 11% off MSRP). Now to get to that price they’re showing Dealer Discount: $3,000 Chevrolet Incremental Cash: $1,000 Total Discount: $4,000. Do both of those apply to lease, or is that Chevy Incremental cash just a buyer only discount? Also, do you know if those are both available to everyone, or is that Chevy Incremental Cash a California resident only thing?

I have a private offer in hand already as well, so that’s worth another $1,000. BUT, the dealers web site says “can not be combined with any other offer”. Does that really mean what it says, or are private offers more like “cash” in that they’ll work with any offers and can I use the private offer to apply to any drive off costs?

So using the lease calculator here on LeaseHacker I’m getting this…

MSRP: $36,410
Sales Price: $32,410
Taxed Incentives: $4,610 (that would be the portion of the fed tax rebate they pass on to me, right?)
Down Payment: $1,000 (this would be my private offer)
Acquisition Fee: $595
Miles: 10k/year
Residual: 50% (is this still current for Aug 2016? The calculator defaulted to 60% but I’m seeing others report 50%)
Months: 39 (That’s how long the Chevy Volt lease is, right? Or if it true 3 year at 36 months? Would that be first month due at signing plus 38 payments?)
Money Factor: .0004 (Anyone know if this is correct, I should qualify for top credit, 800 credit score almost zero debt)
Document Fee: $80 (Not sure if this is what the dealer will charge)
License/Reg: ($400, again not totally sure if this is accurate)
Sales Tax: 0% (Washington state exempts $32,500 of MSRP of sales tax, I assume I only pay tax on the depreciation of the car over the lease term right? That would mean zero sales tax here then)

That comes out to $254/mo with $1,734 drive off ($1,000 of that would be the “down payment” [private offer] so actual out of pocket would be less…)

Does that all sound correct? That’s a bit higher then I want to pay for the Volt (though this has leather, heated seats (comfort package), and Bose) but that WOULD be in my price range.

Another issue, dealer said if I bought the car and had it shipped using a bonded shipping company then he wouldn’t charge CA sales tax but if I drove it off the lot he would HAVE to charge CA tax. I think this was in reference to if I bought the car though, anyone know if leases have the same deal. Where if they’re shipped I don’t pay tax but if I drive it off the lot and then license it in WA state say two or three days later the lease payments would always include CA tax? He didn’t give me a real quote but he mentioned off hand that he thought it would be about $750-$1,000 to ship from Bay area California to Washington state (99354 zip code). That obviously bumps my cost up a lot…

Oh, and of course I would take all this to a local dealer and see if they would match, but WA dealers have kinda been firm about not wanting to move on price at all… so not sure I would have any luck with that.

$1k consumer cash is purchase AND CARB state resident only. So you’d be receiving the $3k dealer discount + $1k private offer only. Still, $3k dealer discount is pretty good, especially for a non-CARB state resident. Most I’ve ever seen reported is a $4k MSRP discount. I received a $3.7k discount off MSRP for my '17 Volt lease in MD in June.

You should be paying tax on just $910 of the car price ($33,410 - $32.5k exemption). So whatever the sales tax in WA is times $910.

$4,610 is the tax credit GMF is passing on to you.
Money factor of .0004 is correct.

Part about paying CA tax if you pick up the Volt in CA is correct. Only way to avoid the CA tax is to have it shipped from the dealer to your location. Picking it up in person would cost way more than the shipping cost, since you wouldn’t be able to recoup the CA sales tax charged.

Also, I recommend a 36 month lease. Monthly payment will be a little higher, but the residual is also higher for 36 months vs 39 (2%). Plus you won’t have to pay for another year of DMV fees for those last 3 months of the lease.

Residual for a '17 LT (36 months/10k miles) would be 51%. 12k 50%, 15k 48%.

My calc is spitting out $307/month, 0 down (inclusive of the 1k private offer, not including the $1k consumer rebate which isn’t eligible on leases)

Thanks for the information! So the tax is calculated on the full MSRP of the car for a lease, even though you aren’t actually paying the full MSRP over the lease term? Either way, that would only be like $80 tax which isn’t too bad :wink:

I didn’t realize they did true 36 months, I kept seeing national ads for that odd 39 month lease, which kinda bugged me since I’m really only looking for 24 months to MAYBE 36 months, but again, if the price is right, I’ll just figure out what to do with the car for the extra 0 - 12 months I have it.

So again, when I was talking to the dealer we were talking both buying and leasing so I might have got mixed up on the offers. He asked if I had any 1999+ non GM car, which I do, a 2002 Audi A6. So he said there was an offer on that, I think $1,000 but maybe just $500. Is that conquest offer just for sales, or do they also have anything that would apply to the lease. (The Audi is owned by me, not leased obviously)

I know I can’t get the farm bureu credit since I wouldn’t be a member for at least 30 days unless I gamble on a private offer next month and prices staying the same or getting better, but are there any other offers? One local dealer had some “American Express” offer for like $200 - $400 if I recall… I had never heard of that before.

Sounds like I need to see if I could get another $1,000 knocked down somewhere on that. Would that bring me somewhere to like ~$280 ish for the lease cost?

Not sure exactly how taxes on leases are handled in WA. You shouldn’t have to pay more than $80 tax, but you’d need to consult the DMV to make sure. They also tax the doc fee…and possibly the lease acquisition fee.

The only other incentive you could combine with the $1k private offer is the $500 Farm bureau or GM card earnings. Everything else (lease loyalty, lease conquest, etc…) can’t be combined with the $1k private offer.

Knocking off $1k would bring the monthly payment down about $30.

Any “bonus” on the GM card for signing up or anything? Or would I have had to already built up stuff on the card to redeem?

One other question about the GM card, can the rewards be applied to lease payments if leased from GM? I guess “deferring” the discount wouldn’t be terrible, especially if the dealer lets me pay some or all of the drive off fees using the card, and I’ve got some purchases coming up in the next couple months that probably would equal three thousand or so, between the drive off and those I would be at around $4,000 on the card in the next 90 days or so which would net me $200 in rewards which could be thought of as $5.50 less a month on the total lease cost :stuck_out_tongue:

GM Card earnings can only be applied in the same manner as a rebate or down payment, which is good because that is slightly less interest you are paying on the lease charge.

GM will only lease a Volt for a minimum of 36 months.

No GM card sign up bonuses I know of, but they do top off current earnings sometimes, they just did one for June-July and usually do it again around January-February. YMMV on those, as they appear to be targeted. My wife’s card was topped off last month and mine was not. We both just redeemed $1,000 last year, so who knows what criteria they use to do it.

Dang, that wouldn’t help me in this sale then since I don’t already have the card and my next car is going to be the Tesla Model 3, hence the need for a lease to fill the gap :wink:

You could try swapalease or leasetrader for a temporary solution.

I’ve looked on there a bit, neither seem to have anything decent for a good price. The Volts and stuff like that are super rare on there and if they do show up it’s like $400+ or something stupid. The stuff that’s $175 - $250 (which is really where I would like to be) are like base trim dodge dart or something :stuck_out_tongue:
I kinda get the feeling those sites are for people that got into horrible lease deals, maybe because they had an upside down trade that they rolled into it…

You should be paying taxes on the monthly payment and any drive-off costs in your state. And the taxes should be based on where the car is registered, not where you get it. So I would calculate based on your local tax rate on the monthly payment and the drive-off costs.

Finally found it, the WA exemption is a little hard to follow since they’ve changed it around a bit and it’s playing following the links game to get to the most updated version…

“If the total lease payments exceed $32,000, do I owe sales or use tax?
Yes, the lessor must collect sales tax and motor vehicle sales tax (0.3%) from the lessee on those lease payments that come due when the total of the lease payments exceeds $32,000. If the original lessee chooses to purchase the leased vehicle before the exemption expires, the lessee will owe sales tax and motor vehicle sales tax (0.3%) on the portion of the vehicle’s purchase price plus total lease payments that exceeds $32,000.”

So it sounds like it’s sales and motor vehicle sales tax free for the whole lease and I would only pay the tax due on the portion above $32,000 if I purchased it at the end of the lease…

I’ve seen a “$500 open a new GM card account” rebate on dealer websites before. That would likely not be able to be combined with a private offer though, so wouldn’t help in your case.