I’m trying to understand how the lease calculator works. I have a lease worksheet from a dealer on a '17 Volt and I can’t get the calculator to give me a number that is remotely similar to what the dealer has provided. When I enter these numbers in the lease calculator I get a drive off of $1,744 and a payment of $252. What am I doing wrong?
I put:
34555 in the MSRP
27480 in Sale Price
0 in taxed incentive
0 in untaxed incentive
600 in down payment
595 in acquisition
15000 in miles
46 in residual
39 in months
.00100 in money factor
115 in document fee
273 in lic./reg. fee
9 in sales tax
Monthly payment shows 371 and drive off 1423. That’s pretty close to what the paper you have says.
Alternatively you could put 31990 in the sales price and 4610 in one of the incentive boxes and get the same thing.
I think what your doing is putting 27480 in the sales price and also putting some or all of the discount/rebate in the incentive boxes.
How did you get 46% residual? From what I can find residual on 2017 Volt LT, 15k/yr should be 55%.
Also, I am in WA state so there is no sales tax on Volts.
Residual % = $15,895/$34,555
Wasn’t sure about tax, so I left it default. It’s shown on the image you posted. If you put 0 in the tax, the monthly from the calculator is $340. I assume if they redo the sheet without tax it would be close to that as well.
One thing I see is the money factor is jacked up. Should be only .0004 if you have decent credit (620+ credit score). With the proper money factor (assuming you qualify), the monthly drops to $312.
Also, any reason you are going with a 39 month lease? Go 36 and save yourself the extra year’s worth of registration fees.