May 2016 Spark EV lease numbers (both 1LT/2LT)?

Could someone give me the lease numbers for a 2016 Spark EV lease in MD? 36 months, 10k miles. In particular, what is the residual? Thanks!

Sorry for the wait. Here you go!

36/10K: 40% residual, .00040 MF
$10,475 GM Financial lease cash

$500 Chevrolet Conquest Cash (own or lease) might be available on Spark EV. Not 100% sure.

With MSRP $16,660, SP $15,622, Acquisition Fee rolled into MF .00095, I get OTD $453, negative $31/mo.
What am I doing wrong?

Electric Spark MSRP is $26,745

Hi Michael,
The Chevy Spark EV deal in the front page mentions $9,850 GM Financial Lease cash, and for this month it is $10,475. Does this mean the deal is even sweeter this month? Provided there is a dealer willing to work with the numbers.
Replacing $9,850 with $10,475 in the lease calculator gives the total lease cost of approximately $4700 (sales tax is 8.75%). After the CA EV credit, it’ll be $2200 which is a very good deal.

The increased lease cash may simply be offsetting lower residuals this month. Residual on a 36 month, 10k miles lease is 40% for May…not sure what they were last month. Actual overall deal may still be basically the same.

I got a dealer in MD to go down to 24,841 sale price pre-incentives on a MSRP $27,135 2LT Spark EV.

I got a dealer to agree with May’s numbers:

MSRP: $26,745 (1LT with Fast Charging Provision)
Expected Sales Price: $24,245 (9% off MSRP)
Taxed Incentives: $10,475 GM Financial Lease cash
Down Payment: 0
Residual: 40 % (10,000 miles/yr)
Months: 36
Miles/yr: 10,000
Money Factor with One-Pay Lease Discount: 0.00056
Monthly Payment (Excl. Tax): $0
Sales Tax: 9.5%
Document Fee: 80
Registration Fee: 239
Drive Off: $5,235
Disposition Fee: 395

Does any one think a lower drive off can be achieved?

I have a couple of questions on insurance and return: Will the disposition fee be higher if the car has significant wear and tear? Also do I need to get GAP insurance from my auto insurance provider?


Looks solid. Think the only other way to reduce the payment is to apply a private offer or farm bureau $500 rebate.

What state are you in, btw? If MD or CA, there’s an additional $2,300-$2,500 state rebate available.

Yes, I’m in CA. Dealership came back saying they have 2LT with MSRP of $27,360 and they are providing a discount of $3000 before incentives. Below are the details. I asked for 1 pay lease, so the MF is 0.00056. I do not understand the fee in number 26. Has anyone noticed this fee in their quote? This is about $200 higher than $5200 I was expecting.

Furthermore, I was playing around Camaro website, and I just received a Chevy Private Offer. It says $500 allowance on eligible Cruze, Spark, Sonic, Trax models. Does anyone know if Spark EV is included? Should I tell the dealer right now, or should I present it when I go in person?

Not sure about the fee on line 26…could be CA title fee?
The money factor seems high…it should be .0004 (assuming best credit) on a regular lease. On a single pay lease for 36 months, reduction should be .00073, so final MF should be the absolute minimum, or .00001. Either you don’t qualify for the best MF, or the dealer is jacking up the MF (legally allowed to pump it up by up to .00084).

On the private offer, don’t see any reason why it wouldn’t apply on a Spark EV…unless there is fine print that specifically says you can’t.

GM Financial leases include GAP insurance.

.00040 is the base MF. You can waive the $595 lease fee by adding .00055 to the money factor, not sure if this is advisable on a 36 month lease. The dealer should run it both ways to let you know which is cheaper.

A 36 month single pay lease subtracts .00073 from the MF.

On a 36 month lease, that actually increases the monthly a little.

But it MAY save you money if you pay off the lease payments immediately after signing the papers (and everything is loaded into GM Financial’s system). If you paid off the rest of the lease a couple of weeks afterwards, you’d avoid almost all the future interest charges…and by having the $595 acquisition fee waived, you would also avoid that as well.

A single pay lease would do the same thing.

Yes, I am going for the single pay lease. The MF was 0.004 in the beginning, however, to avoid the acquisition fee, I asked it to be bumped to 0.00095. Then I asked to a single payment, which decreased the MF to 0.00056. Right now the dealer is down to $5,250 driveoff. I haven’t told the dealer about the private offer yet. If that’s applied the driveoff will go down to about $4,690. This could be an excellent deal.

I could be wrong, but I don’t think you can waive the acquisition fee for money factor bump AND do a single-pay lease. It’s either one or the other.

And the numbers the dealer is giving don’t match the GM Financial numbers.
MF for regular 36 month lease: 0.0004
MF reduction for single pay lease: 0.00073
So the single-pay lease MF should be 0.00001, since the reduction would bring the MF negative.

I was following what is mentioned in the front page deal.
Yes the MF would be 0.00001 for a single pay 36 month lease, but they will add $595 acquisition fee. By making the MF to 0.00056, the acquisition fee will be waived. This will decrease the driveoff by about $150.

In a single pay lease, what happens if you total the car halfway through the lease? Do you get back your “unused” portion of the lease, since technically that single pay lease payment was not a downpayment on a normal lease?

From what I understand, if the car is totaled, you are out on the upfront lease payments. Leasing company collects the insurance money, lessee gets…the shaft. That’s why people always say to put as little money down as possible.

I totally understand that in a down payment situation. But a single pay lease would seem to possibly be different. If my lease gets totalled, I don’t have to continue to make the monthly lease payments. In a single pay lease, since I paid the entire lease upfront, should’t I be entitled to a refund on the unused portion, similar to prepaid insurance?