in Dec '19 i leased a $54,005 MSRP T5 Momentum 7 passenger 2020 XC90 (new, not loaner) for $420/month.
True $0 due at signing, volvo made 1st payment. I had 35 payments left when i walked out of the dealership. Everything (1.2% taxes, acq fee, govt fees, dealer doc fee) was rolled into the cap cost so i didnt pay a penny at signing.
36 month lease, 10K miles/year
Tax credits where 1.2% of sales price was assessed and rolled in
$500 Loyalty was used
$500 USAA/Penfed incentive
$2500 Volvo incentive
$500 Volvo bonus lease cash
Rest was dealer discount
64% residual
Buy rate MF for tier1+ credit
No MSD was used
If i really wanted to take my chances, i could have probably saved another $20 or so to get to even $400 but i would risk losing the color combination i wanted (osmium gray with blonde interior at a cheap MSRP) and then most dealers didnt have tax credits and even those that did were still in $550-$700 range. I practically shopped every dealer in the state and noone could touch this deal.