Probably picking up my Volt lease tonight, the numbers don't add up though.. help

So I’m about to pick up my 2017 Volt lease tonight. I know it’s not the best deal but I’m in an area with only one dealer that only has one Volt on their lot right now, I’ve already invested 3 visits to the dealership and about 3.5 hours total, and I work M-F so this is a pain in the ass for me.

This is what the dealer has put together so far…

MSRP: $34,755.00
Residual: 50%
Lease End Value: $17,377.50
Initial Cap Cost: $34,044.40 (Supposedly the invoice price, they will NOT budge from this)
Rebate: $5,610.00 (This is the $4,610 GM tosses in and the $1,000 private offer I have)
Total Net Trades: $1,000
Adjusted Cap Cost: $28,339.90
Acq. Fee in Cap: $595.00

Doc Fee: $150
Interest Rate: 0.9600 (MF 0.0004)
Term: 36 months
Base Monthly: $323.06
License Fee: $150
Cap Reduc Tax 8.6% $554.66

Amount Due at Start: $1,895.00

Customer Cash Down: $895.00

I’ve confirmed with the state of Washington and the dealer has FINALLY agreed to it, this lease will be tax exempt, so that removes any tax issues… I’ve told my dealer I want to pay all fees and first month up front and NOT roll that into the lease… this is the numbers I get, I think mine are correct, but before I push the dealer to fix it I want to make sure I didn’t make a dumb mistake…

Here is how I got to my numbers, and lease calculator on LeaseHackr agrees. Though maybe that’s wrong…

Cap Cost
= Sell Price - Down payment, Discount, Rebates, etc

$34,044.40 - $4,610 (GM) - $1,000 (PO) - $1,000 (Trade) = $27,434.40

= 50% (This is 36 months and 12k miles/year)

Residual Value
= MSRP * 0.50
$34,755.00 * 0.50 = $17,377.50

Monthly Depreciation
=(Cap Cost - Residual) / Months

$27,434.40 - 17,377.50 / 36 = $279.36 Month Depreciation

Finance Charge
= (Cap Cost + Residual Value) * Money Factor
($27,434.40 + $17,377.50) * 0.0004
$44,811.90 * 0.0004 = $17.92 Monthly Finance Charge

Lease Payment = Depreciation + Finance Charge
$279.36 + $17.92 = $297.28/month

Drive Off Due = All Fees and first month
$595.00 (acq fee) + $150 (Doc Fee) + $150 (License Fee) + $297.28 (First Month) = $1,192.28 on my credit card tonight

This is all tax exempt so tax shouldn’t have to be a factor in here…

I think the dealers cap cost is incorrect by $1,000… it’s like my trade didn’t apply or the GM private offer or something. It also is very confusing in the picture on how much is out of pocket based on the dealers quote… do my numbers make sense though for the $297.28/month lease with $1,192.28 fees and first month paid tonight at signing?

So how’d it go?

btw, the dealer quote includes tax on the incentives, which most likely shouldn’t have been included if the Volt is truly tax free in WA. That’s probably a good chunk of the discrepancy.

Not too terrible, the dealer would NOT remove the acquisition fee from the quote, he said it wasn’t possible with his system, that the fee was always rolled into the lease (basically increased the cap cost). This was the discrepancy I had and why I couldn’t figure out why the rebates didn’t actually decrease the cap cost by $6,610 ($4610 GM, $1000 PO, $1000 Net Trade). Turns out it was because that acq fee and doc fee was being added back after those discounts. So in the end I just gave up that fight, I had done the math and it was only saving me like $19 across the whole lease term to pay that fee up front and then get the lower payments. Ended up being like $318/mo instead of $297/mo but with only ~$468 due at signing instead of my $1,192 due. I’m sure I could have pulled all the fees out and paid them up front and saved that $20 or something it just wasn’t worth it. I honestly wanted it more for the physiological factor of "oh, my payments are less then $300 a month on this car) rather then having $300+/month payments, which sounds expensive to me somehow, lol.

In the end it was tax exempt, though they won’t advertise it that way “in case it’s wrong” he said. Rolls eyes Taking delivery was actually really nice because it turned out the guy explaining everything to me was someone I had worked with at a previous job (for both of us) like four years ago, so that was pretty cool. I was sort of expecting it to be a slightly awkward hour or so of explaining how the car worked with someone I didn’t know or really care to listen too, lol. I asked him about Plugless Power charging when we were talking about charging options and he had never heard about it and decided to write it down and research some. I probably will go with that if I decide to go level 2 charging, but I’m in an old house with the electric box way on the other side in the basement compared to where the garage is, so I’m sure it’ll be an expensive install. I may just hold off until my Model 3 is delivered in the next 2 - 4 years.

I really enjoy the car a lot and am just very happy with it! The buying process wasn’t great, but wasn’t horrible, no one was yelling at anyone or anything, just took like 3 days and a total of probably 6 to 7 hours at the dealership, yuck.

I’ve already ordered some clear protection for the headlights and an extra garage door opener since my 2002 Audi actually had homelink built in. I need to inquire about a 3M clear front protector or something. Do dealers usually install that stuff, or is it like tinting where 3rd parties specialize in it? I’m probably not TOO worried about it for turning in the lease, GM Financial seems pretty good with what they consider normal wear with the paint and stuff, but more concerned about keeping the car looking beautiful for myself. It really is flawless right now with less then 200 miles on it and I just want it to stay that way for the whole lease term :stuck_out_tongue:

I should also say, my dealer has only sold a handful of these, I think he said only about 10 new ones since the start of this year or maybe since the Gen 2’s went on sale. Maybe he’s moved some used ones but he didn’t specify. It was funny though because the guy I know that did my new vehicle delivery also sold a one (same color as mine actually) to the guy that works in the same building as me and just about a month ago. I need to track him down and share Volt stories and questions. I also might ask him if he got the tax exemption (I’m thinking not since the dealer put up such a fight with me) but I think he already has plates on his car and if they really do take 6- 12 weeks for plates to show up he MIGHT have bought right during the horrible time where it was announced there was an amendment to the tax bill BUT before it went into effect. I want him to get his money back if it’s due to him, but at the same time will feel bad if it’s like “hey, you missed out on saving money like I did by JUST a couple weeks!”.