[the missing link]

Hi All. This forum has been a wealth of knowledge for me. I'm getting close to making a decision on the volt, and I want to make sure my calculations for a 36 month lease with 15,000 miles per year is correct. I understand the money factor is .0004 (1% / 2400), and there is also a $2,240.00 lease allowance. I'm looking for some double checking of my calculation, and I'd like to get a better understanding of the use of the $2,240.00 lease cash.

MSRP: $34,995.00
Less:
Dealer Discount: $4,600.00 (this is a number I see on winchipper's post)
Chevy Cash Allowance: $1,000.00
Private Offer: $1,000.00
Selling Price or Cap Cost: $28,395.00 ($34,995 - 4600 - 1000 - 1000)

Residual Value: $19,947 (57% of MSRP)
Monthly Depreciation: $234.66 ((Cap Cost - Residual) / 36 months)
Monthly Interest: $0.20 ((Cap Cost + Residual) x MF)
Total Pre Tax Monthly Payment: $234.86 (monthly depreciation + monthly interest)

Is the above pre-tax monthly payment correct?

Note I did not include the $2,240.00 lease rebate in the above calculations. I figure this can be used for drive offs. But are these the correct drive offs for california?
First Pmt (pre tax) $234.86
DMV Registration $302.00
CA Tire Fee $8.75
Elec. Veh. Regis. $29.00
Doc Fee $80.00
US Bank Acquisition Fee $595.00 (found this on a different forum, please verify)
Total drive offs $1,249.61

If the above drive offs are correct, and I apply the $2,240.00 lease rebate, that leaves me with $990.00 of unapplied lease rebate. Does this $990.00 go toward reducing the cap cost further?

I know I have quite a few questions scattered about. To recap:
Are my assumptions correct?
Is my monthly lease payment calculation correct?
Am I applying the $2,240.00 lease rebate correctly?
What happens to the unused $990.00 of the lease rebate? Based on winchipper's deal, I might be able to reduce the payment by about another $26.00 if this $990.00 is still unapplied.
Are my drive off calculations correct?

I look forward to advice/guidance as I really like the volt and would like to be able to make sure I understand the calculations before pulling the trigger.

Thanks.

 

[santafe2]

You missed the $7,500 federal tax credit. The leasing company will take this and credit you about 1/2 the amount. This gives them some wiggle room at the end of the lease in case the Volt does not hold its value as well as they are anticipating.

I went through lease scenarios yesterday when I bought my new Volt. Because I can use the tax credit, leasing made no sense for me as it would have added $3600-$3800 in cost. In my experience, there are no good deals in leasing if you can use the tax credit.

I think you'll find a 36 month lease costs you $325-$350 a month for a base Volt without options, assuming you can find one to lease. When you have actual numbers, let us know how this works out.

 

[scrambler]

I made a lease calculator excel sheet a while back in case it can help you verify all your numbers.

http://gm-volt.com/forum/showthread...or-current)-Volt-owners&p=1078930#post1078930

 

[CraigCa]

So why all the calculations? Maybe I should have paid more attention? All I wanted to know was how much down, how much per month and for how long.

I leased mine 3 weeks ago. Every option except paint and wheels.

Zero down
$359/mo. Incl. tax (I still get the $1500 Ca rebate in Sept.)
35 months
12K/year

 

[santafe2]

...I leased mine 3 weeks ago. Every option except paint and wheels.

Zero down
$359/mo. Incl. tax (I still get the $1500 Ca rebate in Sept.)
35 months
12K/year

These numbers seem very much in line with the lease number I heard when buying my Volt on Friday. It's nice that California offers a true rebate to the driver and not a tax credit to the owner of the vehicle.

 

[Prohidium]

I think the interest should work out to be a bit more. 20 cents can't be right?

Also, depending on how your sales tax works, you need to pay the tax on any capital reduction applied as money paid up front.