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Discussion Starter #1 (Edited)
I've created a spreadsheet that lets you build a Volt based on the options you want and calculate the base monthly payment, the monthly payment including taxes, and your initial up front payment.

I've tried to include instructions on how to use it within the spreadsheet - let me know if you have any questions. ONLY CHANGE THE CELLS HIGHLIGHTED IN YELLOW!

I've tested it against the examples posted by folks like LeelaLB and musicman and it works within a penny. I don't know what happened with the mechanism initially posted by corvetteguy, which is a bit different, but since the other people have shared actual experiences with dealers, I think this is the way the lease is going to work.

In case you care, U.S. Bank is getting to the residual in a funny way. I originally thought it was a little more than a 61% residual, but I couldn't get the numbers to precisely match up. Then I realized that what they do is take 44% of the MSRP and add $7,500 to get the residual...and when I do that, I get exactly what is shown in the different lease worksheets that are posted in the other thread.

I checked it against the base example to see if I can get a $350/month payment, and as long as I assume a $2,150 down payment by the buyer AND a $2,000 rebate from U.S. Bank, it works. ("Why $2,150?", you may ask. "I thought it was $2,500 up front!" $2,150, plus the first month's payment of $350, gets you to the $2,500 that Chevy advertises).

NOTE 1: Some folks don't seem to be getting that $2,000 rebate, so ask the dealer to see the lease worksheet and make sure you're getting it!

NOTE 2: The DMV fees in Step 2 vary from state to state, but the dealers seem to calculate it and put it in the "GOVT FEE" line of their lease worksheet. You can probably go online to figure out what it is for your state/county.

NOTE 3: Now updated per Cari's post below.

NOTE 4: If you are really particular, and are checking the spreadsheet against LeelaLB's example, it gets off on the "initial payment" calculation because of the way that the dealer treated the rebate - they charged sales tax on the rebate as if it were a down payment.

NOTE 5: Updated to reflect the actual deal I signed for my Volt.

NOTE 6: I've added an additional version of the spreadsheet that should work for Texas buyers (who pay sales tax on the entire value of the vehicle, instead of just on monthly payments as is the case in California)

NOTE 7: Fixing an error in the sales tax calculation in the California version to reflect paying sales tax on the $2,000 rebate

NOTE 8: Fixing an Excel error

Hope that's helpful! I hate not knowing whether the dealer is somehow ripping me off, so I get comfort if I can see how the numbers are calculated.
 

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NICE! Very nice cal. Looks like you put some time into it. While I don't think most dealerships will settle for doc fee that low, glad you made it where we could change that field.

This issue I found is when you go through to step 4, it doesn't change any of the numbers except the amount you put down. If I put no for paying the Acq and Doc fees up front, it doesn't change my payment. It does take the change, showing them as paid or unpaid in your inital payment, but if you have 0 for buyer down payment and the Acq and Doc fees are figured into the net cap costs, then some change should happen to the payment if you don't pay those up front
 

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Thank You Highhandicapper! Again this is what I have been calculating as well. You got these numbers to work based on the lease sheets you have seen? I assume the 2000 discount is where people are getting hit. If I can get this I will be more than happy. You should add in the 15k miles as an option like Marty did. I am still concerned that this doesn't match what everyone has got so far, so until I see someone get these numbers I am going to assume US BANK is screwing us all over somewhere.... Thanks again
 

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Discussion Starter #4
Cari,

Good point - I've updated the attachment to the original post to account for the issue you spotted (it now asks you to enter in the amount of the various additional costs/fees and whether you want to finance them or pay them up front).

Thanks!
 

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Cari,

Good point - I've updated the attachment to the original post to account for the issue you spotted (it now asks you to enter in the amount of the various additional costs/fees and whether you want to finance them or pay them up front).

Thanks!
Should I take it as a sign that you fixed it using FU instead of YN?
 

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highhandicapper:

Thanks so much for putting this together. You very clearly explained the process and I think this is going to help a lot of fellow folks here.

Unfortunately my Chevrolet dealer seems to not be aware of any $2000 rebate. Is this specifically from US Bank? If yourself or any experts here know anything about this and/or has links to documentation, please holler and send a shout out here so I can convey the information.

Cheers everyone!
Kevin
 

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Also, I think the amount of tax paid varies by state. I don't mean the amount, but how it is figured. In Texas, we pay tax on the full sold amount, not the amount used during the lease. This puts our tax (6.25) close to $75 a month. Your cal shows about $30 a month. Maybe this is the reason why some peoples numbers are coming out high?

You didn't put in an easy way to show taxes up front. Most leases are likely worked up where you pay the listed 2150+350+ttl by default. Most people should want to put the lowest amount down, but just don't know how flexable US Bank is on this deal.
 

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Discussion Starter #8
Cari,

You are correct - my spreadsheet calculates it as it works in California, where the sales tax is paid on your monthly payment. I recognize that it works differently in other states.

Thanks!
 

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Discussion Starter #9
highhandicapper:

Thanks so much for putting this together. You very clearly explained the process and I think this is going to help a lot of fellow folks here.

Unfortunately my Chevrolet dealer seems to not be aware of any $2000 rebate. Is this specifically from US Bank? If yourself or any experts here know anything about this and/or has links to documentation, please holler and send a shout out here so I can convey the information.

Cheers everyone!
Kevin
Kevin,

The $2,000 rebate has been mentioned as coming from U.S. Bank by other posters. Maybe the thing to point out to your dealer is that the only way to get to the Chevy advertised $350/month on the base model is to have the $2,000 rebate.
 

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highhandicapper:
Unfortunately my Chevrolet dealer seems to not be aware of any $2000 rebate. Is this specifically from US Bank?

Kevin
I think they're probably aware of it. They're just not aware that you're aware of it.

Yes, unique to the US Bank/Volt lease program.

Ask them to show you how they come up with $350/month and $2500 at lease signing on a base model without it.
 

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Very nice. I might steal this for Nissan Leaf.

One thing is - without tax for the base model I get $330 ... ?
 

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Very nice. I might steal this for Nissan Leaf.

One thing is - without tax for the base model I get $330 ... ?
Change line 19 to F from U. If you finance the Acq. fee, you get $350.
 

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Discussion Starter #16 (Edited)
I've edited the Excel spreadsheet attached to the original post to show the actual deal that I signed for my Volt. The calculator worked within a penny, both for the monthly payment and the amount I needed to pay at delivery. The variables that might be different for other folks are sales tax (including different treatment in states like Texas) and documentation fees (these should be pretty minor).

Make sure you get the appropriate acquisition fee - my dealer originally quoted a $995 acquisition fee, but then checked with U.S. Bank at my urging, and changed it to the correct $695 fee.

I did not put anything down toward a cap cost reduction, and at this low of a money factor/interest rate, I think it makes sense to finance as much as you can. By way of example, if I had put down $2000, my payments would be reduced by $61.24/month. Over 36 months, that would be a difference of $2,204.64. Putting that same $2,000 into any investment that yields more than about 3.3% would be a better result.

And yes, I know I'm a sucker for paying over MSRP, but I had to have the Volt now! :eek:)
 

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highhandicapper,

I am using your excel sheet and it is matching what my dealer is telling me but it is $50 more a month than what I have been calculating! I ran the calculator for the base volt and your number comes out to $400 a month not $350 as advertised with no additional fees or options (it does include the finance fee). Can you explain why this doesn't match GM's advertised $350 a month? Thanks again for putting this together.

EDIT: I think I got it. It appears they aren't including my down payment as a reduction to my net capilized cost. This should be deducted correct???? Handicappers spreadsheet is correct if I add in the down payment to the net capilized cost reduction.
 

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Actual cost

So if you get a fully loaded Volt, ~44000, what would the lease payment end out at and with how much down? (sorry, on iPad and can't use excel currently)
 

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Discussion Starter #20
If you bought a fully loaded volt at $44,695, your monthly payment (excluding sales tax, et al) if you put NOTHING down would be $468.31. If you're in California, add in an assumed 9.25% sales tax (which varies by county) to your monthly payment, bringing you up to $511.63.

You can reduce those numbers if you put something down (although I wouldn't recommend it given how low the money factor is!). So, for example, if you put down $2,000 in the above scenario, the monthly payment drops to $412.26 without tax, $450.39 including tax.

If you are able to pull down the Excel file at some point, you can play with the down payment numbers yourself to see how the monthly payments can change.
 
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