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Well decided to go for a lease cause i cant afford a 29-30k loan. anyway sales guy got the offer for 325/month 10k/y miles no security, no first months payment but 3200 for taxes and fees. wondering if this is a good deal or is there something better?Also side note since this is going to be lease wouldn't they and not the leasee take the tax credit and the state rebate and apply it to the car or is that my responsibility?
 

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I am also from Elgin IL. With the lease the lender is the owner of the car and they will take the 7500 tax credit. Which you can apply towards the amount of your loan. And in regards to the state rebate I am not sure what happens. It says in the illinois greefleet site that lease cars doesn't qualify.

I purchased my 2013 for 34K wit 0% for 72 months. My montly payments are $450 minus the gas savings is like paying just 250 compared to my old car.
 

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Discussion Starter #3
I am also from Elgin IL. With the lease the lender is the owner of the car and they will take the 7500 tax credit. Which you can apply towards the amount of your loan. And in regards to the state rebate I am not sure what happens. It says in the illinois greefleet site that lease cars doesn't qualify.

I purchased my 2013 for 34K wit 0% for 72 months. My montly payments are $450 minus the gas savings is like paying just 250 compared to my old car.
how much did you put down because if you bought it outright it would be close to 800/m seems as though you put 20k down to get that low of a monthly payment
 

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Congratulations on your Volt!
 

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Well decided to go for a lease cause i cant afford a 29-30k loan. anyway sales guy got the offer for 325/month 10k/y miles no security, no first months payment but 3200 for taxes and fees. wondering if this is a good deal or is there something better?Also side note since this is going to be lease wouldn't they and not the leasee take the tax credit and the state rebate and apply it to the car or is that my responsibility?
It might be a good deal. Is it a 2013? What is the MSRP? How many months? I've heard that you have to pay all of the sales tax up front in IL on a lease. If you haven't already pulled the trigger, ask the dealer what the drive off amount is. Also, are you going to be ok with only 10K miles / year? Is it US bank or Ally?
 

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FYI
Just signed on a 2013 base model here in Milwaukee, 3yr/36k lease through USBank...3250 up front (First mo payment, sales tax, fees, etc) and 262/mo after taxes (248/mo before). Sounds like you might be able to work that deal a bit more. What model are you looking at?
Matt
 

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I got 39month/39k 375 per month no money down and I had one of those 1k deals from GM. I hate money down, esp on a lease. Make a ph call to Karl Chevrolet in Des Moines. Well stocked. PM me for a name to call. Or call anyone there. They want to move Volt's.

gjg
 

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Discussion Starter #8
well it will be a 2013 with only comfort and safety 1&2 nothing more but far as i know its about $41,250. as to Garyg im sorry but im not going to drive 5 hours back and forth to get a car i live in NW suburbs of Chicago. but my main question is does the tex credit and the rebate go to me or them if its them ill bitch a storm because they will be making money by 11k if not damn right ill be filing for the 7500 and the 4k from the state
 

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The lease payment is low because the bank takes the 7500 and adds it to the residual value of the car, which lowers your payments. So, you're getting it spread out over the payments. A lease payment of 325 is that low because they already built in the 7500 into the payments. Your lease payment would be over $500 otherwise.

I don't know how the Illinois credit works.
 

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Did you already sign the papers? I strongly suggest you not lease the car in Illinois. Seems like I keep typing the same post over and over. I suggest you buy it, get all those incentives and credits, then refinance it into Pen Feds auto payment saver program. If you want more details let me know, but we have a $212 payment on a fully loaded 2013.
 

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how much did you put down because if you bought it outright it would be close to 800/m seems as though you put 20k down to get that low of a monthly payment
Nop. I did not put anything down. Why would someone pay money down if the interest is 0% (if qualify for 0% of course)

The math is easy. Just divide the total amount financed by 72 since is 0% interest. Even you pay $40k for the car if you can get 0% you dont pay more than $555 per month

$40000/72 = 555.55

I am not fan of Biggers in Elgin. I have tried them several times but it seems they are not competitive in their offerings. Try other dealers. They are prenty around 30 miles and with much better service.

We got two Volts. One from Castle and the other from Ray.
 

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Nop. I did not put anything down. Why would someone pay money down if the interest is 0% (if qualify for 0% of course)

The math is easy. Just divide the total amount financed by 72 since is 0% interest. Even you pay $40k for the car if you can get 0% you dont pay more than $555 per month

$40000/72 = 555.55

I am not fan of Biggers in Elgin. I have tried them several times but it seems they are not competitive in their offerings. Try other dealers. They are prenty around 30 miles and with much better service.

We got two Volts. One from Castle and the other from Ray.
One would put money down to reduce the amount financed which would reduce the monthly payment to what one may be able to handle monthly. Pretty much the same as trading a vehicle would reduce the amount financed. ex, 10K down on your example would leave $30000/72 = $416 per month

proneto, You can also try Bill Kay in Lisle. I think I had previously emailed you a contact person there.
 

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Don't forget that Illinois charges you taxes on the lease on the full purchase price of the car as if you bought it which is added into the lease payment, then has the nerve to make you pay taxes again on the car if you decide to buy it at the end of the lease. So wrong in so many ways...
 

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But this is all really irrelevant since he makes $32k a year and has no business driving a $40k car. I'm not saying that to be a jerk btw. I'm just hoping her realizes that before he buys or leases the car. Just because you can get them to lease it to you doesn't mean you can afford it (housing mess).
 

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Discussion Starter #17
Did you already sign the papers? I strongly suggest you not lease the car in Illinois. Seems like I keep typing the same post over and over. I suggest you buy it, get all those incentives and credits, then refinance it into Pen Feds auto payment saver program. If you want more details let me know, but we have a $212 payment on a fully loaded 2013.
not when i cant get a loan to cover the rest of the loan amount with 10k down. ill take a pass on the Pen Feds i have a credit union they just want a co signer since i dont have much of a credit history although i have between 700 and 715 credit score
 

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Discussion Starter #18
But this is all really irrelevant since he makes $32k a year and has no business driving a $40k car. I'm not saying that to be a jerk btw. I'm just hoping her realizes that before he buys or leases the car. Just because you can get them to lease it to you doesn't mean you can afford it (housing mess).
that is your own opinion don't have a lot of expenses like a mortgage not planning on it any time soon so i can afford it both ways if i buy it out right and if i decide to lease it it will take me a little while but ill get it done
 

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Yep it sure is, and pretty much the opinion of everyone you asked in your other thread as well. Good luck with whatever you decide.
 

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One would put money down to reduce the amount financed which would reduce the monthly payment to what one may be able to handle monthly. Pretty much the same as trading a vehicle would reduce the amount financed. ex, 10K down on your example would leave $30000/72 = $416 per month

proneto, You can also try Bill Kay in Lisle. I think I had previously emailed you a contact person there.
If you have 10k and is interest free why dont you put in on the bank at todays 1% interest than giving it to the dealer when the puchase is free of interest.
 
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