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Discussion Starter #1
Hi All-
I've lurked here for quite a while, but this is my first post.
Over the next month or so, I may go ahead and Lease a volt.
I've found many of the recent posts quite helpful on what I should expect to get on a volt lease.
According to the website, the MSRP for what I'd like would be $43,950. Over the last 9 years, I typically drive about 9500 miles per year (including more recently as well), so I would be looking at a 10k mile lease over 3 years. RI sales tax here is 7%. My credit is such that I always easily qualify for the best APR's. The car that I'm going to trade in has an average trade in value of $3k.
My questions:
Would getting the purchase price down to $41,000 - $41,500 be a reasonable goal?
What would be a reasonable goal for my monthly payment be? Under the $299? lower?

A couple of more points
1.) I'm not sure how good the dealership(s) will be here in RI. But, if necessary, I don't mind traveling outside the area... perhaps to the CT dealer in this thread
2.) I don't have a GM card, or know of any other discounts that apply to me. :(
3.) I might make my final move at the end of the month... but I guess it doesn't hurt to start talking to dealers sooner than that.

Thanks all!
-Glenn
 

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I'm coming up with about $324/mo before taxes on a 12k lease. I can't remember how much "credit" you get for that...but say it's $1000, then you are looking at $297 or about $333 after taxes.
You might be able to get that $1000 private offer that will bring you down to about $305/mo.
 

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Discussion Starter #3
Thanks ssvolt.
1.) So, you're saying that going from the 12k mi, which you mentioned, to the 10k mi, which I mentioned, should save me about $1000, correct?
2.) Can you tell a newbie where I could find out more info on that $1000 private offer?
3.) Also, just to confirm, when I see the advertised "$299/month 36 month lease. $2,419 due at signing (after all offers). Includes security deposit. Tax, title, license, dealer fees and optional equipment extra. Mileage charge of $0.25 /mile over 36,000 miles.", there's about $36 taxes that gets added onto that each month. correct?

Thanks so much!
-Glenn
 

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First thing to recognize is that you NEVER want to negotiate the dollar amount. If you do this you hand the dearler all the cards because there are so many parts to a lease that the lease payment can easily be manipulated. To get the best deal you have to break down the lease into its component parts and then negotiate each part.

Second thing to recognize is that there are some things you can't negotiate. The residual, the acquisition fee, and the disposal fee will be set by the lessor, not the dealer. Likewise your dealer can't change the taxes. Don't waste time trying to negotiate what the dealer can't negotiate. Concentrate on what you can negotiate, the two biggest of which are the purchase price and the money factor. With interest rates low the biggest bang for the negotiation effort is the purchase price.

To answer your question about the $1000 private offer, it's called a private offer for a reason! (Only kidding). Basically it's something that GM has extended to individuals. I've gotten one, probably because I bought a Volt in the last few years. The offer said I could transfer it to anyone residing at the same address. I don't know how closely this is checked. (Mine expired 28 Feb or I'd send it to you).

However, there is something called "lease cash" which is applied to reduce your payments. The lease cash is reflected in the national lease promotion and you should be able to take advantage of that.

On the miles, going from 12K to 10K increases the residual by 2%. If the MSRP of the car is $40,000 that would be $800 (.02 X 40,000) or $22.22/month over 36 months.

Yes taxes get added to the advertised lease. Other additions are title, license, and doc fees. Again, these are all components and while taxes can't be negotiated doc fees vary between dealers.

Basically you need to understand how a lease works and all the parts in order to hold your own. The dealers are professionals who do this every and we're amateurs who might do it every few years.
 

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There is a lease rebate of $2,820 in March.

The money factor in February was .00055 (1.32% APR) US Bank. I don't think that is negotiable, doesn't get much lower than that ;-).

Also GM increased the incentive (on a purchase) from $2,000 in Feb to $3,000 in March.

You need to negotiate the selling price of the car and fully understand that number behind the lease payment calculation.
 

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I'm no expert on leasing, but I am an accountant, so I know how the numbers work. And, the rest is just knowledge I gained while researching my Volt.
Chevy uses 2 banks US Bank and Ally. From what I gather, dealers prefer to use Ally. No disposition fees at the end of the lease and they are not as "strict" at the end. Monthly pymts are a little higher, but nothing owed at the end.

As DonC said, to get the best price, do not negotiate the price of the monthly payment.
If you get the price you want for the car and $3000 for your trade in, then you will be about at the price point I mentioned. This includes $2820 from GM incentive, plus some dealer $ off the cap (your price negotiation). They may be able to give you the private offer if you just tell them you have it. (they never asked me). So all told, I think you should be at about $310/mo. If they don't give that to you, then walk away. So yeah, it might not hurt to go now, and maybe by the end of the month, they will be at the price you want!
 

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There is a lease rebate of $2,820 in March.

The money factor in February was .00055 (1.32% APR) US Bank. I don't think that is negotiable, doesn't get much lower than that ;-).

Also GM increased the incentive (on a purchase) from $2,000 in Feb to $3,000 in March.

You need to negotiate the selling price of the car and fully understand that number behind the lease payment calculation.
Ally's money factor is .0004375 (1.05%) but they use a higher residual to include the $7500 tax credit, and US Bank takes the $7500 off the top. So US Bank's rate is higher, but the payment comes out to be lower.
 

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I'm no expert on leasing, but I am an accountant, so I know how the numbers work. And, the rest is just knowledge I gained while researching my Volt.
HA that makes two accountants on this thread who researched the Volt leases very hard ;-)

I ended up buying, with the 0% and $3000 PA rebate made more sense for my situation.
 

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I got a fully loaded black at msrp 44500 illinois.. Philips dealer... bought about a month ago
30mi lease at 36 months for $324.28 payment

I was top tier for money factor because of credit score. Dealer discount 2000ish, Ally lease incentive was 2500 ish, and my gm card 2000 ish and loyalty 1000 brought it down to 36,000 ish but then add in taxes and rent charge garbage around 37 ish. No money down. No trade in. I just paid for the first month. (sorry for the ish..i am going from memory so I cant give exact to the penny)

By reading everyone's lease examples...i think i did pretty well. What do you think?

Put it this way, I should be bench mark for anyone trying to lease. I did my research and took the luxury car dealership buying education from the past to the chevy level and put it this way I was doing their job. What a difference from luxury car buying to regular. :) I cant wait till the ELR comes out to deal with the luxury dealerships again!
 

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yes you are correct taxes depend on the state and county you live in. Your figures seem right if you would like I can work up a real quote for you.
 

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Discussion Starter #13 (Edited)
I had gotten an email notification for the first 2 replies, but then none after that. I just happened to look back and my post, and wow 2 pages! Thanks so much for all the replies.

That make sense... Not negotiating the monthly payments, but rather the purchase price of the car and the APR. Thanks!

As for the $2,820 Lease Rebate/Cap Cost Reduction... This can be subtracted from the negotiated price of the car, right? Can someone tell me where Ally gets the money to do this, as the 1.05% or 1.32% APR doesn't seem to be enough to cover this amount. Can someone point me to the place where Chevy announces this online? As I've only seen it referred to, not announced.

@WestMIvoltage - I am indeed a credit union member and I just registered for that. Thank you so much for letting me know!

Since I really don't have one, I will simply ask for the $1000 "private offer" and see where I get.

Thank you all for all your replies. You guys rock!
-Glenn
 

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If you belong to a credit union you can receive the GM Friends and Family discount.
Look here:
https://www.mygmdiscount.com/ip-vpp/#tab_home
The credit union pricing is no longer valid with 0% financing. Anyways it doesn't really matter. The Friends and family discount is not really a discount but rather a pricing program. The price is on the invoice for each vehicle, and is relatively close to the invoice price. Most volume Volt dealers are pricing Volt's under invoice anyways, rendering the supplier discount useless. You don't get a credit union discount on top of a dealer discount. GM hasn't quite caught up to the market when it comes to their programs and how they work in reality.
 

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As for the $2,820 Lease Rebate/Cap Cost Reduction... This can be subtracted from the negotiated price of the car, right? Can someone tell me where Ally gets the money to do this, as the 1.05% or 1.32% APR doesn't seem to be enough to cover this amount. Can someone point me to the place where Chevy announces this online? As I've only seen it referred to, not announced.
This is a GM discount, not Ally, so it applies to a lease from either bank.

So to summarize what you should be looking to get:
* $2820 GM incentive
* ~$1000 - $2000 cap reduction for market price of car from dealer (I think the credit union thing is similiar to this, not on top of this. Basically whatever you can negotiate with the dealer)
* $1000 private offer - tell you them you got the code online, if they ask for it, tell them you misplaced it but were still hoping to get it.
* value of your trade in.
 

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Got a link for that news?
No sorry I don't. It was a private email from one of the dealers I had quoting my purchase. I have no reason to believe it is not true. Call a reputable dealer to confirm, I think that is all you need to do.
 
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