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Discussion Starter #1
Hi folks,

I'm looking to lease a Volt LT (with the Comfort Package) in the San Francisco Bay Area.

This forum has very helpful so far to help me understand high-level lease parameters, various incentives, and the general leasing process, so I just wanted to say thanks beforehand! I'm excited to join the Volt family.

I've been emailing with a handful of Internet sales managers at various dealerships here in the Bay Area (who I was connected to via Costco and TrueCar). As advised by multiple threads here, I'm hoping to complete all the negotiations before setting foot in a dealership.

I think my lease parameters are pretty standard: 36 months and 12k annual mileage allowance. I received a quote from one of the larger dealerships in the area, which I have some questions on.

I'm being quoted $291/month with a $1000 down payment. (The down payment includes tax, title license, and first monthly payment.) This doesn't sound like a great deal to me, but I'd love to hear any thoughts or opinions. The specifics include:

Retail Price: $36,500.00
Sales Price: $33,500.00
Gross Cap Cost: $34,195.01
Rebate: $4,550.00
Net Capital Cost: $29,690.77
Residual percentage: 57%
Residual value: $20,805.00

The rebate feels low, given that it includes the federal tax credit for the lessor. Are there any other parameters that I should negotiate on? I assume the residual percentage is set by the banks and isn't something that can be changed. Is the best negotiation tactic to get counter-offers from other dealerships? Any advice would be appreciated.

Thanks so much!
 

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Hi folks,

I'm looking to lease a Volt LT (with the Comfort Package) in the San Francisco Bay Area.

This forum has very helpful so far to help me understand high-level lease parameters, various incentives, and the general leasing process, so I just wanted to say thanks beforehand! I'm excited to join the Volt family.

I've been emailing with a handful of Internet sales managers at various dealerships here in the Bay Area (who I was connected to via Costco and TrueCar). As advised by multiple threads here, I'm hoping to complete all the negotiations before setting foot in a dealership.

I think my lease parameters are pretty standard: 36 months and 12k annual mileage allowance. I received a quote from one of the larger dealerships in the area, which I have some questions on.

I'm being quoted $291/month with a $1000 down payment. (The down payment includes tax, title license, and first monthly payment.) This doesn't sound like a great deal to me, but I'd love to hear any thoughts or opinions. The specifics include:

Retail Price: $36,500.00
Sales Price: $33,500.00
Gross Cap Cost: $34,195.01
Rebate: $4,550.00
Net Capital Cost: $29,690.77
Residual percentage: 57%
Residual value: $20,805.00

The rebate feels low, given that it includes the federal tax credit for the lessor. Are there any other parameters that I should negotiate on? I assume the residual percentage is set by the banks and isn't something that can be changed. Is the best negotiation tactic to get counter-offers from other dealerships? Any advice would be appreciated.

Thanks so much!
The reason why the rebate is less is because you are only buying 43% of the car . If they amortized the full $7500 in 36 months it would be plum loco . I would be happy with that deal , but things are different on the left coast .
 

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You can't expect the full $7500 in your pocket on a lease. Even if they showed you $7500 off you will end up paying somewhere else. remember, thay are making money off of you, otherwise they wouldn't be doing this. That's what financial companies do.

Wanna see some more financial magic? Take $291 times 36 plus your $1000 down payment plus the $20.8k residual and you're at $33281 for the car. If you take the $32.5k sale price for the car and subtract $7.5k for the fed tax credit the car would cost $26k.
 

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Hi folks,
I'm looking to lease a Volt LT (with the Comfort Package) in the San Francisco Bay Area.
The MSRP for the Volt LT with comfort package should be $34,555. I'm seeing a TrueCar price of $30,601 for that configuration. If that build sounds right, don't start with a sale price of more than that. If anything, find a dealer to sell at that price then ping a few more to see if they'll beat it. Also, you don't have to actually go through the TrueCar dealer initially. Just pick a dealer you're interested in and ask if they'll match the TrueCar price.

Using a lease calculator (http://leasehackr.com/calculator/), here are the numbers I'm getting (considering a $30,601 sale price):

Retail Price: $34,555
Sales Price: $30,601
Rebate: $4,550
Net Capital Cost: $25,146
Money Factor: 0.0004 (0.96% APR) <-- if your credit qualifies, this is the lowest possible finance rate
Residual percentage: 57%
12k mi/yr

Down Payment: $1,500 (you'll get this back in the form of the CA rebate)
Total Drive Off: $2,716

Monthly Payment (incl. tax): $185

Total Lease Cost: $9,571 - $1500 (CA rebate) = $8071 (or 22 cents/mi)

I would also see if there are any targeted incentives right now (that you're eligible for) to stack with the lease cash.
 

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Discussion Starter #5
Thank you guys, this is very helpful! Looks like I should be focussing on getting the sale price down and looking for incentives and not worrying about the rebate.

sfmman2000: The LeaseHackr tool is nifty and validates my calculations. The TrueCar price is certainly attractive and far, far lower than the initial quotes. But how realistic is it for dealers to match or beat it? According to TrueCar, it's more than 3k less than Factory Invoice. That can't mean dealers are losing 3k on each car, does it?
 

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Discussion Starter #6
One dealer is telling me that they won't match TrueCar because TrueCar does not quote the lease price only the purchase price. Is there any truth to that or is it just negotiation drivel? Have others used the TrueCar price for leases? Thanks!
 

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One dealer is telling me that they won't match TrueCar because TrueCar does not quote the lease price only the purchase price. Is there any truth to that or is it just negotiation drivel? Have others used the TrueCar price for leases? Thanks!
Theoretically , it shouldn't matter either way . However , dealers know that the lease payments are very low when the sales price drops , so they try to squeeze more profit for themselves . I think you are very close . I would tell them first payment down and 35 more of $291 .
 

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One dealer is telling me that they won't match TrueCar because TrueCar does not quote the lease price only the purchase price. Is there any truth to that or is it just negotiation drivel? Have others used the TrueCar price for leases? Thanks!
It depends. If the truecar quote includes a purchase only rebate GM is giving to the dealer, than yes he is being truthful. But if the dealer is not receiving a rebate than they are lying.

I would ask the dealer to explain what the difference is between you writing them a check for that amount if you purchased and GM financial wiring them that amount if you leased.
 

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But how realistic is it for dealers to match or beat it? According to TrueCar, it's more than 3k less than Factory Invoice. That can't mean dealers are losing 3k on each car, does it?
I would say "thanks anyways" to the dealer that's giving you a hard time about using the TrueCar price for a lease :)

I didn't have any trouble finding dealers to meet and beat the TrueCar price for my 2016 lease. In my case, that price didn't include any purchase-only incentives, but I'm not sure if that's true in all cases. In the end, I did get Fremont Chevy to beat the TrueCar price by several hundred, so that's who I ended up going with. If you are considering them, do make sure the car is ready for delivery before you agree to buy. They've been known to have problems with the PDI (pre-delivery inspection) process for the Volt, resulting in multi-day delays after the lease clock started.

edit: There may have been a $1000 purchase-only incentive baked into the TrueCar price that I didn't get, but it cancelled out since there was a $1000 targeted lease incentive if you owned a non-GM car. Not sure if that incentive is still going on (this was February 2016).
 

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The rebate amount has nothing to do with the length of the lease. GM simply isn't passing the full rebate amount to leasees and is keeping it for pure profit. Other car manufacturers have passed the full $7500 fed rebate as a discount but GM is not.

Ask for a higher discount - that way you can get more money off the monthly payment.

When I leased my 2016, I ask for $4k off MSRP before any rebates were factored in.
 

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FYI in Socal, the price is $265 (10k) and $276 (12k) with 1500 down (and back as rebate) including tax.
If you have an existing lease that should bring it down a bit more. I dont think the Private offer works on the 2017 models yet.
 

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FYI in Socal, the price is $265 (10k) and $276 (12k) with 1500 down (and back as rebate) including tax.
If you have an existing lease that should bring it down a bit more. I dont think the Private offer works on the 2017 models yet.
The Private Offer does work with 2017s as of April, I just used one to pick up a 2017 with Leather for $1200 drive off and $227/mo.
 

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Hmm...I picked up my 2017 with leather without PO for 192/month after 1500 down. Wish I had been able to use PO on mine to bring it down even more.
 

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Discussion Starter #14
Do residual percentages change month-to-month?

All of the quotes I received until now have a residual of 57% (for 12k miles/year for 36 months). One dealer is quoting me 50% for the same lease duration and mileage. When I asked him about it, he said that GM lowers the residual and raises the rebate each month and that the other residuals are just based on April's incentives. Is there any truth to this?
 

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I'm being quoted $291/month with a $1000 down payment. (The down payment includes tax, title license, and first monthly payment.)
the $1,000 down is good but you should be able to get the payment down to $250 per month including tax

find the car at another dealer if you have to and tell them that is where you want to be, someone will go for it.

also use the leasehackr calculator and print it out and bring it with you like I did, sometimes they need help seeing which numbers get plugged in where
 
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