[rb2k]

I was looking into getting a bit more of a fully featured gray 2015 Volt (Bose Audio, Navigation, Leather, Safety package).

This is the current offer I got for 10k (left) and 15k (right) miles per year

Here are more details about the left one:

Any comments?
Most of the threads so far are about the "base" version, so I thought I'd start this one

 

[DonC]

Your purchase price is good. Ideally it would be nice to get a little more but you're in the ballpark.

Other random thoughts: You haven't listed the residual. The other charges look standard. The miles are about half what you'd pay if you went over your allotment, so if you're likely to use 13,500 miles a year the 15K lease would be better. When leasing I've generally thought the less down the better since GAP insurance will cover the loss rather than the down and you're not saving much by putting more down.

 

[llninja]

i've never seen a lease that I've liked. i come from the camp of buying what you can afford, with cash. Car leases are like crack, once they hook you on the low payments, then you're stuck making payments for life. Repeat this with everything (credit cards, furniture, appliances, boats, jet skis) and it's easy to overextend yourself to a permanent spot in the middle class making good money, then wondering where all your money goes - death by a thousand cuts.

 

[Easy Rider]

i've never seen a lease that I've liked.

Neither has ANY financial advisor on the planet.

If you do the math......or have an independent party do it for you, the lease ALWAYS comes out bad.......especially in times of low interest rates.

1) Least cost: Negotiate the best possible price and pay cash.

2) Next best: A car loan from a financial institution where you have a relationship......like a credit union.

3) A conventional car loan with an actual financial institution that the dealer recommends.

4) Lease

5) "Buy here, pay here"

Although that last two might be a tie for the worst dollar values possible.

 

[rb2k]

here is a more detailed version of the 10k one mentioning the residual: http://i.imgur.com/JTWgZqO.jpg

 

[DonC]

Great. The residual is good. From the monthly that seemed to be the case but it's always nice to have the actual numbers. Looks clean and straightforward. Is there a disposal fee? (Doesn't matter just curious).

FYI we normally don't count the rebate/tax credit as part of the discount. The numbers won't change but the terminology might confuse some. Can you tell us what the extra $475 is in the rebate ($7500 tax credit + $475)?

 

[rb2k]

I don't know about a disposal fee. But that's a great thing I could ask the dealer. Thanks for pointing it out, always happy to learn something new.

As for what the discount consists of, I will ask that as well. He explained it to me, but I haven't got my notes handy and most of the things he mentioned were really generic ('dealer discount', 'cash bonus discount', ...)

I just sent the dealer an email seeing if he could give me those details. Will report back

 

[rb2k]

Oh. I also have a $1000 "private offer" voucher. I also asked him how that plays into the whole deal. From what I recall, the last time he said something like "oh, that's already part of the residual". But I'll get it in writing.

 

[bro1999]

Oh. I also have a $1000 "private offer" voucher. I also asked him how that plays into the whole deal. From what I recall, the last time he said something like "oh, that's already part of the residual". But I'll get it in writing.

Make sure to get it in writing, with a full breakdown of every incentive and rebate. A car salesman's word is as good as....well, you should know.

 

[tonyc]

Neither has ANY financial advisor on the planet.

1) Least cost: Negotiate the best possible price and pay cash.

no financial advisor worth a darn would possibly "advise" anyone to sink $27K cash, upfront, to buy a car.

I love how every lease post in this forum has thread crappers coming in every, single, time. Help the man, or don't preach about how others shouldn't lease. Geez doesn't it get old?

OP: what's the $ factor? I feel like there's a lot more room. And why not a 12K/mi lease, instead of 15K?

 

[rb2k]

I don't quite understand the question about "the $ factor". Does it say that somewhere?

I will ask about a 12k miles/yr option as well. Judging from my past driving 10k miles should work for me just fine (5 mile commute)

 

[tonyc]

"$ factory" = money factor. a few on the forums were getting 0.00025, which translates to ~0.6% APR.

My understanding is there is very little savings between 10K vs 12K, and 15K you always get dinged big.

 

[DonC]

Normally a private offer would be used for cap reduction. The residual is set by the lessor and should be a percentage of the MSRP. The money factor may be an issue but that is often not negotiable. Frequently it's a choice of a cash discount or a lower interest rate. The lower residual helps BTW because you pay interest on that for the entire lease term.

Looking at a 12K lease is a great idea. I mistakenly thought this was the included mileage in the first lease. My mistake. If i10K works less will be more! However, don't put yourself in the position of biting your nails if you're constantly hitting the limit. Check your records to see how many miles you put on your existing car during the last year and then make adjustments if you think you'll drive the car more because it's newer or less because you have five children and need to take the Tahoe on trips. From the difference between 10K and 15K I suspect the increase for 12k miles will be modest.

Keep trucking! LOL You're on the right path.

 

[rb2k]

Interesting, just got an additional quote from another dealer.
This one doesn't have the safety package 2, but it has all the other stuff.
On the 12k lease, this looks quite a bit better. Am I missing something?

 

[rb2k]

And apparently that is stackable with the $1000 private offer from the chevrolet page. Yay, even better.

 

[tonyc]

And apparently that is stackable with the $1000 private offer from the chevrolet page. Yay, even better.

they dinged you with a 39MO loan, instead of 36.

 

[rb2k]

That was the case on the other dealers offer in the original post as well though?

 

[DonC]

Yes the length of the leases are the same. However, you have a bigger payment up front and there is this thing called "working cash". What is that? If it's the drive off fee then are they asking you to pay $8343.59 up front? Might just be me but this is not as clean as the first ones which were very understandable. Seems like they're waving the leasing "hocus pocus" hankie! Maybe not, I may be unduly influenced by the handprinted $13,973 off MSRP bit, which is really misleading. I think you're getting more like $5K off.

 

[rb2k]

No, apparently it's just going to be 5k (which includes the 1st month payment). I can pay those via credit card and drive off into the sunset

I asked them to clarify the "working cash" part.

This is the updated one with the $1000 voucher added:

It seems like this offer (12k miles) has considerably lower monthly payments compared to the first one (10k) given the same downpayment. I guess the additional rebate (and possibly better financing) would explain that

p.s. He also mentioned that I can still get the $1500 CA tax credit in addition to that.

 

[rb2k]

and the answer was:

"1. Working cash is customers down payment.
2. No there is no disposal fee. When your lease is finished you just drop off the keys and thats it. "