GM Volt Forum banner

1 - 20 of 41 Posts

·
Registered
Joined
·
442 Posts
Discussion Starter #1 (Edited)
Ok forum people, we know now that the US Bank lease offer will continue unchanged through 2/28/11. This comes from a regional GM mgr and other sources. So, still one bank, .00025 MF, $2000 GM rebate, and .44 residual using 36 months/12k figures. They believe as stated before that the offer will be extended through the rest of 2011. Still $350 a month before TTL and options.

This is great news for those who are wanting/needing a lease on the Volt. Atleast, most of us who want/need a Volt lease. Personally, we choose a dealership who later turns out will not be honoring the national lease or any lease deal on the Volt. So, there should be a disclaimer on the national lease such as:

*National lease subject to Dealership agreeing to US Bank terms, fees, and conditions. Dealerships are allowed to order Volts are not required to honor US Bank terms, fees, and conditions.

Our specific dealership- Hewlett Chevy-Buick in Georgetown,TX will not honor the national lease. I suspect given the US Bank terms, there are many other dealerships that will put customers in the same boat of having to choose a purchase or no car.

We are in the process of deciding what to do at this point. We might be able to swing a purchase (possible, but unlikely), but looking like we will be forced to give up #724 and start all over again waiting months. So let this news serve as GREAT news for most and a warning for all to confirm your dealer is good to go with US Bank lease terms.

Paul (Cari's husband)
 

·
Registered
Joined
·
895 Posts
Paul, how about you or Cari make a comment on the main thread today. It's not too far OT, since Henry gave lease details in his post. There are some who only read the main thread (I used to), or hardly ever come to the forum. Some of them have been bemoaning the loss of the lease deal. You could actually just copy and paste. Thanks.
 

·
Registered
Joined
·
442 Posts
Discussion Starter #3
Done, assuming I just cut/paste under today's thread on the homepage.
 

·
Registered
Joined
·
209 Posts
This is GREAT news. Barring my dealer be able to get the lease and not pulling any shenanigans during my final lease details I will be a proud volt owner this month. Sorry to hear about them not honoring the lease. What lease offer are they giving you? What are the details?
 

·
Registered
Joined
·
442 Posts
Discussion Starter #5
This is GREAT news. Barring my dealer be able to get the lease and not pulling any shenanigans during my final lease details I will be a proud volt owner this month. Sorry to hear about them not honoring the lease. What lease offer are they giving you? What are the details?
No lease offer period. Ally is the main bank they use and I would think we could get better terms through our CU or bank if we were to entertain buying.
 

·
Registered
Joined
·
127 Posts
If they don't offer the lease we will not be purchasing the Volt. I have been leasing for years. I hate getting cars fixed and love driving a new cars.

Matt
 

·
Registered
Joined
·
442 Posts
Discussion Starter #8
If they don't offer the lease we will not be purchasing the Volt. I have been leasing for years. I hate getting cars fixed and love driving a new cars.

Matt
Offering the national lease is totally up to the dealership if they work with US Bank. They either do or not. We now have a deposit with another dealership and will be a month or more out. We will offer more details soon, but we are releasing #724 as we have no choice. No lease, no deal.
 

·
Registered
Joined
·
1,208 Posts
I would like to step in here to say that this is shameful and reprehensible behavior on the part of this dealer, Hewlett Chevy-Buick in Georgetown, TX.

In this forum a couple months ago, Cari responded to late Volt seekers about the availability of cars at the dealer she was doing business with. She was so eager to drive business to this dealer that I honestly thought (at first) that she was a shill for them. I understand that three customers ended up with that dealer as a result of her direction here.

Now as her car arrives in Texas, the dealer has made known that it won't offer the lease option, because they can't justify the US Bank fees on limited business. You know what? We're probably talking fees on the order of a couple hundred dollars, and at this point I think they should eat it. Pay the fees, offer the lease, and treat your best damn customer right.

My dealer was in the same situation, sucked it up and did a lease deal with me.

They probably have MSRP+premium customers waiting, wanted to bail out of an MSRP deal, and are using the lease deal as an excuse. I have been one of the few people on this forum who has been defending the right of dealers to sell at MSRP+premium if they want (find a buyer? two happy parties!), but a deal is a deal once it has been struck. Shame on you, Hewlett Chevy-Buick in Georgetown, TX.

(and I'll be happy to be corrected on facts by a Hewlett rep, if they would like to chime in here)
 

·
Registered
Joined
·
442 Posts
Discussion Starter #10
I would like to step in here to say that this is shameful and reprehensible behavior on the part of this dealer, Hewlett Chevy-Buick in Georgetown, TX.

In this forum a couple months ago, Cari responded to late Volt seekers about the availability of cars at the dealer she was doing business with. She was so eager to drive business to this dealer that I honestly thought (at first) that she was a shill for them. I understand that three customers ended up with that dealer as a result of her direction here.

Now as her car arrives in Texas, the dealer has made known that it won't offer the lease option, because they can't justify the US Bank fees on limited business. You know what? We're probably talking fees on the order of a couple hundred dollars, and at this point I think they should eat it. Pay the fees, offer the lease, and treat your best damn customer right.

My dealer was in the same situation, sucked it up and did a lease deal with me.

They probably have MSRP+premium customers waiting, wanted to bail out of an MSRP deal, and are using the lease deal as an excuse. I have been one of the few people on this forum who has been defending the right of dealers to sell at MSRP+premium if they want (find a buyer? two happy parties!), but a deal is a deal once it has been struck. Shame on you, Hewlett Chevy-Buick in Georgetown, TX.

(and I'll be happy to be corrected on facts by a Hewlett rep, if they would like to chime in here)
Thank you for chiming in ChrisC. I wish I could say Cari was a shill, atleast we would get something for our efforts :) Bottom line, the 3 people who ordered because of how we were treated until last Friday all will get their cars before we do. We have now been forced to drop #724 after following it since early Dec. This evening, we put down a deposit on another dealer allocation at an Austin dealer that will be selling it at msrp. They have done 2 US Bank Volt leases already. Most likely looking at another 4-8 weeks, but that is just the way it goes.

The right thing in our minds would have been to do a dealership trade. Sure Hewlett would have not made money on the car then, but they wouldn't have been out hardly anything and would have looked better in our eyes. They have informed us no lease, no trade, and we are parting ways at this point. I am sure they have a list of people waiting. As upset as we are about this, it would have been WAY more upsetting if we had ordered exactly what we wanted from the start. Since it was a dealer ordered car, we can get unattached a little easier.

As for the US Bank requirements, they want a $1000 a month plus $250 per lease if min. number of leases are not done. This might not be 100% correct, but it is close. They also require alot of paperwork to get setup. Regardless, we still feel a dealership should not be able to order without honoring the national lease.

Paul (Cari's husband)
 

·
Registered
Joined
·
7 Posts
US Bank Lease Question

Need some help. Can anyone confirm these numbers 00025 MF, $2000 GM rebate, and .44 residual using 36 months/12k figures. My dealer told me that the residual was .43 on my lease. Also, I was told that i have to pay tax on the full purchase price (thanks Texas!) of the car (loaded $44695) and that i could not trade against the sales tax. I heard that some banks have tax credits that they can offer you as well (I guess this is something they get when the car comes back or can sell to the dealer?)

Any advice would help as this is my first Lease. Thanks!

#685 Texas
 

·
Registered
Joined
·
209 Posts
The residual WAS 0.44 for a 12k miles/yr lease. The 0.43 was for the 15k miles/yr lease. Based on what people have said this hasn't changed but no written proof has been shown that I have seen (I have absolutely no reason to doubt anyone and more than one person has confirmed the numbers). Are you leasing 15k or 12k miles/yr?
 

·
Registered
Joined
·
471 Posts
I leased at 15K miles, 0.43 residual. 0.18 per mile over 45K at lease end. It's much cheaper to buy the miles now than later. Based on previous data I typically drive just about 15K/year.
 

·
Registered
Joined
·
7 Posts
The residual WAS 0.44 for a 12k miles/yr lease. The 0.43 was for the 15k miles/yr lease. Based on what people have said this hasn't changed but no written proof has been shown that I have seen (I have absolutely no reason to doubt anyone and more than one person has confirmed the numbers). Are you leasing 15k or 12k miles/yr?
Ah, the mileage is the difference. He must have quoted me the 15k mile lease rate. I am mainly upset about NOT getting:

Tax deduction for State Sales Tax
Credit for my trade in Sales Tax (almost $2k)

Paying 6.25% tax on $44695 ($2793.4375) is not what I had anticipated and makes me question the value in Leasing the Volt in Texas.
 

·
Registered
Joined
·
12 Posts
When you say its cheaper to buy the miles now than later are you talking about going to the .43 residual for 15k? What about going over 15K? Can you get a deal on miles over the 15000 miles per year if you pre-pay or is it a set 18 cents per mile over? I know Ill be driving between 18-20K a year and would love to knock off some money from that 18 cents per mile
 

·
Registered
Joined
·
209 Posts
I don't believe you can go over 15k. I also think the lease is set at 36 months because personally I would love a 27-30 month lease.
 

·
Registered
Joined
·
471 Posts
When you say its cheaper to buy the miles now than later are you talking about going to the .43 residual for 15k?
Yes, exactly. A residual point is 1% of the purchase price, roughly $420. That buys you 9,000 miles over the lease term which works out to about 4.67 cents per mile. At 0.6% effective interest the time value of the money is a non-issue.

What about going over 15K? Can you get a deal on miles over the 15000 miles per year if you pre-pay or is it a set 18 cents per mile over? I know Ill be driving between 18-20K a year and would love to knock off some money from that 18 cents per mile
Over 15K per year I think you're stuck with the 18 cents per mile unless you can negotiate something ahead of time, good luck with that.

At 18K to 20K miles per year you might be better off with a purchase instead of a lease, or rent a car for long trips, or put $30 or $40 per month into savings for the $900 hit (plus $395 disposal fee) at the end of the lease.
 

·
Registered
Joined
·
442 Posts
Discussion Starter #18 (Edited)
Need some help. Can anyone confirm these numbers 00025 MF, $2000 GM rebate, and .44 residual using 36 months/12k figures. My dealer told me that the residual was .43 on my lease. Also, I was told that i have to pay tax on the full purchase price (thanks Texas!) of the car (loaded $44695) and that i could not trade against the sales tax. I heard that some banks have tax credits that they can offer you as well (I guess this is something they get when the car comes back or can sell to the dealer?)

Any advice would help as this is my first Lease. Thanks!

#685 Texas
The numbers on the lease are correct assuming .44 36/mo 12k yr miles or .43 36/mo 15k miles per year. It is true that we in TX get to pay taxes on the full amount at almost $1800 more than most. Can't trade against sales tax because you are not buying the car. Some dealers might have tax credits issued by the auto maker as we had them on Acura and Infiniti leases in the past, but wouldn't expect that from GM. Still worth it for a lease if you are doing 15k or less a year and want/need lower payments. Your payment should be about 485 with about 3500 down +/- 200 on the out the door amount for 12k mile lease. Use the previously posted cal. to get the numbers exact. If you can handle the higher payments, put down as little as possible given the .00025 mf

Paul (Cari's husband)
 

·
Registered
Joined
·
7 Posts
The numbers on the lease are correct assuming .44 36/mo 12k yr miles or .43 36/mo 15k miles per year. It is true that we in TX get to pay taxes on the full amount at almost $1800 more than most. Can't trade against sales tax because you are not buying the car. Some dealers might have tax credits issued by the auto maker as we had them on Acura and Infiniti leases in the past, but wouldn't expect that from GM. Still worth it for a lease if you are doing 15k or less a year and want/need lower payments. Your payment should be about 485 with about 3500 down +/- 200 on the out the door amount for 12k mile lease. Use the previously posted cal. to get the numbers exact. If you can handle the higher payments, put down as little as possible given the .00025 mf
Thansk for the information Cari! You can't deduct State sales tax on your Federal tax either...
 

·
Registered
Joined
·
513 Posts
Here is a new input for those Volt buyers planning to lease their car from US Bank. My nephew manages a dealership and has told me to avoid using US bank for a lease. He said that US bank is extremly fussy about the condition of the car when you are turning it in at the expiration of your lease. They charge for repair of even the smallest parking lot dent etc. Just be aware folks. I will buy the car so this warning doesn't affect us.
 
1 - 20 of 41 Posts
Top