How Much I Paid for My Bolt

[user 124]

This seemed the best thread to post details of my lease. Purchased yesterday (01/30/2017):

Bolt EV Premier +Infotainment +DriverConfidence Packages, DC Charging
Arctic Blue, Dark gray leather interior

...

We just returned our RAV4EV after extending it by six months beyond the 36 months and needed to move on.

Please tell us how it compares with the RAV4EV. I have one of those, and my wife is thinking about trading in her '13 Volt for a Bolt later this year.

 

[monkeytreats]

Leased my Premier on Jan 13th. Here are the details:

• MSRP ________ $43,510.00
  SELL PRICE __ $42,540.00
  DISCOUNT _____ $970.00
  
  Base Payment _ $393.31
  Tax (OC) ____________ 30.48
  Monthly _________ $423.79

Money Factor .00072
Residual 60% $26,106.00
Mileage 10K / yr
Drive-Off $3,300.00
CCR $2,500.00

 

[SparkEVPilot]

Thanks for posting you lease agreement. Now I have a question. The federal tax credit, which the leasing company will claim, is $7500. Lines A1 and 7B [capitalized cost reduction] show the dealer only gave you $4546.88 of that $7500 if I understand this correctly. Does this mean the dealer kept about $3000 of the tax credit rather than giving you most or all of the credit? When I leased my 2015 Spark EV the capitalized cost reduction was $7025. I figured the dealer kept $475.

If I am correct, then future leasees need to be aware and see if they can negotiate the capitalized cost reduction value.

 

[michael]

No, it does not mean the dealer kept that money. The dealer sold the car with a sticker price of $43.5K for $42.5K.

The leasing company kept the difference. However, the implication of this is that they pocketed this amount, rather than applying it as a capital reduction. In fact, they MAY have (and probably did, but it's impossible to say for sure) applied it toward artificially increasing the residual, which has pretty much the same effect on the lease payment as a capital reduction.

The way I would look at this lease is: the effective monthly payment is

3600/36 + 423 = 100 + 423 = $523

What goes into this doesn't matter, that's the effective monthly payment reduced to an effective zero driveaway.

And incidentally, it's a decent deal at this time.

 

[wwhitney]

Lines A1 and 7B [capitalized cost reduction] show the dealer only gave you $4546.88 of that $7500 if I understand this correctly.

No, the leasing company provided $2,500 as a capital cost reduction, presumably in light of the $7,500 they make from the federal tax credit. The extra $2,046.88 in capital cost reduction reflects the $3,300 driveoff payment; the rest of that payment is sales tax on the capital cost reduction and the first month's lease payment.

Cheers, Wayne

 

[wwhitney]

The way I would look at this lease is: the effective monthly payment is

3600/36 + 423 = 100 + 423 = $523

The driveoff payment was $3,300, and there are only 35 additional payments, so that should be:

(3300 + 35 * 424) / 36 = $504.

Cheers, Wayne

 

[michael]

Right you are on both the 3300 and 35, but I would still calculate it as 94 + 423 = 517 since that's the effective monthly payment. But I definitely see your way of looking at it too, the total outlay divided by 36. On a true zero drive-away, there are 35 payments so that's my reference point.

 

[JupiterMoon]

Here's a worksheet I got from a local dealer giving $1000 off MSRP.

View attachment unnamed_Ink_LI.jpg

 

[sgt1372]

Here's what I "paid" for the Bolt LT that I leased on 2/4/17 from Capitol Chevrolet in San Jose:

2017 Bolt LT w/Convenience and Comfort Packages and DCFC option plus the False Cargo Floor cover.
3 yr lease; 10k miles/yr

MSRP: $39,395
Sales Price: $38,304
Gross Cap Cost: $38,899 (Sales Price + $595 Lease Acquisition Fee)
Cap Cost Reduction: $6,188
Adj Cap Cost: $32,711
Residual: $24,031 (61% of MSRP)
Depreciation: $8,680
Rent Charged: $1,470 (GM's amortized profit on the lease based on the money factor )
Money Factor: 0.00072 (equal to 1.75% APR)
Amount Due at Signing: $7,500
GM Rebate: $2,500
Down Payment: $5,000 (Trade in allowance)
Net Down after $2,500 CA Rebate and $500 PGE Rebate: $2000
Monthly Payment before Sales Tax: $281.96 (Depreciation plus Rent divided by 36)
Monthly Payment including Sales Tax: $307.34 (9% sales tax added to Monthly Payment)

The trade-in allowance was the key factor in the deal. Got $12,227 for my 2007 FJ Cruiser (including a $7227 pay off of the existing lien); Net $5k. KBB trade-in range was $11.8k-13.8k.

Told them I'd walk if they couldn't give me $5k net so that I would not have to spend any additional money out of pocket. We weren't that far apart, so they agreed.

After the CA and PGE rebates, I will end up paying only $2k net up front and the total cost of the car over 3 years will be $12,757 which is about $1,800 less than the $14,558 total lease cost on the hypothetical $309/mo lease published by LeaseHacker on a "basic" car worth about $2k less than mine.

See: https://leasehackr.com/blog/2016/11/21/bolt-ev-lease-program-announced-309-month

So, I'm happy with the deal I got and, after driving the car only a few days, I must say that I am also very happy with the car.

 

[EZRyder]

Did I get screwed? MSRP $44,150. Premium, fully loaded. $5,000 down. 15,000 miles/yr on a 36 mo lease. Monthly payment: $422.

Dublin Chevy. They claimed I got a $1,600 factory rebate. I don't have the lease paperwork handy.

 

[siennared]

Did I get screwed? MSRP $44,150. Premium, fully loaded. $5,000 down. 15,000 miles/yr on a 36 mo lease. Monthly payment: $422.

Dublin Chevy. They claimed I got a $1,600 factory rebate.

In the bay area, 1600/1700 off MSRP is the best I have seen unless you buy other additional dealer offered products/services to go with it.

 

[z0ner]

$2500 (not $1600) is standard for the GM CCR, and you paid full MSRP for everything else. I wouldn't have gone forward with it, but if you can afford it and you're happy with the deal - that's all that matters really.

With monkeytreats Connell Chevrolet lease, I think I'm missing $595 somewhere:
Item A at the bottom shows the "agreed upon value at $42540.00, yet the subtotal on the right shows $43135.00, a difference of $595.

Is that the Destination Charge/Acquisition Fee, or am I missing something?

I'm going into Selman Chevrolet (Orange, CA) tomorrow to pick up mine. They've been treating me very well so far - hopefully there won't be any problems with my lease.

 

[DucRider]

$2500 (not $1600) is standard for the GM CCR, and you paid full MSRP for everything else. I wouldn't have gone forward with it, but if you can afford it and you're happy with the deal - that's all that matters really.

With monkeytreats Connell Chevrolet lease, I think I'm missing $595 somewhere:
Item A at the bottom shows the "agreed upon value at $42540.00, yet the subtotal on the right shows $43135.00, a difference of $595.

Is that the Destination Charge/Acquisition Fee, or am I missing something?

I'm going into Selman Chevrolet (Orange, CA) tomorrow to pick up mine. They've been treating me very well so far - hopefully there won't be any problems with my lease.

Unclear on what the "factory rebate" means without more info. Could be a discount off MSRP or could be the CCR by the leasing company. Not nearly enough info in the post to know if was a good deal or not (MF, residual, etc), but $422 on a loaded Premier with 5K down is likely not the best deal someone has gotten.

And the $595 is the Acquisition Fee (Destination charge is included in agreed upon value).

 

[thorin78]

Hi,
I'm picking up our Bolt Premium on Wednesday and this is what I got. Acquisition fee paid upfront.

MSRP 43,510
Discounts/Rebates: 4339
Residual 60%
Trade-in: 3000
Deposit: 1670
Money Factor: 0.00072
Monthly $360
36 months/ 10,000 miles
I think that's reasonable. I'm calculating $14,770 for cost of ownership over 3 years.

 

[sgt1372]

Hi,
I'm picking up our Bolt Premium on Wednesday and this is what I got. Acquisition fee paid upfront.

MSRP 43,510
Discounts/Rebates: 4339
Residual 60%
Trade-in: 3000
Deposit: 1670
Money Factor: 0.00072
Monthly $360
36 months/ 10,000 miles
I think that's reasonable. I'm calculating $14,770 for cost of ownership over 3 years.

Sounds like a very good deal for a Premier.

My deal for an LT w/the comfort/convenience packages and DCFC was $307/mo (including 9% sales tax) and $12,745 over 3 years, which makes your deal for a Premier only $53 more a month and $2025 more over the life of the lease.

Sounds pretty good to me, especially when you consider that reports on other lease deals on Premiers in this thread and elsewhere have been around $60-100/mo higher.

Congrats!

 

[user 124]

[Sounds like a very good deal for a Premier!

Did you see the $3000 trade in?

 

[sgt1372]

[Sounds like a very good deal for a Premier!

Did you see the $3000 trade in?

Yes but I assume his $14.8k 3yr cost includes that and it's still a good deal if it does. My $12.7k 3 year cost includes a net $2k "trade in" after $3k in CA/PGE rebates. These are very low lease costs for cars costing $40-43.5K.

 

[thorin78]

[Sounds like a very good deal for a Premier!

Did you see the $3000 trade in?

Yes but I assume his $14.8k 3yr cost includes that and it's still a good deal if it does. My $12.7k 3 year cost includes a net $2k "trade in" after $3k in CA/PGE rebates. These are very low lease costs for cars costing $40-43.5K.

Thanks.
So basically, don't focus on the monthly payment (that's what the trade-in and down payment affect ultimately), although I was more targeting for that.
They gave me $4339 off the MSRP, so $2500 CCR and $1839 discount.
My only issue is that they're screwing around w/ the calculation by adding back the 1st month payment, taxes and fees back to the cost of capital and increasing the monthly payment.
I would much prefer paying all fees upfront and not being taxed on the deduction. I don't know if that's doable.

 

[sgt1372]

Thanks. So basically, don't focus on the monthly payment (that's what the trade-in and down payment affect ultimately), although I was more targeting for that. They gave me $4339 off the MSRP, so $2500 CCR and $1839 discount.

My only issue is that they're screwing around w/ the calculation by adding back the 1st month payment, taxes and fees back to the cost of capital and increasing the monthly payment. I would much prefer paying all fees upfront and not being taxed on the deduction. I don't know if that's doable.

Not sure what "deduction" you think you're being taxed on.

Only thing that's being taxed in my deal is the monthly lease payment, which I think is a rip off but it's just an alternate way for the state to get "paid"; they'd otherwise get the sales tax up front on the full sales price of the car when purchased.

The monthly payment matters in terms of cash flow but it's the total cost of the lease over it's life which is usually the best way to compare lease deals of the same duration.

A fairer comparison of leases between people w/different sales tax (which differ even w/in a state) would be to deduct the cost of the sales taxes paid on lease payments over the life of the lease.

In that case, my total lease cost would "only" be $5000 (trade-in) minus $3k (rebates still due) plus ($282x35)=$11,870; the 1st payment was included in the $7.5k upfront costs of my deal that were paid for with the trade-in and GM's $2.5k factory rebate.

Without the rebates and sales tax, my deal would be about the same in dollars as yours, but you got car w/a sticker price $3k more than mine. So, I think you did very well, even though your monthly payments are $53 more per month than mine.

If you can take advantage of any other rebates (as I can), your deal would look even better. Again, congrats!

 

[Schnort]

Only thing that's being taxed in my deal is the monthly lease payment, which I think is a rip off but it's just an alternate way for the state to get "paid"; they'd otherwise get the sales tax up front on the full sales price of the car when purchased.

Texas collects the sales tax on the full price of the car when it's leased.

It really makes leasing a lot less attractive.