Lease Number

[MrEnergyCzar]

This reminds me why I only buy cash now....geez...

MrEnergyCzar

[dknn79]

This deal is with Stingray. I would have thought the process would have been a little bit easier with Stingray, but so far, it has been kind of difficult to get any any finite numbers.


@Neal - the negotiated price was the 2500 off of invoice + 99 dealer fee + ad fee

[Henry_FL]

Whats the issue? the numbers seem correct. Stingray only enters in what Ally tells them except for your negotiated prices. Tax and Tag are what ever your state demands. If they say its 416 that's what it is with Ally, they are completely above board

If this was a base, it would be 300 month, you have the max loaded Volt!

[DonC]

I think the issue is that people don't deal with leases very often, in this case never, so even when they're getting a good deal they feel uncomfortable. Yes all the terms but the purchase price comes from Ally and yes the deal looks good when compared to the advertised special. At the same time I don't understand why dealers don't give you the documents ahead of time. You can get them but you have to fight.

[dknn79]

The issue is that the numbers provided does not compute to what the monthly payment should be.

Also, some keep stating that ally dictates everything except for the purchase price but that's obviously not the case with the money factor as I was quoted 2% while the rate should be 1%.

I'm fine with the numbers if I can match them up with the dealer, but when I'm presented with just a monthly payment and I try to calculate how he arrived at the number with our presumed final numbers, then of course I will have questions when they don't match.

I appreciate the assistance and tips.

[DonC]

Also, some keep stating that ally dictates everything except for the purchase price but that's obviously not the case with the money factor as I was quoted 2% while the rate should be 1%.

I understand your issue. Been there. But rest assured that Ally definitely sets the interest rate. And the acquisition fee and the residual. If you're being quoted 2%, and if that is in fact the number, then there is some reason Ally is using it. Keep in mind that 1% will not be the interest rate for every lease.

Have you asked for a lease sheet?

[Henry_FL]

Whom said you qualify for 1% or that is what Ally was going to offer?

You keep mentioning other posted deals mention 1% , but you can't use those rates as what Ally offers is changing daily. When Ally puts in more cash, or they wave a down payment, they likely bump the money factor to compensate.

Stringray is just the messenger in the lease, Once you set the price, its pretty much cut and dry. They enter your data into the Ally system, it spits out your offer. Every deal is different rate, it's NOT one size fits all. For example, even if you have a 850 FICO, its likely the rates are different based on down payment amount, the lower, the higher the rate.

Ally set your rate, you can choose to accept it or find another lender, this is totally out of the dealerships hands. To my knowledge, no one comes close to Ally as they are forking over 4K, no down payment and all this for what? 2% ... hard to imagine could be a better deal out there

Bottom line is it is good to do your home work, and you have verified every thing you can, what you have is the lessors offer for YOU, Be aware if you take time to ponder all of this, the term can change as Ally is constantly changing the deals. The lease cash and down payment requirements are prime examples

[DonC]

The lead article on the site today has to do with a long time member, George Brower, leasing a Volt. As part of the article George put up a spreadsheet detailing how he got his lease number. If you take a look at it, he has a section for things that are rolled into the financing. These include the acquisition fee, the doc fee, and the registration fees. Combined they add almost $2000 or $55/month to the financing. The first month's payment might also be included in this. These costs are what I've been talking about when I've said that the net cap number might be too low.

Looking at the spreadsheet might help clear up some issues.

EDIT: Also please note that his interest rate was 2% (take the money factor and multiply by 2400). I suspect George has top credit, so the 2% interest may be the right interest rate for a 0$ drive off deal. Or something. LOL

[KyleH]

I am new to leasing and tagging along with a question. Is the residual price (57% or 59%) the price you can choose to pay if you wanted to purchase the car after the lease, or would you negotiate that?

I think I am getting close to those numbers to understand (I'm off by 1% but, I am too lazy to calcluate the demortized 2% interest where I think that is where I am off).

Is it correct to assume that the dealer or Ally takes the $7,500 federal tax credit, and that is why $24,461 being the 59% residual at the end of the 3 year lease?

-KyleH

[DonC]

Hi Kyle. Yes the residual price is what you have the right to buy the car for at the end of the lease. The high residual makes the lease payments low but makes the buyout price high. It's why I didn't lease. YMMV. (FYI you can try to negotiate a lower buyout price at the end of the lease so you're not necessarily stuck with that price.)

The 1% may be because the interest rate may be 2% not 1%. Also note there is a 0% 72 month financing plan.

Yes Ally or other lessor is taking the $7500 credit. Unfortunately they are not using it as a cap reduction, which would make leasing the wonderful deal, but are using it to increase the residual, which makes it not such a great deal.