Ok everyone, tell me how badly I did here. This is the least amount of research I've put into an EV lease/purchase, and that's coming from someone that currently leases the Honda Fit EV and had leased a RAV4 EV up until this past June when it was totaled.
In fact, the only real research I did before leasing was reading this forum. On new years eve, I went over to my local dealer at Hilltop VW in Richmond, CA and they had 3 2015 SEL models (2 silvers, 1 white). I ended up leasing the white one. I'd looked at the inventories around the bay area, and knew there weren't many of the 2015 SEL's left on dealer lots. I knew that I wanted leather and the 7.2 kw charger was a must with my commute and workplace charger situation. Would have prefered a 2016 model with the WAY better headunit (mostly for Android Auto), but it will be awhile before incentives are anything close to what I got on the 2015 (i think).
Ok, here's the details of my lease. $0 down (incentives from dealer and VW covered all down payment, fees, tax on cap reduction, etc). Total out of pocket is 35 payments of $238.13+$22.62(tax)= $260.75. I will get the CA state rebate of $2500, so my overall out of pocket will be 35 x $260.75 + -$2,500 rebate = $6,626.25.
My residual is $13,431, and I plan on purchasing at the end of the lease, so I did the 10k miles per year lease. According to my paperwork, the only part I really got screwed on was the lease money factor (which only was shown to me as a "rent charge" at the end when we were doing paperwork). I was really upset they refused to give me a better interest rate/money factor. I have perfect credit, but they said I could only receive the $9,000 incentive OR the low interest, not both. There is so much bullshit going on with the numbers that I feel I probably am getting more screwed than I already know. I went in to sign the paperwork at 6pm on new years eve and had my wife and 8 month old baby with me, so I rushed through the paperwork without really paying much attention. If anyone wants to take the time to look at these details from my lease agreement paperwork and let me know what you think, I'd appreciate it.
MSRP $36,300.00
discount -$8,700.00
acq fee +$625.00
cap cost reduction -$7,629.13
rent charge +$1,408.81
residual -$13,431.00
total base payments $8,572.68
/36 = 238.13 + 22.62 sales tax = $260.75 total payment
They also provided an additional $1,370.87 to cover the first month's payment ($260.75), the registration fees ($260), doc fee ($80), cap reduction tax ($724.77), and all the other misc fees ($45.35). So in summary, I received the $8,700 discount off MSRP plus another $9,000 for (1) cap cost reduction of $7,629.13 which is the pass through of the federal tax credit, and (2) the $1,370.87 to cover all the upfront costs, first month's payment and fees. After all this, I will also get the $2,500 rebate from state CARB rebate.
Like I said, the only thing I think I really got screwed on was the money factor that equated to a $1,408.81 "rent charge". Other than that, I feel pretty good about it, but only because I plan on buying it at the end.
My total out of pocket = (35 x $260.75) - $2,500 rebate + $13,431 residual + sales tax on the residual (I estimate that will be $1,275.95) = grand total of $21,333.20 after all is said and done. Not the best, but certainly not bad when you consider that includes all sales tax, fees, etc.
Anyways, I like the car so far compared to my Fit EV, which was costing me $283/mo after tax. I hate the head unit with a passion already. And my experience with the VW car-net folks has certainly been lackluster so far. I still can't get the app or portal to work, so there's no way of setting up a charge schedule yet. Looking forward to being a part of this cool group here. Thanks to everyone here that contributed their own dealer experience, price and deals, etc.
In fact, the only real research I did before leasing was reading this forum. On new years eve, I went over to my local dealer at Hilltop VW in Richmond, CA and they had 3 2015 SEL models (2 silvers, 1 white). I ended up leasing the white one. I'd looked at the inventories around the bay area, and knew there weren't many of the 2015 SEL's left on dealer lots. I knew that I wanted leather and the 7.2 kw charger was a must with my commute and workplace charger situation. Would have prefered a 2016 model with the WAY better headunit (mostly for Android Auto), but it will be awhile before incentives are anything close to what I got on the 2015 (i think).
Ok, here's the details of my lease. $0 down (incentives from dealer and VW covered all down payment, fees, tax on cap reduction, etc). Total out of pocket is 35 payments of $238.13+$22.62(tax)= $260.75. I will get the CA state rebate of $2500, so my overall out of pocket will be 35 x $260.75 + -$2,500 rebate = $6,626.25.
My residual is $13,431, and I plan on purchasing at the end of the lease, so I did the 10k miles per year lease. According to my paperwork, the only part I really got screwed on was the lease money factor (which only was shown to me as a "rent charge" at the end when we were doing paperwork). I was really upset they refused to give me a better interest rate/money factor. I have perfect credit, but they said I could only receive the $9,000 incentive OR the low interest, not both. There is so much bullshit going on with the numbers that I feel I probably am getting more screwed than I already know. I went in to sign the paperwork at 6pm on new years eve and had my wife and 8 month old baby with me, so I rushed through the paperwork without really paying much attention. If anyone wants to take the time to look at these details from my lease agreement paperwork and let me know what you think, I'd appreciate it.
MSRP $36,300.00
discount -$8,700.00
acq fee +$625.00
cap cost reduction -$7,629.13
rent charge +$1,408.81
residual -$13,431.00
total base payments $8,572.68
/36 = 238.13 + 22.62 sales tax = $260.75 total payment
They also provided an additional $1,370.87 to cover the first month's payment ($260.75), the registration fees ($260), doc fee ($80), cap reduction tax ($724.77), and all the other misc fees ($45.35). So in summary, I received the $8,700 discount off MSRP plus another $9,000 for (1) cap cost reduction of $7,629.13 which is the pass through of the federal tax credit, and (2) the $1,370.87 to cover all the upfront costs, first month's payment and fees. After all this, I will also get the $2,500 rebate from state CARB rebate.
Like I said, the only thing I think I really got screwed on was the money factor that equated to a $1,408.81 "rent charge". Other than that, I feel pretty good about it, but only because I plan on buying it at the end.
My total out of pocket = (35 x $260.75) - $2,500 rebate + $13,431 residual + sales tax on the residual (I estimate that will be $1,275.95) = grand total of $21,333.20 after all is said and done. Not the best, but certainly not bad when you consider that includes all sales tax, fees, etc.
Anyways, I like the car so far compared to my Fit EV, which was costing me $283/mo after tax. I hate the head unit with a passion already. And my experience with the VW car-net folks has certainly been lackluster so far. I still can't get the app or portal to work, so there's no way of setting up a charge schedule yet. Looking forward to being a part of this cool group here. Thanks to everyone here that contributed their own dealer experience, price and deals, etc.
