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Bolt EV Lease Program Announced ($309/Month, Net $0 Down After CVRP)

Thanks to Leasehackr reader bro1999 for the heads up!

Yesterday, GM Financial announced the supported lease program for 2017 Chevrolet Bolt EV, the remarkable battery electric vehicle with 238 miles of range and an MSRP of under $30,000 (after $7,500 federal tax credit). Here's how much it costs to lease one right now.

(Note: 2017 Bolt EV will launch first in California and Oregon; nationwide rollout will occur at a later date.)

2017 Bolt EV Premier (source: chevrolet.com)

2017 Bolt EV Premier (source: chevrolet.com)

The Lease Program

The cost of leasing a particular car is determined by its lease program, which is set by the manufacturer, and the selling price, which is set by the dealer. Here is GM Financial's lease program for 2017 Bolt EV through the end of this year:

Residual Values (36 Months)
Trim 10,000 Miles/Year 12,000 Miles/Year 15,000 Miles/Year
Bolt EV LT 61% 60% 58%
Bolt EV Premier 60% 58% 57%
Rates
Credit Tier Money Factor Interest Rate Equivalent
Tier A+ and A1 .00050 1.20% APR
Tier A2 .00133 3.19% APR
Tier A3 .00217 5.21% APR

As for rebates and incentives, there's a $2,500 Incremental CCR incentive through GM Financial (CA or OR only). Given how Bolt EV qualifies for the full $7,500 federal tax credit, we frankly expected the CCR to be higher. But it looks like GM is passing only a fraction of that amount to lessees -- and using the rest to inflate the residuals (which also lowers the payment).

There are no other incentives from GM at the time (no competitive owner/lessee cash, no Farm Bureau rebate, and the like). However, like all battery electric vehicles, Bolt EV does qualify for the $2,500 CVRP mail-in rebate from the California Air Resources Board.

Putting It Together

A base 2017 Bolt EV has an MSRP of $37,495, and the invoice is $35,155 (both include destination charge). We expect most Bolt EVs to initially sell for close to MSRP. Costco or GM Supplier pricing, which is typically close to invoice, has not been released yet. 

Use the lease calculator below to customize your own inputs, such as mileage and selling price. Here's a sample deal of a base Bolt EV LT assuming a selling price of $36,495 (a discount of $1,000), excellent credit, Los Angeles County sales tax, and 10,000 miles per year. Bolt EV qualifies for a $2,500 CVRP rebate, which we've fronted as a down payment in this example.

Select to auto-populate the acquisition fee, disposition fee, and MSD fields.
% off MSRP
GM Financial CCR
In CA, you get $2,500 back as a mail-in rebate (CVRP).
I want to pay my acquisition fee upfront.
%
( miles/yr)
Adjusting the miles changes the residual (%).
APR: %
Enroll in Mercedes-Benz Autopay to lower the MF by 0.00010
I want to pay my total lease payment upfront to lower the MF by 0.00073.
APR: %
%
Tax is levied on the monthly lease payment (most states).
Tax is levied on the sales price upfront (e.g. VA, TX, GA).
Tax is levied on the total lease payment upfront (e.g. NY, MN, OH).
First month's Payment incl. tax:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on cap cost reduction and fees:
Acquisition Fee:
First Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the Sales Price:
Acquisition Fee:
First Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the total lease payment:
Tax on cap cost reduction and fees:
Acquisition Fee:
The number of years it would take for the accumulated monthly payments to exceed the MSRP. Higher is better.
The total cost of leasing over the lease term, including applicable taxes and disposition fee but excluding registration/license fee and the refundable MSD payment.