Bolt Lease Cost

[Nagorak]

Interest is minimal. I don't think it's 40 bucks per payment. But I'm not a banker either.

Do the math yourself: https://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html

$40/mo in interest means you have a decent rate.

According to the info posted in this thread right now the lease interest rate is close to nothing:

http://www.mychevybolt.com/forum/viewtopic.php?f=3&t=5644

1.2% for 36 to 39 month lease, and 1.92% for 42 and 48 month lease.

 

[wwhitney]

That's 10% interest, I don't believe it can be so high.

No, that's not how the interest is calculated.

If you have a lease with a total capitalized cost of $40,000, with a $25,000 residual, then you are borrowing an amount that starts at $40,000 and reduces to $25,000 at the end of the lease. Leases apparently use linear formulas, so that's an average amount borrowed of $32,500. If your monthly interest payment is $40/month, that's $480/year, or 1.48% of the $32,500 average principal amount.

Cheers, Wayne

 

[Jychevyvolt]

Financial charge = (adj cap cost + residual)*money factor

Money factor = APR/2400