Divide your dealer's APR by 2400 to get the money factor (e.g., 3.6% / 2400 = 0.00150).
Enter the total amount due at signing, excluding any capitalized cost reduction.
Amount you pay upfront to reduce the capitalized cost.
Estimated Monthly Lease Payment
$0.00
Note: This is an estimate. Actual payments may vary.
Understanding Your Chevrolet Lease
Leasing a Chevrolet offers a way to drive a new vehicle with typically lower monthly payments compared to financing a purchase. However, understanding the components of a lease agreement is crucial to ensure you're getting a fair deal and to accurately estimate your costs. This calculator helps break down the key elements.
Key Lease Components:
MSRP (Manufacturer's Suggested Retail Price): The sticker price of the vehicle.
Negotiated Purchase Price (Capitalized Cost): The price you and the dealer agree upon for the vehicle. This is the starting point for your lease calculation.
Capitalized Cost Reduction: Any amount paid upfront that reduces the capitalized cost. This includes down payments, trade-in value, and rebates.
Residual Value: The estimated value of the vehicle at the end of the lease term. It's usually expressed as a percentage of the MSRP and is determined by the leasing company based on the vehicle, term, and mileage.
Lease Term: The duration of the lease agreement, typically in months.
Annual Mileage Allowance: The maximum number of miles you can drive per year without incurring excess mileage charges.
Money Factor: This is essentially the interest rate for your lease. It's usually a very small decimal number. You can convert it to an approximate Annual Percentage Rate (APR) by multiplying by 2400.
Upfront Fees & Taxes: These are costs paid at the lease signing. They can include the first month's payment, a security deposit, acquisition fees, documentation fees, registration fees, and sales tax on the capitalized cost reduction and/or monthly payments (depending on your state).
How the Monthly Payment is Calculated:
The estimated monthly lease payment is calculated using the following formula:
Note: The calculation of upfront fees and taxes applied to the monthly payment can vary significantly by state and lease structure. This calculator provides a simplified approach by amortizing the specified upfront fees over the lease term.
Using the Calculator:
Enter MSRP: Input the Manufacturer's Suggested Retail Price for the Chevrolet model.
Negotiated Price: Enter the price you've agreed upon with the dealer.
Residual Value Percentage: Find this from the dealer or lease contract details. It's often a percentage (e.g., 55%).
Annual Mileage: Select your expected yearly mileage.
Lease Term: Enter the number of months for the lease (e.g., 24, 36, 48).
Money Factor: Input the money factor provided by the leasing company. If you only have the APR, divide it by 2400 (e.g., 3.6% APR becomes 0.00150).
Upfront Fees & Taxes: Add up all the costs due at signing except for any capitalized cost reduction. This includes fees, taxes, first month's payment, etc.
Capitalized Cost Reduction: Enter any down payment, trade-in value, or applicable rebates that reduce the price you're financing.
Click "Calculate Monthly Payment".
The calculator will provide an estimate of your monthly lease payment. Remember that this is an estimate, and actual figures may differ based on specific dealer fees, current incentives, credit approval, and local tax laws.
function getInputValue(id) {
var inputElement = document.getElementById(id);
if (inputElement) {
var value = parseFloat(inputElement.value);
if (isNaN(value)) {
return 0;
}
return value;
}
return 0;
}
function getSelectValue(id) {
var selectElement = document.getElementById(id);
if (selectElement) {
var value = parseFloat(selectElement.value);
if (isNaN(value)) {
return 0;
}
return value;
}
return 0;
}
function formatCurrency(amount) {
return "$" + amount.toFixed(2).replace(/\d(?=(\d{3})+\.)/g, '$&,');
}
function calculateLease() {
var vehiclePrice = getInputValue('vehiclePrice');
var negotiatedPrice = getInputValue('negotiatedPrice');
var residualValuePercent = getInputValue('residualValue');
var annualMileage = getSelectValue('annualMileage');
var leaseTerm = getInputValue('leaseTerm');
var moneyFactor = getInputValue('moneyFactor');
var upfrontFees = getInputValue('upfrontFees');
var capitalizedCostReduction = getInputValue('capitalizedCostReduction');
// — Input Validations —
if (vehiclePrice <= 0 || negotiatedPrice <= 0 || residualValuePercent <= 0 || leaseTerm <= 0 || moneyFactor <= 0 || capitalizedCostReduction < 0 || upfrontFees vehiclePrice) {
document.getElementById('monthlyPayment').textContent = "Error: Negotiated price cannot exceed MSRP.";
return;
}
if (residualValuePercent > 100) {
document.getElementById('monthlyPayment').textContent = "Error: Residual value percentage cannot exceed 100%.";
return;
}
// — Calculations —
// 1. Calculate Residual Value (in currency)
var residualValue = vehiclePrice * (residualValuePercent / 100);
// 2. Calculate Adjusted Capitalized Cost
var adjustedCapCost = negotiatedPrice – capitalizedCostReduction;
if (adjustedCapCost < residualValue) {
// This is a simplified check. In reality, cap cost reduction shouldn't push the cost below residual in a way that's nonsensical, but leases can be structured this way.
// For simplicity, we won't error out but proceed with calculation. A very low adjusted cap cost might indicate a mistake.
console.warn("Adjusted Capitalized Cost is lower than Residual Value. Review inputs.");
}
// 3. Calculate Depreciation
var depreciation = adjustedCapCost – residualValue;
// 4. Calculate Monthly Depreciation Cost
var monthlyDepreciation = depreciation / leaseTerm;
// 5. Calculate Rent Charge (Finance Charge)
var rentCharge = (adjustedCapCost + residualValue) * moneyFactor;
// 6. Calculate Total Monthly Finance Charge
var totalFinanceCharge = rentCharge * leaseTerm;
// 7. Calculate Base Monthly Payment (Depreciation + Finance)
var baseMonthlyPayment = monthlyDepreciation + rentCharge;
// 8. Calculate Amortized Upfront Fees (Simplified approach)
var amortizedUpfrontFees = upfrontFees / leaseTerm;
// 9. Calculate Estimated Total Monthly Payment
var estimatedMonthlyPayment = baseMonthlyPayment + amortizedUpfrontFees;
// — Display Result —
document.getElementById('monthlyPayment').textContent = formatCurrency(estimatedMonthlyPayment);
}