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Dodge Caravan Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,515
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Dodge Caravan. Thanks.

Car_man
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  • garn0garn0 Posts: 3
    in December for exactly $18,000. It was a 2005 and had 10K miles on it. Had the standard 3.8L engine, power slider doors, steering wheel audio controls, stow and go seats, etc. I found the stow and go seats to be fairly uncomfortable. Not greatly sure it was a wonderful deal but it didn't seem bad compared to the other dealers that I had been talking with. It was the cheapest of the dealers I talked to and it came in under the TMV value on Edmunds. It was a certified van with 8/80 warranty.

    I bought extra warranty for electrical items plus and that cost me $650. I bought gap insurance for $148. It was the fist time I had bought added warranty on a vehicle but the quote was 200 dollars under what I received via e-mail from other private sellers on the net.

    Good deal? Too late now but wondered what everyone thought.
  • Hi garn0. Congratulations on your new van. Did you lease it? It doesn't sound like it. This particular discussion is for community members to discuss leasing the Dodge Caravan. You would be better off discussing the price that you paid for your van over in the "Chrysler Voyager/Dodge Caravan: Prices Paid & Buying Experience" discussion.

    Car_man
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  • Hello Car_man,
    Could you please provide me with the lease numbers for the subject vehicle. I will be leasing for no money down, 12K miles, 39 or 42 months. I am a returning Chrysler lesee so I can take advantage of all cash back offers totaling $5K. MSRP for the vehicle is $27,830 with a selling price of $20,519. Thanks much for your help.
  • I'd be happy to help you out, deejay2099. If you were to lease a 2006 Dodge Grand Caravan SXT through Chrysler Financial right now for 36 months (its program is less attractive for the terms that you mentioned) with 12,000 miles per year, its buy rate lease money factor and residual value should be .00101 and 47%, respectively. Since you provided all of the necessary price info, let's work up a lease payment on this van and see what we come up with. According to my calculations if you were to lease a 2006 Dodge Grand Caravan SXT with an MSRP of $27,830 and a selling price of $20,519 through Chrysler Financial for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around an attractive $241 per month.

    Car_man
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  • Thanks Car_man, this really helps, much appreciated.
  • You;re very welcome, deejay2099. Let me know if you have any other questions.

    Car_man
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  • Hi I just leased a 2006 Dodge Caravan SXT. It is a 27 month lease with 15,000 miles a year. My total payment including taxes a month is 299.75. This was a no money down lease. Only thing I paid was first months lease payment. However, I have a few problems. They told me at the end of the lease I just turn in vehicle and owe nothing. I re-read lease and I have a $425.00 turn in fee. Also, the Gross Capitalized Cost is $21,378 that amount is in paranthesis and on the right hand column is $22,269. Then you take off the 4,000 for rebates which comes down to 18,269. I thought it should be about $900 dollars less at around 17,000 for the Adjusted Capitalized Cost. This would I think lower my payment considerably. My Residual Value is 10,826 and there is also a rent charge of $196 that I dont understand. Any info on any of my questions or if this is a good lease would be appreciated. Thank You
  • backybacky Twin CitiesPosts: 18,692
    A local dealer is advertising a Grand Caravan lease for $99/month, $2995 + license + first payment + tax down, for 27 months. No security deposit. It is a SXT with no options, MSRP $27,830. It says "all rebates to dealer" and also that you must lease through DC Credit. This price seems too good to be true, since Dodge is running an ad on Edmunds.com for what sounds like the same kind of lease, but for $179/month. Anyone else see a deal comparable to this?
  • Car_man, Looking to lease the 2006 Dodge Grand caravan. I stopped by local dealership today to get some info. Here is what I have... I have 1997 Plymouth Grand Voyager, leased vehicle that I paid off a couple years ago. Do I qualify for lease loyalty? When I am choosing the van I want, is the price negotiatable, or is the lease amount?
    I was going to use the little $ equity in the van towards the lease. If they give me $2000 for the old van, where do you think my payments would come in at? If they say $249, can I say " I need to be at $229?" Any insight would be appreciated. Thanks, Jerry
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi apostle31. Chrysler Financial charges a $425 disposition fee (turn-in fee) on every vehicle that it leases. Individual dealers do not have the authority to waive this charge. It sounds as through the dealer neglected to mention or mislead you about this fee. Unfortunately, there is nothing that you can do about this now that you have signed your lease contract and driven off in your vehicle. Similarly, there is nothing that you can do at this point either if you think that your vehicle's capitalized cost is to high. One possible explanation why your van's cap cost is higher than you thought it would be is if your dealer rolled Chrysler Financial's $700 lease acquisition fee into it. These are important items to look at prior to signing your contract. There's really nothing that you can do if you are unsatisfied with them at this point, other than chalk this lease up as a learning experience. Don't worry about the "rent charge." All leased vehicles have them. They represent the interest portion of your vehicle's monthly payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Jerry. That is a good question. I suspect that you do qualify for DaimlerChrysler's $1,000 lease loyalty incentive, but I am not 100% positive that is the case. Your dealer will be able to tell you for certain. The selling prices of leased vehicles are absolutely negotiable just as if you were paying cash for or financing them. You can trade your current vheicle in when you lease, but it would be in your best interest to have the dealer that you are working with cut you a check for it rather than use the proceeds as a down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your new van would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.

    Rather than negotiating this van's lease payment, negotiate the lowest possible selling price that you can on it. Once you know what it's price is, I can help you figure out what your lease payment should be.

    Car_man
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  • rjc1072rjc1072 Posts: 1
    I'm actually getting ready to take delivery on a Dodge Caravan tomorrow - I've read this forum and was surprised to see the $425 disposition fee.

    Is this fee negotiable? I've always had a GM vehicle and never came across this.

    Your comments are appreciated.
  • backybacky Twin CitiesPosts: 18,692
    Has anyone seen a Grand Caravan SXT lease deal at less than $200/month, with 0 down? I am seeing some close to that in my town, e.g. $219/month, and several dealers are offering $99/month with $2990 down. I qualify for the DC partner program (1% under invoice) so that could shave a few bucks off.

    Does anyone know, if a leased car is totalled, what happens? Is the vehicle replaced with another or ???

    btw, the dealers I talked to all mentioned the $425 disposition fee and made it sound like it was non-negotiable.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi backy. If a leased vehicle is stolen or totaled during your term, you don't get a new vehicle. Your lease is essentially over and your insurance company will pay what it feels is the current market value for your totaled vehicle. If this amount is less than you owe on it, and you have gap insurance you are fine. If you don't have gap insurance, you would have to pay the difference out of your own pocket. Like I said though, either way you aren't getting a new vehicle unless you buy or lease another one.

    Car_man
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  • backybacky Twin CitiesPosts: 18,692
    Thanks for the reply. I think the Chrysler Financial leases have gap insurance, but in any case it appears 0 down and no acquisition fee is the way to go on leases. That way if the vehicle is totalled, the potential loss is lower.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You;re very welcome, backy. Let me know if you have any other questions.

    Car_man
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  • brumbrum Posts: 2
    Hi, this is my first post so please bear with me. We are looking at a 39 month lease, zero down, 12k or 15k per miles per year. It is an SXT with 3.8 and MSRP of $27,830. Residual of $12,245 and $11,688 resp. I was quoted a monthly lease payment of $364 and $378. This appears to be high to me, what should I expect as a good rate with today's rebates, etc?
  • well, I bought a 06 DGC SXT, but I did pay attention to leasing option, too.
    During memorial day, I saw one of my local dealer has a leasing offer like $249 a month for 27 month with zero down. I think that is a pretty good offer. $364 for 39 months? definitely too high!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome brum. If you were to lease a 2006 Dodge Grand Caravan SXT through Chrysler Financial right now for 39 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00116 and 43%, respectively. The money factor for a lease with only 12,000 miles per year would be the same, but the residual value would be 2% higher. When negotiating your lease on this van, make sure to take the $4,000 lease cash that is currently available on it into account. DaimlerChrysler also has loyalty incentives on it for returning customers.

    Car_man
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  • brumbrum Posts: 2
    Thanks for the info Car_man. I have had several discussions with a dealer and this is what I have so far...MSRP $28,000, selling price $21,455. 12K miles $298 for 27 or 39 months and 15K miles for 310 @ 27 or 313@ 39 months. This is with $4000 in rebate and $750 as a current Dodge owner. I note in your post #6 to Deejay2099 you calculate the monthly @ 241 so the figures I have still appear high. I am having trouble relating the buy rate lease factor and residual % to the monthly payment. Should I expect to be able to attain a monthly payment of $240-250 @ zero down as calculated for Deejay? Help!
  • badtolzbadtolz Posts: 1
    Going to lease a 2006 grand caravan sxt. Lease with a trade in on my vehicle ($1900.00)
    Here are the specs
    1. Used with 7900 miles
    2. 3.8 engine
    3. Customer Preferred Package - Leather Interior Group
    4. Premium Group
    5. Power Sunroof
    6. 6 Disc cde/dvd changer
    7. 1 Yr Sirius Salellite
    8. Rear Seat Video System

    Base Was $27,100
    All options was $34,000

    Vehicle price came to $27,000 because it was a Demo Vehicle.
    Got a CAP RED REBATE OF $2500
    Trade of my car $1900

    There are some other numbers I don't understand but bottom line is my monthly payment is $360.00 for 39 Months.

    How does this sound? Thanks.
  • Hi Car_man,

    I am looking to lease a bare-bones Dodge Caravan with a list price of 20,720. I plan to offer a cap cost of $14,300. I would like to lease for 24, 27, or 36 months. I see leases advertised with 10,500 miles, which would suffice for my needs. Could you please let me know the 0 down payment, MF, and residual for the different time periods? Thank you - K
  • Hello Car-man (and anyone else who can help!). We are looking at a 2006 Dodge Grand Caravaan, MSRP of $31,500 (lots of nice toys on it). We would trade in our 2002 Chrsyler T&C (good condition, has a DVD). They are quoting us $429 per month for a 39 month lease with 18000 miles per year. Does this seem like a good deal? We live in Pittburgh Pa.
  • Hi kfranci2. Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a base short wheel base 2006 Dodge Caravan SE with 10,500 miles per year are an amazingly low .00001 and 43%, respectively. The numbers for an otherwise identical 36 month lease are .00027 and 36%. When negotiating your lease on this van, make sure to take the $3,500 lease cash that is currently available on it into account. If the specific unit that you are considering has been on the dealer's lot since April 1st or earlier, there is an additional $1,000 cash incentive on it.

    Using the aforementioned lease program, an MSRP of $20,720, and a selling price of $14,300, I estimate that this van's 24 month zero down, pre-tax monthly payment should be around $225. The payment for an otherwise identical 36 month lease should be around $196.

    Car_man
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  • Hello reilly3. You never mentioned the selling price of the Grand Caravan that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the van that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

    As far as your trade goes, there's nothing wrong with trading in your current vehicle when leasing a new one. However, it would be in your best interest to have the dealer that you are working with cut you a check for any equity that you have in your trade rather than applying the proceeds from it as a down payment for your new lease. I always advise consumers not to make down payments on leased vehicles. Consumers who make them risk losing them if their vehicle is totaled in an accident or stolen.

    Car_man
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  • Hi,

    Are these two models exactly the same? And are these fair prices for 06 models---all with just standard features it appears. Located in suburban Phila., PA

    Model/Miles/Price
    SXT/16,378/$17,900 (marked down from $19,900)
    Town and Country Touring/17,961/ $18,900 (marked down from $20,900)

    Are these good prices right now, and should I consider leasing?

    Thanks!
  • Hi twilkinson. I see that you mentioned the mileage of these vans. Are these demo vehicles? If so, you would still be able to lease them using Chrysler Financial's new vehicle lease program. If they are used vehicles, you would not. These vehicles' new vehicle lease programs are different. If you tell me how long you want to lease them for and how many miles per year you need to be able to drive them, I will be happy to give you an idea of what their lease programs are currently like. As far as their prices go, given the significant number of miles that are on them I personally would not purchase either of these vehicles unless I was able to get them for well below dealer invoice minus any available cash incentives. The problem that I have with demos is that dealers are not usually willing to provide enough of a discount on them for me to personally justify purchasing what essentially is a low mileage used vehicle over an otherwise identical brand new one.

    Car_man
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  • Looking to get out of my current lease early and get into a new Dodge Grand Caravan. Currently have rear DVD player in mine, and would prefer it again. What's going rate now? I qualify for Chrysler employee discount.
  • Hi CarMan,
    I currently own a 1999 Dodge Neon that is completely paid off. Now that the third son has arrived, we are wanting to get a minivan. I went to the Dodge.com website and was looking at leasing comparing to buying and am leanind towards going that route. I have a couple questions since I am new to the lease game: 1) They have a lease program called Chrysler Financial Plus that is a little different than a regular lease. Do you know anything about this? (here is something about it from the site: When you've reached the end of your term, you can choose from three end of term options. You can Return the vehicle to your dealer or make a final Fixed Value Payment, or refinance the Fixed Value Payment." That leads me to question #2. My wife told me she is skeptical of leasing because when her friend's lease ran out, the dealership did her dirty on the "refinancing the Fixed Value Payment and her payment was going to be alot higher to purchase a "used vehicle at the ned of the lease than f she had just bought it new." Is this legit?
    and my last question (for now) In previous posts, I see people talking about leasing demo vehicles and getting them cheaper, how do I go about that?

    Thanks
    PigPen9
  • Hi drdsanto. That's great that you qualify for DaimlerChrysler's Employee Purchase Program. The fact that you do will ensure that you get a great selling price on the Caravan that you're interested in without having to haggle. When you ask what the going rate is now, are you asking what sort of monthly payment can you expect? If so, I would be happy to use Chrysler Financial's current lease program to estimate your van's lease payment for you. However in order for me to do so I need you to provide me with some more information, including its MSRP, the employee purchase price, how long you want to lease for, and how many miles per year you need to be able to drive it. Let me know and I'll crunch some numbers for you.

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