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Dodge Caravan Lease Questions

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  • 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.

    Car_man
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  • Hi PigPen9. As someone who is very familiar with car seats I can completely understand why you need something bigger than your neon now :shades: . Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    I am familiar with the Chrysler Financial Plus program. I believe that this is what is known in the industry as a balloon note program. Balloon notes are similar to leases in that they provide consumers with low monthly payments and an option to purchase their vehicle at the end of their contract for a predetermined price. The main difference between balloon notes and leases is that with leases the bank's name is on your vehicle's title, while with balloon notes yours is. Balloon notes actually are not very popular. The only places that they are really used are in areas where the tax laws make them more attractive and in New York where the since changed vicarious liability laws scared banks away from leasing. Most consumers just lease vehicles.

    Having a high finance payment on a used vehicle is not really some sort of dirty trick. The end of term purchase prices of leased vehicles is set by banks and has nothing to do with dealers. Consumers who lease a vehicle pay for a certain percentage of depreciation on it over the length of their lease. Whatever portion of their vehicle's value is left at the end of their lease is its purchase price. At that time, consumers are free to walk away from their leased vehicles without paying anything or to pay cash for or finance their vehicle's purchase option price. Consumers who want to finance their leased vehicle after their lease is up should shop around for a good interest rate. They are not obligated to take one that is offered by Chrysler Financial or their dealer.

    Demo vehicles are vehicles that dealers have put miles on, by using them for test drives, employee vehicles, etc... but that have never been titled so they are still technically "new" vehicles and qualify for new vehicle incentives. The problem that I personally have with demo vehicles is that dealers never seem to be willing to discount demos enough for me to personally justify purchasing what is essentially a low mileage used vehicle over an otherwise identical brand new one. If you are interested in leasing a demo vehicle, just ask the dealer that you are working with if they have any in stock.

    Car_man
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  • Hello CarMan,
    Could you please tell me the current lease rate and residual for a no-option DGC SXT? Looking to do a 36 or 39 month lease, 12K miles/year. We still have the 2006 but my wife is not fond of the restyled 2008 DGC and we may be able to work out something. Also, I've heard Dodge has a pull-ahead program for current lease customers, up to four payments. Do you know about this program and if so, do you know how long it is on for?

    As always, thanks much.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello deejay2099. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Dodge Grand Caravan SXT with 12,000 miles per year are .00065 and 42%, respectively. The numbers for an otherwise identical 39 month lease are .00083 and 41%. When negotiating your lease on this van, make sure to take advantage of the $4,000 lease cash and $500 bonus cash ($4,500 total) that are currently available on it.

    DaimlerChrysler frequently runs an early lease termination program on the Dodge Caravan. If one is available on it now, I suspect that is the case, then you should be able to get out of your current Chrysler Financial lease four months early for free.

    I'm surprised that your wife doesn't like the redesigned Dodge Grand Caravan. I saw it at an auto show a few months ago and thought it was great. I'm not a minivan guy, but I was amazed by how the rear captain's seats turned around to face a table. You can even get it with satellite TV for the kids.

    Car_man
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  • berlyb3berlyb3 Posts: 1
    Could you please tell me the current money factor and residual rate for a 36 month lease for 15,000 miles/year? Have you heard if Chrysler will offer some great incentives to push the 2008 model? Thank you.
  • hcophcop Posts: 6
    I was told there is a mantory bank fee to either pay up front or they roll it in with the payment. I also noticied they thru in then 425.00 trade in fee at the end of the lease which i was unhappy about.
  • hcophcop Posts: 6
    lease car man or anyone else who can answer the question ; is there mandatory 700.00 bank fee or did i get taking for a ride.
  • Has DCFS released the residuals and lease factors for the new 2008 Grand Caravans? If so, do you know what they are? Have you been able to get a sense of what the demand will be on the vans (ie how far over invoice am I gonna have to go?)? Do you know anything about whether or not the restriction that has been on the MyGig system is still in place? Thanks for the information you share here. It is very valuable!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here's the information that you're looking for, berlyb3. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Dodge Grand Caravan SXT with 15,000 miles per year are .00053 and 38%, respectively.

    Chrysler is currently providing $4,000 lease cash on the '07 Grand Caravan. It is difficult to say whether it will have to increase its cash incentives on it to help unload the remaining '07 models now that the '08s arrived, but any increase in cash incentives will probably be offset by the fact that its lease program will get worse as the model year progresses.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi hcop. These fees have nothing to do with your dealer. They are standard Chrysler Financial charges. It charges a $700 acquisition fee on every vehicle that it leases. this fee can either be paid at lease signing or rolled into your vehicle's capitalized cost to make it part of your monthly payment. It also charges a $425 disposition fee at lease-end to consumers who do not purchase their leased vehicle or lease another one through Chrysler Financial.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi wgbcworship. I don't believe that Chrysler Financial has introduced a special lease program for the 2008 Dodge Caravan yet. At least I haven't seen one for it. I suspect that it will introduce a special lease program on it when it publishes its new lease program on September 5th.

    I don't have a good sense of what the market will be like for the redesigned Chrysler minivans yet. While I'm not a minivan person, I think that Chrysler did an excellent job with the new Caravan and Town & Country. Having said this, the demand for minivans has not been that strong. General Motors and Ford have replaced most of their vans with crossover vehicles. Even if the initial demand for the redesigned minivans is strong, I suspect that within a couple of months dealers will be selling it for close to dealer invoice.

    Car_man
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