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Dodge Caravan Lease Questions

13

Comments

  • hcophcop Posts: 6
    thank you for the info
  • hcophcop Posts: 6
    Car man host thank you for the info
  • thank you. i will post back here when i find anything else out.
  • this is my first time on this site also. i am very confused. i am in the process of finalizing a lease(nj) on the dodge caravan that has every available option. this is my first dodge-been a gmac customer for 20 years- the lease payment that i have been quoted is VERY high compared to everything i am reading [ $535/mo 39 mo $2,000 down] is there something i am missing here?
  • Welcome patdepdry. That lease payment does sound pretty high. We're talking about a Dodge here, not a BMW or a Mercedes-Benz. The best way to get a good deal on a new vehicle is to negotiate as low a selling price as you can on it and then have the dealer calculate your monthly payment using its buy rate lease money factor. Try to get a selling price that's as close to dealer invoice as possible before the deduction of any available cash incentives. Chrysler is currently providing $1,500 lease cash plus an additional $500 to $1,000 bonus cash in select regions on this model right now. Chrysler Financial's current buy rate lease money factor for a 36 month lease of a 2008 Dodge Grand Caravan SXT is .00148. I would bee happy to estimate what this van's monthly payment should be for you if you provide me with the MSRP and selling price of the exact model that you want.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan, could you please provide the rate and residual numbers for a 36 month, 12K mile lease on the 2008 Grand Caravan SXT? Thanks Much.
  • Here's the information that you're looking for, deejay2099. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Dodge Grand Caravan SXT with 12,000 miles per year are .00130 and 50%, respectively for consumers who qualify for its top credit tier. When negotiating your lease on this van, make sure to take advantage of the $1,500 lease cash that is available on it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • bigslickbigslick Posts: 1
    Hi - first post here. I wish I would have found this site before I signed a lease yesterday, but anyway, I am interested in finding out what the current money factor is for a base 2008 Grand Caravan SXT with no options. The post above from 1/16 says .00130 and 50% residual. Is that still current? Assuming that's 50% of MSRP + destination, my residual is dead-on. However, my money factor is greater than that quoted above, assuming I am calculating it correctly. Here are the terms of my lease:

    Net cap: 23874.47
    Residual: 13767.50
    Term: 36 months
    Lease Charge: 2100.63

    I calculated the money factor as .00155 - did I do that correctly? The odd thing is that if I use a money factor of .00155 instead of .00130 I come up with a difference in the lease charge that is within 30 cents of a complete extra payment. I did pay one payment as part of the up-front cost - does that matter at all in the calculations? It just seems weird that the difference is an entire monthly payment.

    I am wondering if I got the best deal I could have, or if they adjusted things to account for the "good deal" they gave me in the negotiated price (it was a bit less than the 1% under invoice price - at least according to the invoice sheet after they added on the advertising, etc. costs).

    Thanks in advance!
  • meandmmeandm Posts: 5
    Hi all, first time poster here :)

    My wife and I are looking at buying a 2005 Dodge Grand Caravan SXT.

    It's loaded.

    A retired couple leased the van in 2005, and were (some how) able to get out of the lease early, and decided to lease a new 2008 G.C.

    They did this all though the same dealership.

    I've never leased before, but have researched it.

    My questions are:

    -) Would that retired couple get a trade-in value/credit toward the lease of their new van?

    I ask that because dealerships sell vehicles to leasing companies (at or below "cap price"), and most likely make $$ on that transaction.

    So, if the dealership *does* give a trade-in allowance/credit toward the lease of a new vehicle, then I would probably need to consider the trade-in value and retail value of the 2005 we're looking at much more.

    However...

    If the dealership does *not* give trade-in allowance, and just takes the old van off their hands because they're nice guys....then wouldn't whatever the dealership sells it for be "pure profit"...?

    Because the way I'd see it would be:
    Dealer sell to lease company, makes $$
    --lease company makes $$ for 3 years
    ----gets turned back in to dealer after 3 years, who gives no trade-in credit
    ------goes out the door at $15k...this = $15k profit (right?)

    They're asking $16,900 for it, and we're able to spend $15,000 (or less) with a $3k downpayment and anticipated $1300 trade-in (making our loan somewhere around $12k to $13k)

    Thanks for the help!!
  • mthompxxmthompxx Posts: 6
    Hi, I just leased a grand caravan yesterday under the employee discount program. My Wife's Uncle works for Chrysler. The salesman gave me the discount without any control number. I signed the lease, and I have had the van for over 24 hours now. I got a hold of the uncle, and he gave me the control number. Come to find out, nieces are not eligible for the discount. The sales man said I need to get a number now, and I should get a hold of someone who works for Chrysler to get one.

    my question is that since I already signed the lease for this amount, isn't it all said and done now. Or do I still need to get a number to keep my van at this price. I would think that if it was submitted without the control number, and I signed the lease I should be in the clear now, and not have to pay the extra 1600 price difference. Any advice I can get would be great. Thank you.
    Matt.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome bigslick. I take it that you are a poker player :). The .00130 money factor that you saw mentioned earlier is still Chrysler Financial's buy rate for a 36 month lease of a 2008 Dodge Grand Caravan SXT. All lessees are required to pay their vehicles' first month's payment at lease signing, so that would not have any impact upon your van's money factor. It is difficult for me to back into the money factor that was actually used on this deal without knowing what your van's full MSRP is. Regardless of whether the dealer charged you .00155 or .00130 this is still a pretty good deal. Don't worry about it now because your deal is already done. Just make sure to stop back here to Edmunds.com before you sign on the dotted line the next time you are in the market for a new ride ;) . Enjoy your new Caravan.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome aboard, meandm. When the dealer leased this van to the retired couple they essentially sold it to Chrysler Financial. In order for that couple to get out of their lease early, which usually is a very bad idea, the dealer would have to purchase the van back from Chrysler Financial. The dealer definitely did not get the van for free. Even if they had, it really does not have an impact upon what it is worth on the open market. The dealer is not going to sell it to you for less than what the market dictates that someone else is likely to pay them for it just because they got a good deal on it (they probably didn't anyhow). You should be able to get an idea of how much you will have to pay for the Caravan that you are interested in by looking it up over on the Used Vehicle Pricing section of Edmunds.com.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Matt. Unfortunately, the fact that you signed the lease papers does not mean that Chrysler will approve your deal. It sounds like the dealer just let you drive off in your van before the deal was completely finalized. If you don't get a control number, you will probably either have to give your Caravan back to the dealer or pay a higher price for it. Sorry that I don't have better news for you.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • csteinbecsteinbe Posts: 10
    I asked about this in another thread, but car_man seems to have the facts.

    What's the current Chrysler Financial lease rates for a 2008 Grand Caravan SXT (25L if it matters)?

    I was quoted 46% and .00170, and there is also a $130 annual fee on the deal sheet that I don't understand.

    Thanks,

    Craig
  • csteinbecsteinbe Posts: 10
    Forgot some important details: 39 (or 36) month & 15K/yr
  • romarriottromarriott Posts: 2
    Carman,

    If I wanted to get an a lease amount for a 2008 Dodge Grand Caravan SXT with a couple of options. The MSRP is $30,910. I will be negotiating for the selling price of $29,500.

    There is a cash allowance of $2500 until June 2. How would the cash allowance work? Do you also take that off the final selling price and use that price when calculating the lease amount? Excuse the beginner questions but it sounds like you are very helpful on these things and could help me out.
  • romarriottromarriott Posts: 2
    Read someone else's post and forgot to mention 12k/ year and for 36-month lease.

    Thanks
  • odymommaodymomma Posts: 6
    You should be able to do much much better than 29500 on a sticker of 30,910. You're basically inviting them to stick it to you. Research the prices paid and negotiate much harder than you are. You should be around 26,500 inc. the rebate.
  • csteinbecsteinbe Posts: 10
    Think of the cash allowance as a contribution to your down payment. Negotiate the price of the van first, and ignore any references to the allowance until you are done. The allowance comes from Chrysler not the dealer, and it shouldn't be considered part of the dealer's contribution to the negotiation.
  • csteinbecsteinbe Posts: 10
    So, I finished my deal today. The .00170 money factor and 46% depreciation were on a Chrysler Financial lease for 39mo/15K on a Caravan SXT, so I would have to assume those are current as I don't think dealers can move on those numbers.

    The $130 fee I saw on the deal sheet was for registration.
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