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Dodge Magnum Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,515
edited March 20 in Dodge
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Dodge Magnum. Thanks.

Car_man
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  • Hello Car_man,

    I am looking to get a Dodge Magnum. I feel leasing might be my best bet because I want to get more car for my money and I want to get a new car in a few years. I am looking to put about 15,000 miles a year on it. Initially, I wanted to get a used auto loan from a credit union and find a used 2005 magnum SXT. But it seems like leasing a new one might be a better option. Ideally, I'd like to keep my payments below $350. Is there a way to work the numbers in such a way that a lease is possible? Would it be better getting the RT if I am leasing? From what I have gotten from going over your posts..you can get a car thats 37k with a payment in the 300 dollar range if the residual value is good? Or am I misunderstanding? Also, do you recommend the Financial Plus leasing? Please help me out so that I am able to get a good deal. Thanks in advance for your response!

    Sincerely,
    Unosturgis
  • Hello Unosturgis. It is difficult to generalize about how much a vehicle with an MSRP of $X will cost to lease because there are so many variables involved in leasing. A vehicle's exact lease payment will depend upon its money factor, how long the lease is, the mileage allowance, the residual value, and how much of a discount is being given. I would be happy to estimate what sort of lease payment you will have on the Dodge Magnum that you are interested in, but in order for me to do so I need some additional information from you first. This information includes the exact model that you want, its full MSRP 9with the destination charge added in), its approximate selling price, and how long you want to lease it for. You can find the MSRP for the car that you want right here at Edmunds.com by visiting the New Vehicle Pricing section of this site. You will also find the dealer invoice and Edmunds.com True Market Value prices for this vehicle there. They will give you an idea of what sort of selling price you will have to pay. The "Plus" program that you mentioned is Chrysler Financial's balloon note program. There's nothing wrong with balloon notes, in fact they are very similar to leases in many respects. However, they are much less popular than leases and I do not personally keep tabs on manufacturers' balloon note programs. Let me know the missing information that I just mentioned and I would be happy to estimate a lease payment for you.

    Car_man
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  • Hey Carman,

    Sorry for not being more specific. The model I was looking at was a 2005 Dodge Magnum R/T in black. The MSRP is $32,260. The sales price would be $28,500. I was looking to do a 24-48 month term lease. Thanks in advance for your repsonse.

    Sincerely,

    Unosturgis
  • Don't worry about it, Unosturgis. Community members leave this sort of information out all the time. Thanks for the more specific information. According to my calculations, if you were to lease a 2005 Dodge Magnum R/T 2WD with an MSRP of $32,260 and a selling price of $28,500 through Chrysler Financial right now for 39 months (this is the most attractive term for this model right now) with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $428. When negotiating your lease on this model, make sure to keep in mind that DaimlerChrysler is currently providing $1,500 bonus cash on it. This money will help you to negotiate an attractive capitalized cost for your lease.

    Car_man
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  • garegare Posts: 3
    I am also looking at Leasing an 05 Dodge Magnum R/T. Could you please tell me what the residual % and moneyfactor you are using in your calculation?

    Thanks.
  • ed108ed108 Posts: 34
    Do the rest of you have trouble getting this info? Maybe it's just the scum dealers I have in my area but asking these two simple questions (money factor and residual) gets no answers. I emailed every dealer in town asking for this info, all I got back was

    a) how much are you looking to pay a month?
    or
    b) they emailed me back a list of cars available with the msrp as their "special" price

    man I hate care dealers.
  • Hello gare. Chrysler Financial's current 39 month, 12,000 miles per year buy rate lease money factor and residual value for the 2005 Dodge Magnum R/T 2WD are .00158 and 45%, respectively. When negotiating your lease on this car, make sure to take the $1,500 lease cash and $1,000 bonus cash $2,500 total) into account. These cash incentives will help you to negotiate an attractive capitalized cost for your lease.

    Car_man
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  • Hello ed108. Dealers are often secretive about vehicles' lease money factors and residual values because the less you know about your transaction, the more power they have and the more likely it is they will make a good profit on your deal. Since dealers won't divulge this vehicle's lease program to you, focus on getting them to quote you a selling price instead. I can tell you want the lease program is like for the model that you want. Just let me know how long you want to lease it for and how many miles per year you need to be able to drive it, and the exact trim level that you are interested in.

    Car_man
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  • Hi i was interested in a Dodge Magnum SXT 2006. The MSRP is $27,145 and i negotiated them down to $24,549. I wanted to know dodge current money factor and residual on both a 36 month lease and 39 month lease. My credit is great and i'm sick and tired of all these dealers lying to me so that they can make a ridiculous profit. Also do you know if CHrysler financial charges a bank fee. Anyway thanks for any help that you can give me
  • Can you please help me estimate a lease payment on an 06 magnum srt 8. Sticker price of 42,060 and sales price of 39,000. Please help me on a 3 year 15K lease. What is the residual percentage and how does it compare to the RT.

    Thanks
  • Hi jhandal. If you were to lease a 2006 Dodge Magnum SXT 2WD through Chrysler Financial right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00266 and 49%, respectively. The numbers for an otherwise identical 39 month lease should be .00243 and 48%. When negotiating your lease on this car, keep in mind that DaimlerChrysler is currently providing $1,000 bonus cash on this model. this money will help you to negotiate an attractive capitalized cost. Chrysler Financial's base lease acquisition fee is currently $550 for consumers who pay a security deposit.

    Car_man
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  • I'd be happy to estimate what this car's lease payment should be like for you, txcurtis. Let's take a look at its current lease program first. If you were to lease a 2006 Dodge Magnum SRT-8 through Chrysler Financial right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00266 and 51%, respectively. This compares with .00266 and 50% for an otherwise identical lease of a 2006 Magnum RT 2WD. Using the aforementioned lease program, an MSRP of $42,060 and a selling price of $39,000, I estimate that this car's zero down, pre-tax monthly payment should be around $649.

    Car_man
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  • aliealie Posts: 1
    Hi Car man. Please help me if you can. I'm doing a long-distance lease over the phone as I am leasing my folks a car for Christmas. Reading your other posts, I am feeling that my terms aren't right. Could you give me your opinion? My bottom line price is $27, 680. With good credit, should I have to pay a down? What do you think my lease payment should be for 36 months? My seller is saying he needs a $1000 down with payments of 570 a month. Yikes! Thanks for your opinion! Alie
  • do you know how long the lease deals are going on for Dodge? ($1500 lease cash + $1000 bonus cash)

    thanks,

    Up
  • Hi Car man,

    I am looking into a lease of a Black Magnum R/T AWD and with all the options (Nav, convenience group 2, power sunroof, electronics convenience group, and Sirius radio) it comes out to $37820 MSRP and the invoice price is $35372. I wanted to do a 36 month/15K per year. My question is how much would my monthly payments be w/ $0 down. I am located in the 20853 zip code area.

    I tried to use the "calculate your own lease" formula on edmunds.com and I came out w/ a monthly payment of over $600. I used the MF of .00266 and a residual value of .50%...

    Is this correct?

    Thanks.... :confuse:
  • Hi everyone. I've been away on vacation for a little while. I'm going to answer any questions that have been posted over the past couple of days. I would appreciate it if anyone who has an older question than than that they would still like to have answered would post it again. Thanks and Happy Holidays.

    Car_man
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  • Hi up. DaimlerChrysler's current lease program is scheduled to run through January 3rd. Having said this, I expect it to offer a fairly similar level of lease support when it introduces its replacement program.

    Car_man
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  • Hi uptempoballer. Let's assume that you are able to get this car for $500 over invoice and see what its monthly payment should be like. According to my calculations, if you were to lease a 2006 Dodge Magnum RT AWD with an MSRP of $37,820 and a selling price of $34,872 ($35,372 invoice minus $1,000 Chrysler financial bonus + $500 for the dealer) through Chrysler Financial right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $587. The lease money factor and residual value that you used for this car are correct, but the payment that you came up with is a little different than mine. Perhaps you were using a higher selling price than I did.

    Car_man
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  • Hello Car Man. I have a 2003 Murano lease that will end in April 2006. I am looking at a 2006 Dodge Magnum RT (say $34,300 TVM w/ options) to lease. I had a great 39 mo/12K lease on my 2003 Murano SL AWD (loaded) ($37,300 MSRP - $35,500 Gross Cap w/ $2800 down = $436/mo + tax). By my math, this had a 58% Residual (purchase option $20,400). It would appear that in today's market, I will not come close to this MSRP/Lease Payment? What can I expect (San Francisco, CA)? If I were to try to get the same terms with a new Murano, would it be any better than a Magnum?
    Thanks,
    JS.
  • Hi arch1sf. I can't work up a sample lease payment on the Magnum that you want for you without knowing its MSRP, as well as the selling price that you mentioned. Let me know and I'll run some calculations for you. When negotiating your lease on this vehicle keep in mind that DaimlerChrysler is currently providing $1,000 bonus cash and $1,000 dealer cash on it. These incentives will help you to negotiate an attractive capitalized cost.

    The 2006 Nissan Murano's lease program is more attractive than the 2006 Dodge Magnum's program is right now, but Nissan does not have the same level of cash incentives on the Murano as DaimlerChrysler does on the Magnum. If you provide me with MSRPs and approximate selling prices for both models, I can tell you exactly which one would be less expensive to lease right now.

    Car_man
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  • Car Man,
    I would assume the following for each car:

    Magnum: MSRP $35,675 - Selling Price $34,500
    Murano: MSRP $38,055 - Selling Price $35,900

    I have based both selling prices essentially on Edmunds TMV (true market value) prices for what these are selling for (based on my zipcode).
    Thanks for any help you can be.
  • arch1sfarch1sf Posts: 5
    Car man, Help!
    I have negotiated the following:
    2006 Magnum 2WD R/T (loaded) MSRP $38,160
    Selling price $33,160 (this is $4,000 off msrp Dealer plus $1,000 off Chrysler Financial)
    I asked for a 36mo/12K lease.
    The dealer is saying that current money factor is .0031 and residual is 49%. Based on your previous posts for this car, both of these seem high (especially the money factor...).
    I need your advice badly to either talk or walk...
    Thanks-
    (from San Francisco)
  • Hey Car_man! I hope you can come back soon. I almost drove off in a Magnum R/T right now but the Dodge Dealership in Cerritos is trying to stick me with high lease payments. I was looking at a 06 magnum r/t, msrp 33,085. Got them down to $27,995. They said that I am getting an extra $1000 off. I went to leaseguide.com and used their calculator. For a 39 month, 12miles a year lease, I got a quote of 435.09 w. tax and license using .00333 money factor, acquisition fee of $700 and 50% residual. When I went to the dealership they quoted me for $475 using the same numbers. Who made the mistake here? Tax for me is 7.75%. Please help....
  • arch1sfarch1sf Posts: 5
    Car Man,
    In my earlier post I referred to MF and Residual from the dealer. He faxed me a page with the heading "West Business Center Programs (A+ through B Tiers)" with variuos dodge models listed and rates. This does list "Effective Dates" typically from 1/10/06 to 3/31/06. I am interested if this matches what you refer to as DaimlerChrylser rates (see my earlier post for specifics). I am not sure if I belive him yet...
    Thanks-
    San Francisco
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks for the additional information, arch1sf. OK, if you were to lease a 2006 Dodge Magnum RT 2WD with an MSRP of $35,675 and a selling price of $34,500 through Chrysler Financial right now for 39 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $584.

    If you were to lease a 2006 Nissan Murano SE AWD with an MSRP of $38,055 and a selling price of $35,900 through NMAC right now for 39 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around a much more reasonable $480.

    Keep in mind though that most smart consumers who shop around can easily beat the TMV prices that are listed here at Edmunds.com.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey arch1sf. Unfortunately, the money factor that you were quoted for this vehicle is correct. Chrysler Financial's current buy rate lease money factor and residual value for a 39 month, 12,000 mile per year lease of a 2006 Dodge Magnum 2WD are .00329 and 52% respectively for consumers who qualify for its top credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi rynpamn21. I just worked up a sample lease payment on this vehicle for you and according to my calculations if you were to lease a 2006 Dodge Magnum RT 2WD with an MSRP of $33,085 and a selling price of $27,995 through Chrysler Financial right now for 39 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $426.

    Car_man
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  • Ok after getting a quote from car_man for a dodge magnum R/T, I have emailed several other dealers telling them what I want and have a 730 credit score, ZERO downpayment, 36-39 month lease, 12 miles a year. Of the 8 I emailed I have gotten 5 back saying they can't do it.

    Cerritos Dodge called my back trying to get me into an SXT MSRP $27950 and current advertised price is 23995, used .00329 MF and 52% RV and came up with 388 a month with taxes for a 39 mo, 12 t miles a year lease. They were trying to stick me with $456 a month payments...Almost blew a gasket. Why would I get an SXT for 20 bucks less than what they quoted me for an R/T a week ago?! Anyway, anybody live in socal? Orange County? Or even LA county? AM willing to drive up to 100 miles just to get the deal that is being quoted here.
  • arch1sfarch1sf Posts: 5
    Rynpamn21,
    I think you will find that the Dodge Lease computer for quotes loads all fees, DMV, and taxes, (and even the first month lease payment) into the monthly cap cost. This means that for a $0 down lease, your driveoff is essentially $0. Perhaps Carman was assuming that fees, taxes, and first month lease payment are due at signing which typically total about $1.8k (which is more typical for other car leases)? If this is what Carman assumed, then his monthly would be lower than what Dodge would qoute you. Ask what your drive-off will be and this will tell you how they figured it.
    Goodluck,
    JS
  • Hey Car_man, is arch1st right?
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