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Dodge Magnum Lease Questions

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Comments

  • 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: 38,518
    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: 38,518
    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: 38,518
    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?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey rynpamn21. When I calculate lease payments for community members, I always say that they are "zero down, pre-tax payments." Zero down payment means zero capitalized cost reduction. Consumers still have to pay their vehicle's first month's payment, acquisition fee (which in Chrysler Financial's case is $700), security deposit (which in Chrysler Financial's case is $0), and any required state taxes or fees at signing. It is impossible for me to say whether these items were included in the lease payment that you were quoted from the dealer you spoke with though.

    Car_man
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  • andre1andre1 Posts: 78
    Does anyone know the following information regarding leasing a new 2005 or 2006 Magnum R/T RWD? My local dealers have a number of 2005 and 2006 on the lot and I was wondering if Chrysler is providing any subsidized leases.

    Residual and money factor for the following:

    24 month for 12K and 15K miles per year
    36 month for 12K and 15K miles per year
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go, andre1. If you were to lease a 2006 Dodge Magnum R/T 2WD through Chrysler Financial right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00277 and 54%, respectively. The numbers for an otherwise identical 36 month lease are .00252 and 49%. If you were to lease with only 12,000 miles per year, its 24 month residual value would be 1% higher and its 36 month residual value would be 2% higher. I don't believe that Chrysler Financial is offering leases on 2005 models any longer. You may be able to find an independent bank to lease one through, but you would be best off financing or paying cash for a leftover 2005 model. When negotiating your lease on the '06 Magnum, make sure to take the $1,000 Chrysler Financial bonus cash and $500 dealer cash that are currently available on it into account. They will help you to negotiate an attractive capitalized cost.

    Car_man
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  • qbrozenqbrozen Posts: 16,893
    Dealer still has an '06 RT (RWD) sitting on his lot. Beautiful car! Anyway, he made the comment that there is big rebates on it to get rid of it.

    If it were cheap enough, I might be interested in a 24-month lease. Are MF and residuals still available on the '06? If so, I'd appreciate it if someone could provide them.

    I'd also like to know what rebates to expect. Carsdirect still shows '06s on their site for $4k under invoice. Is that correct? Or is there more money to be had?

    Thanks!

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey qbrozen. One can still lease a 2006 model through Chrysler Financial, but its lease program for leftover '06 models is pretty bad right now. It is no longer providing lease money factor support on them, so anyone who leases one through it has to use its standard lease money factors. Furthermore, it is so late in the model year that the residual values have fallen to very low levels. Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a 2006 Dodge Magnum RT with 15,000 miles per year are .00332 and 36%, respectively.

    If I was in the market for an '06 Dodge Magnum, I personally would take advantage of the special financing program and finance it at 0% for 6 years or use the $4,000 customer cash that is available on it to negotiate a very low selling price and finance it through an independent bank.

    Car_man
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  • qbrozenqbrozen Posts: 16,893
    i gave up on the idea... but 36%!!!! after 2 years???!!! OMG! OK, ok, so its basically 3 years since it is so late already ... or 3.5 years. But still, how great would it be to get a 30k mile Magnum RT for a third of its original price. That's like $10k! Maybe $12k-$13k retail. I just don't see that happening. I'd LOVE for it to happen so I can get one real cheap ... but it won't.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • hardhawkhardhawk Posts: 702
    Car Man:

    I leased a 2005 Magnum RT back in October of 2004 for 3 years, 15,000 miles per year. It looks like now the residuals on this car are in the toilet. My question to you is "How do I get Chrysler Financial to reduce the end of lease sale price if I want to buy the car?" The lease residual in my lease is about 52%. I might want to buy the car off lease if I can get them to sell it below the lease residual value. Any comments and advice would be greatly appreciated. I love the car.
  • qbrozenqbrozen Posts: 16,893
    All ya gotta do is give them a call and start talkin' turkey. :)

    But don't put yourself in a pressure cooker. Call well before the end of your lease. At least 2 months, I'd say.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '08 Town&Country

  • hardhawkhardhawk Posts: 702
    I found that the residual for a 2007 Magnum RT RWD on a 36 month lease with 12,000 miles a year is 42%. The residual for a 24 month lease on a leftover 2006 is 36% for an essentially 3 year old car at lease end. So, with mine being 52% for a 15,000 mile/yr lease I should be able to get them down hopefully below 40%. If I can do that, I will probably buy the car as it would make the overall lease then buy deal better than it would have been to buy it new in 2004 and finance. I had that happen on a 2 year lease on a 1998 Dodge Ram pickup. Leased it for 2 years with a incredible low monthly payment then got them down $4000 on the residual so I bought it then. My lease is not up until October so I will start communicating with them in August if I do not hear from them by then.
  • hezdope07hezdope07 Posts: 7
    hey guys, i was wondering if car man or the massive can help me out? Does anybody know the residual value and money factor for 36 month 12 k for the DODGE MAGNUM SXT AWD? plz somebody help me !!!! lol :cry:
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