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Dodge Magnum Lease Questions

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Comments

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    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: 38,515
    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: 17,226
    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; '14 Town&Country

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    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: 17,226
    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; '14 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: 17,226
    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; '14 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:
  • hezdope07hezdope07 Posts: 7
    :P hurrryy somebody answer my question im in need of help !! lol
  • ok i have a situation. i want a 2005 dodge magnum sxt or r/t for lets say 15,000 or so i have a trade in for about 1,000 and i want a 24-60month lease. what kind of payments am i looking at? im just looking for a lease about $300mo. and under. if my criteria cant get that what will?
  • kyfdxkyfdx Posts: 28,048
    Leases on used vehicles are not usually cost effective..

    In general, you could borrow $14K for 60 months, and your payment would be around $300/mo., asssuming decent credit.

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey hezdope07. According to the latest information that I have seen, Chrysler Financial's buy rate lease money factor and residual value for a 36 month lease of a 2007 Dodge Magnum SXT AWD with 12,000 miles per year are .00246 and 47%, respectively. When negotiating your lease on this vehicle, make sure to take advantage of the $1,500 lease cash that is currently available on it.

    Car_man
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  • ddeliseddelise Posts: 339
    Hello -

    In Florida, what are the current lease rates and residual for both the 2007 and 2008 Magnum SXT? I am interested in 36 or 39 months. Also, what are the lease incentives available?

    Thanks - Damon
  • mattndaymattnday Posts: 12
    Can I please get the 36/39 month lease rates and residuals for a 2008 dodge magnum RT. I am working with a dealer who has one of the last 08 RT's in my area and he is quoting my an almost 8% lease rate from Chyrysler Financial. he is quoting me $200 more a month to lease the vehicle than buy it outright.

    Unfortuantely I need to lease it due to Tax reasons.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here's the information that you're looking for, mattnday. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 22008 Dodge Magnum RT 2WD with 15,000 miles per year are .00265 and 45%, respectively. The numbers for an otherwise identical 39 month lease are .00271 and 44%. If you were to lease this vehicle with only 12,000 miles per year, its residual values would be 2% higher. As you can see, Chrysler is not providing much in the way of lease support on this model right now. I personally wouldn't lease one.

    Car_man
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  • I leased a 06 Magnum R/T AWD in Sept.06 so my lease is coming up soon. I really want to keep this car. Is there any negotiating a lower buyout. My buyout is around 18,500. and the car isn't worth that in the real world. I love this car its a great all around.
  • qbrozenqbrozen Posts: 17,226
    i have read that chrysler financial will negotiate on the buyout. So when you are about 30 days before lease end, give them a call.

    '13 Stang GT; '86 Benz 300E; '98 Volvo S70; '12 Leaf; '14 Town&Country

  • Any luck with getting Chrysler Financial to lower a lease buyout ? My lease is up in December and I want to keep the Magnum.
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