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Dodge Ram Pickup Lease Questions

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

Car_man
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  • Hi Car_man,

    I am currently leasing a 2002 Dodge Ram 1500 Sport. My lease ends June 1, 2006 and was wondering about some options. My payments are currently $595.50/mo and current lease payoff is $18,959.12 (as of 9/23/05). I am trying to relieve some of my debt (and with gas prices) I would like to lower my truck payments. Should I wait until the lease end and finance the truck for the lease end price $14,156 (closed end lease) or could I try and refinance it now and lower my payments. Thanks for any assistance you can provide.
  • Hi eel14. It is usually fairly expensive to get out of leases before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive. If you really want to purchase your truck, you will probably be better off waiting until the scheduled end of your current lease to do so. About a month or two before your lease's termination date, place a call to Chrysler Financial (or whichever bank you are leasing through) and see if they will negotiate your trucks' purchase price. there is no guarantee that they will be willing to work with you, more often than not they won't, but you don't have anything to lose by asking.

    Car_man
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  • Can you please provide the money factor and residual for the truck above? Again, 2005 Ram 1500 4x4 QuadCab Hemi. Let me know if you need further details.

    thanks!
  • The specific truck I'm looking at has a sticker of $34,660. And I forgot to mention in the first post, I would prefer a 36 mo 15k lease.

    Thanks!
  • Here's the information that you are looking for, b55140. If you were to lease a 2005 Dodge Ram 1500 SLT Quad 4WD through Chrysler Financial in October for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00298 and 49%, respectively. When negotiating your lease on this truck, make sure to keep in mind that DaimlerChrysler is currently providing $5,000 lease cash on it plus it is giving dealers up to another $1,500 dealer cash under the table. The exact amount of dealer cash that is available on this truck will depend upon the number of trucks the dealer that you are working with sells. They will probably be getting $500 to $1,000 dealer cash on top of the lease cash.

    Car_man
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  • Could you provide current numbers/incentives for an 06 Ram Quad Cab Sport Lease? Thanks.
  • Hi petey50. You never mentioned how long you want to lease this truck for, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. If you were to lease a 2006 Dodge Ram Quad Cab Sport 4WD 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 .00225 and 51%, respectively. When negotiating your lease on this truck, make sure to take the $3,000 lease cash and $1,000 bonus cash ($4,000 total) that is available on it into account.

    Car_man
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  • Hi everyone, I am trying to get some info on the Extra Credit Program, I have visited several local dealerships and no one seems to know much about it. I am looking at leasing a 2006 Dodge Ram Quadcab SLT 4wd, Hemi,with Big Horn package, sticker is $35,115. What kind of options could I qualify for under the Extra Credit program with a 740 credit rating?

    Deferred and Graduated payments combined? I just graduated college and start my job March 1st so the Deferred and or Graduated payments would be very helpful.

    Also what is a good deal for a lease on this truck?

    Thank you!
  • A local dealership has a 2006 Ram with a MSRP of $32,830 for lease, $89 per month/27 months, 27,000 miles with $3850 down (this deal also includes $1000 lease loyalty which I would qualify for) Without the lease loyalty reduction they have the lease for $119 per month, all other terms the same.

    Would it be reasonable to try to get the $35,115 MSRP truck for around $150 month with all other terms the same?
  • Hi heavyd1. You should be able to find out more information about the DaimlerChrysler's recent college grad program by visiting the following site: DaimlerChrysler Extra Credit '06.

    I would be happy to give you an idea of what your lease payment should be like on this truck right now if you provide me with an estimated selling price for it, let me know hoe long you want to lease it for, and how many miles per year you need to be able to drive it.

    Car_man
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  • Hey Car_Man,

    Here are the numbers.

    2006 Ram 1500 SLT 4.7 litre engine Quad cab 4wd automatic short bed.

    $34405 sticker price which is Thunder road package,trailer tow package,premuim power seat,and limited slip axle.

    $30625 dealer invoice minus 1% company affiliation discount

    $18870 residual which is 53% of sticker before thunder road discount of $1200

    -$4500 discount,and lease incentive

    $26125 agreed upon price

    36 month lease 12K per year

    .00137 money factor

    $276 per month including 5% sales tax

    Or I can get the same truck with the 5.7 litre hemi for $288 a month.Same truck only a higher sticker price($35500).

    $1242 down which is 1st,security,DMV,and acquisition fee I believe.

    What do you think?I need to know by the end of the month.Thanks in advance.

    Chris
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey Chris. One percent below dealer invoice minus any available incentives is a great price for this truck. Furthermore, the lease program that you described is in line with Chrysler Financial's current program for this model. If you like the truck, I personally don't see any reason not to pull the trigger on this deal.

    Car_man
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  • petey50petey50 Posts: 2
    Looking for updated numbers on an 06 Ram 1500 Quad cab sport for a 24 and 36 month lease with 12K miles per year. I saw a posting for a 24 month lease interest rate for .02% and was wondering if this is something new and legit. Also, are the lease cash incentives still around? How close or even below invoice can I expect?
    Thanks.
  • lfiliplfilip Posts: 1
    Hey Car man,

    What is going to be a cap cost on this truck. I am getting quotes of 31-33k and it seems like thats very close to msrp. What is the money factor for these leases and the residual on a 36 mth lease? What is a good cap cost to get?

    Leo
  • qpmicroqpmicro Posts: 6
    I am looking at the following deal for an '06 Laramie Quad Cab 4x2:

    MSRP $38250
    Selling Price $34,509
    Minus rebates $5,000
    Add neg equity in current lease $2,100

    Final selling price $31,609.
    $1,000 drive-off
    39 month lease with 12,000 miles
    Monthly payment of $570 plus tax

    Although the selling price looks like a good deal, the lase money factor seems high (quoted at .0037).

    How does the monthly payment look?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello qpmicro. The selling price that you were quoted for this truck looks good to me. However, as you suspected the money factor that you were quoted is way too high. DaimlerChrysler Financial's current buy rate lease money factor for a 36 month lease of this truck is currently only .00209. Its 39 month money factor is much worse than this though. This might be why the number that you were quoted is so much higher. Go with a 36 month lease and insist that the .00209 factor is used to calculate your truck's lease payment. Using the numbers that you mentioned in your post, an MSRP of $38,250 and a capitalized cost of $31,609 ($34,509 selling price - $5,000 in incentives + $2,100 in negative equity), I estimate that this truck's 36 month, 12,000 mile, zero down, pre-tax monthly payment should be around $502.

    Car_man
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  • I have a friend who has gave me a great deal on a brand new 2006 Dodge Ram 1500 Quad Cab. I'm not sure weather to buy it or not. My friend has an 2004 Ram 1500 he says the truck always needs repairs its not durable. I can't resist this offer. I'm waiting for the 2007 Toyota Tundra or the 2007 Chevy Silverado. Should I buy it.
  • whodat50whodat50 Posts: 2
    trying to lease a 06 Dodge Ram Quad Cab Sport.

    On a 36 month lease, we are being told the current residual is 43% (your forum indicated 53% in April), a money factor of 0.00334 making for an incredibly unattractive lease.

    Can anyone tell me if these are really the current rates to lease a Dodge ram?
  • dmaxwellhdmaxwellh Posts: 11
    '06 Laramie with all the bells and whistles
    MSRP 42,050
    27 month lease, 27000 miles
    due at delivery: tax on $5500 rebate + 1st month payment = $935
    26 additional payments of $485 including tax
    buyout is $22750
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi whodat50. Unfortunately, the money factor that you were quoted for this truck looks about right to me. DaimlerChrysler is not providing much in the way of money factor support on the '06 Ram Pickup right now. Chrysler Financial's latest buy rate lease money factor for a 36 month lease of an '06 Dodge Ram Pickup 1500 Quad Cab is .00347. This is equivalent to an interest rate of around 5.6%. If I was in the market for this truck, I personally would not lease it but would finance it or pay cash for it instead.

    Car_man
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