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Dodge Caravan Lease Questions

CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Dodge Caravan. Thanks.

Car_man
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  • garn0garn0 Member Posts: 3
    in December for exactly $18,000. It was a 2005 and had 10K miles on it. Had the standard 3.8L engine, power slider doors, steering wheel audio controls, stow and go seats, etc. I found the stow and go seats to be fairly uncomfortable. Not greatly sure it was a wonderful deal but it didn't seem bad compared to the other dealers that I had been talking with. It was the cheapest of the dealers I talked to and it came in under the TMV value on Edmunds. It was a certified van with 8/80 warranty.

    I bought extra warranty for electrical items plus and that cost me $650. I bought gap insurance for $148. It was the fist time I had bought added warranty on a vehicle but the quote was 200 dollars under what I received via e-mail from other private sellers on the net.

    Good deal? Too late now but wondered what everyone thought.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi garn0. Congratulations on your new van. Did you lease it? It doesn't sound like it. This particular discussion is for community members to discuss leasing the Dodge Caravan. You would be better off discussing the price that you paid for your van over in the "Chrysler Voyager/Dodge Caravan: Prices Paid & Buying Experience" discussion.

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  • deejay2099deejay2099 Member Posts: 36
    Hello Car_man,
    Could you please provide me with the lease numbers for the subject vehicle. I will be leasing for no money down, 12K miles, 39 or 42 months. I am a returning Chrysler lesee so I can take advantage of all cash back offers totaling $5K. MSRP for the vehicle is $27,830 with a selling price of $20,519. Thanks much for your help.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to help you out, deejay2099. If you were to lease a 2006 Dodge Grand Caravan SXT through Chrysler Financial right now for 36 months (its program is less attractive for the terms that you mentioned) with 12,000 miles per year, its buy rate lease money factor and residual value should be .00101 and 47%, respectively. Since you provided all of the necessary price info, let's work up a lease payment on this van and see what we come up with. According to my calculations if you were to lease a 2006 Dodge Grand Caravan SXT with an MSRP of $27,830 and a selling price of $20,519 through Chrysler Financial for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around an attractive $241 per month.

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  • deejay2099deejay2099 Member Posts: 36
    Thanks Car_man, this really helps, much appreciated.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You;re very welcome, deejay2099. Let me know if you have any other questions.

    Car_man
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  • apostle31apostle31 Member Posts: 5
    Hi I just leased a 2006 Dodge Caravan SXT. It is a 27 month lease with 15,000 miles a year. My total payment including taxes a month is 299.75. This was a no money down lease. Only thing I paid was first months lease payment. However, I have a few problems. They told me at the end of the lease I just turn in vehicle and owe nothing. I re-read lease and I have a $425.00 turn in fee. Also, the Gross Capitalized Cost is $21,378 that amount is in paranthesis and on the right hand column is $22,269. Then you take off the 4,000 for rebates which comes down to 18,269. I thought it should be about $900 dollars less at around 17,000 for the Adjusted Capitalized Cost. This would I think lower my payment considerably. My Residual Value is 10,826 and there is also a rent charge of $196 that I dont understand. Any info on any of my questions or if this is a good lease would be appreciated. Thank You
  • backybacky Member Posts: 18,949
    A local dealer is advertising a Grand Caravan lease for $99/month, $2995 + license + first payment + tax down, for 27 months. No security deposit. It is a SXT with no options, MSRP $27,830. It says "all rebates to dealer" and also that you must lease through DC Credit. This price seems too good to be true, since Dodge is running an ad on Edmunds.com for what sounds like the same kind of lease, but for $179/month. Anyone else see a deal comparable to this?
  • steelerman123steelerman123 Member Posts: 1
    Car_man, Looking to lease the 2006 Dodge Grand caravan. I stopped by local dealership today to get some info. Here is what I have... I have 1997 Plymouth Grand Voyager, leased vehicle that I paid off a couple years ago. Do I qualify for lease loyalty? When I am choosing the van I want, is the price negotiatable, or is the lease amount?
    I was going to use the little $ equity in the van towards the lease. If they give me $2000 for the old van, where do you think my payments would come in at? If they say $249, can I say " I need to be at $229?" Any insight would be appreciated. Thanks, Jerry
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi apostle31. Chrysler Financial charges a $425 disposition fee (turn-in fee) on every vehicle that it leases. Individual dealers do not have the authority to waive this charge. It sounds as through the dealer neglected to mention or mislead you about this fee. Unfortunately, there is nothing that you can do about this now that you have signed your lease contract and driven off in your vehicle. Similarly, there is nothing that you can do at this point either if you think that your vehicle's capitalized cost is to high. One possible explanation why your van's cap cost is higher than you thought it would be is if your dealer rolled Chrysler Financial's $700 lease acquisition fee into it. These are important items to look at prior to signing your contract. There's really nothing that you can do if you are unsatisfied with them at this point, other than chalk this lease up as a learning experience. Don't worry about the "rent charge." All leased vehicles have them. They represent the interest portion of your vehicle's monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Jerry. That is a good question. I suspect that you do qualify for DaimlerChrysler's $1,000 lease loyalty incentive, but I am not 100% positive that is the case. Your dealer will be able to tell you for certain. The selling prices of leased vehicles are absolutely negotiable just as if you were paying cash for or financing them. You can trade your current vheicle in when you lease, but it would be in your best interest to have the dealer that you are working with cut you a check for it rather than use the proceeds as a down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your new van would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.

    Rather than negotiating this van's lease payment, negotiate the lowest possible selling price that you can on it. Once you know what it's price is, I can help you figure out what your lease payment should be.

    Car_man
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  • rjc1072rjc1072 Member Posts: 1
    I'm actually getting ready to take delivery on a Dodge Caravan tomorrow - I've read this forum and was surprised to see the $425 disposition fee.

    Is this fee negotiable? I've always had a GM vehicle and never came across this.

    Your comments are appreciated.
  • backybacky Member Posts: 18,949
    Has anyone seen a Grand Caravan SXT lease deal at less than $200/month, with 0 down? I am seeing some close to that in my town, e.g. $219/month, and several dealers are offering $99/month with $2990 down. I qualify for the DC partner program (1% under invoice) so that could shave a few bucks off.

    Does anyone know, if a leased car is totalled, what happens? Is the vehicle replaced with another or ???

    btw, the dealers I talked to all mentioned the $425 disposition fee and made it sound like it was non-negotiable.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi backy. If a leased vehicle is stolen or totaled during your term, you don't get a new vehicle. Your lease is essentially over and your insurance company will pay what it feels is the current market value for your totaled vehicle. If this amount is less than you owe on it, and you have gap insurance you are fine. If you don't have gap insurance, you would have to pay the difference out of your own pocket. Like I said though, either way you aren't getting a new vehicle unless you buy or lease another one.

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  • backybacky Member Posts: 18,949
    Thanks for the reply. I think the Chrysler Financial leases have gap insurance, but in any case it appears 0 down and no acquisition fee is the way to go on leases. That way if the vehicle is totalled, the potential loss is lower.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You;re very welcome, backy. Let me know if you have any other questions.

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  • brumbrum Member Posts: 2
    Hi, this is my first post so please bear with me. We are looking at a 39 month lease, zero down, 12k or 15k per miles per year. It is an SXT with 3.8 and MSRP of $27,830. Residual of $12,245 and $11,688 resp. I was quoted a monthly lease payment of $364 and $378. This appears to be high to me, what should I expect as a good rate with today's rebates, etc?
  • arthurkingarthurking Member Posts: 9
    well, I bought a 06 DGC SXT, but I did pay attention to leasing option, too.
    During memorial day, I saw one of my local dealer has a leasing offer like $249 a month for 27 month with zero down. I think that is a pretty good offer. $364 for 39 months? definitely too high!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome brum. If you were to lease a 2006 Dodge Grand Caravan SXT through Chrysler Financial right now for 39 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00116 and 43%, respectively. The money factor for a lease with only 12,000 miles per year would be the same, but the residual value would be 2% higher. When negotiating your lease on this van, make sure to take the $4,000 lease cash that is currently available on it into account. DaimlerChrysler also has loyalty incentives on it for returning customers.

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  • brumbrum Member Posts: 2
    Thanks for the info Car_man. I have had several discussions with a dealer and this is what I have so far...MSRP $28,000, selling price $21,455. 12K miles $298 for 27 or 39 months and 15K miles for 310 @ 27 or 313@ 39 months. This is with $4000 in rebate and $750 as a current Dodge owner. I note in your post #6 to Deejay2099 you calculate the monthly @ 241 so the figures I have still appear high. I am having trouble relating the buy rate lease factor and residual % to the monthly payment. Should I expect to be able to attain a monthly payment of $240-250 @ zero down as calculated for Deejay? Help!
  • badtolzbadtolz Member Posts: 1
    Going to lease a 2006 grand caravan sxt. Lease with a trade in on my vehicle ($1900.00)
    Here are the specs
    1. Used with 7900 miles
    2. 3.8 engine
    3. Customer Preferred Package - Leather Interior Group
    4. Premium Group
    5. Power Sunroof
    6. 6 Disc cde/dvd changer
    7. 1 Yr Sirius Salellite
    8. Rear Seat Video System

    Base Was $27,100
    All options was $34,000

    Vehicle price came to $27,000 because it was a Demo Vehicle.
    Got a CAP RED REBATE OF $2500
    Trade of my car $1900

    There are some other numbers I don't understand but bottom line is my monthly payment is $360.00 for 39 Months.

    How does this sound? Thanks.
  • kfranci2kfranci2 Member Posts: 31
    Hi Car_man,

    I am looking to lease a bare-bones Dodge Caravan with a list price of 20,720. I plan to offer a cap cost of $14,300. I would like to lease for 24, 27, or 36 months. I see leases advertised with 10,500 miles, which would suffice for my needs. Could you please let me know the 0 down payment, MF, and residual for the different time periods? Thank you - K
  • reilly3reilly3 Member Posts: 2
    Hello Car-man (and anyone else who can help!). We are looking at a 2006 Dodge Grand Caravaan, MSRP of $31,500 (lots of nice toys on it). We would trade in our 2002 Chrsyler T&C (good condition, has a DVD). They are quoting us $429 per month for a 39 month lease with 18000 miles per year. Does this seem like a good deal? We live in Pittburgh Pa.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kfranci2. Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a base short wheel base 2006 Dodge Caravan SE with 10,500 miles per year are an amazingly low .00001 and 43%, respectively. The numbers for an otherwise identical 36 month lease are .00027 and 36%. When negotiating your lease on this van, make sure to take the $3,500 lease cash that is currently available on it into account. If the specific unit that you are considering has been on the dealer's lot since April 1st or earlier, there is an additional $1,000 cash incentive on it.

    Using the aforementioned lease program, an MSRP of $20,720, and a selling price of $14,300, I estimate that this van's 24 month zero down, pre-tax monthly payment should be around $225. The payment for an otherwise identical 36 month lease should be around $196.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello reilly3. You never mentioned the selling price of the Grand Caravan that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the van that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

    As far as your trade goes, there's nothing wrong with trading in your current vehicle when leasing a new one. However, it would be in your best interest to have the dealer that you are working with cut you a check for any equity that you have in your trade rather than applying the proceeds from it as a down payment for your new lease. I always advise consumers not to make down payments on leased vehicles. Consumers who make them risk losing them if their vehicle is totaled in an accident or stolen.

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  • twilkinsontwilkinson Member Posts: 3
    Hi,

    Are these two models exactly the same? And are these fair prices for 06 models---all with just standard features it appears. Located in suburban Phila., PA

    Model/Miles/Price
    SXT/16,378/$17,900 (marked down from $19,900)
    Town and Country Touring/17,961/ $18,900 (marked down from $20,900)

    Are these good prices right now, and should I consider leasing?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi twilkinson. I see that you mentioned the mileage of these vans. Are these demo vehicles? If so, you would still be able to lease them using Chrysler Financial's new vehicle lease program. If they are used vehicles, you would not. These vehicles' new vehicle lease programs are different. If you tell me how long you want to lease them for and how many miles per year you need to be able to drive them, I will be happy to give you an idea of what their lease programs are currently like. As far as their prices go, given the significant number of miles that are on them I personally would not purchase either of these vehicles unless I was able to get them for well below dealer invoice minus any available cash incentives. The problem that I have with demos is that dealers are not usually willing to provide enough of a discount on them for me to personally justify purchasing what essentially is a low mileage used vehicle over an otherwise identical brand new one.

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  • drdsantodrdsanto Member Posts: 1
    Looking to get out of my current lease early and get into a new Dodge Grand Caravan. Currently have rear DVD player in mine, and would prefer it again. What's going rate now? I qualify for Chrysler employee discount.
  • pigpen9pigpen9 Member Posts: 1
    Hi CarMan,
    I currently own a 1999 Dodge Neon that is completely paid off. Now that the third son has arrived, we are wanting to get a minivan. I went to the Dodge.com website and was looking at leasing comparing to buying and am leanind towards going that route. I have a couple questions since I am new to the lease game: 1) They have a lease program called Chrysler Financial Plus that is a little different than a regular lease. Do you know anything about this? (here is something about it from the site: When you've reached the end of your term, you can choose from three end of term options. You can Return the vehicle to your dealer or make a final Fixed Value Payment, or refinance the Fixed Value Payment." That leads me to question #2. My wife told me she is skeptical of leasing because when her friend's lease ran out, the dealership did her dirty on the "refinancing the Fixed Value Payment and her payment was going to be alot higher to purchase a "used vehicle at the ned of the lease than f she had just bought it new." Is this legit?
    and my last question (for now) In previous posts, I see people talking about leasing demo vehicles and getting them cheaper, how do I go about that?

    Thanks
    PigPen9
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi drdsanto. That's great that you qualify for DaimlerChrysler's Employee Purchase Program. The fact that you do will ensure that you get a great selling price on the Caravan that you're interested in without having to haggle. When you ask what the going rate is now, are you asking what sort of monthly payment can you expect? If so, I would be happy to use Chrysler Financial's current lease program to estimate your van's lease payment for you. However in order for me to do so I need you to provide me with some more information, including its MSRP, the employee purchase price, how long you want to lease for, and how many miles per year you need to be able to drive it. Let me know and I'll crunch some numbers for you.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi PigPen9. As someone who is very familiar with car seats I can completely understand why you need something bigger than your neon now :shades: . Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    I am familiar with the Chrysler Financial Plus program. I believe that this is what is known in the industry as a balloon note program. Balloon notes are similar to leases in that they provide consumers with low monthly payments and an option to purchase their vehicle at the end of their contract for a predetermined price. The main difference between balloon notes and leases is that with leases the bank's name is on your vehicle's title, while with balloon notes yours is. Balloon notes actually are not very popular. The only places that they are really used are in areas where the tax laws make them more attractive and in New York where the since changed vicarious liability laws scared banks away from leasing. Most consumers just lease vehicles.

    Having a high finance payment on a used vehicle is not really some sort of dirty trick. The end of term purchase prices of leased vehicles is set by banks and has nothing to do with dealers. Consumers who lease a vehicle pay for a certain percentage of depreciation on it over the length of their lease. Whatever portion of their vehicle's value is left at the end of their lease is its purchase price. At that time, consumers are free to walk away from their leased vehicles without paying anything or to pay cash for or finance their vehicle's purchase option price. Consumers who want to finance their leased vehicle after their lease is up should shop around for a good interest rate. They are not obligated to take one that is offered by Chrysler Financial or their dealer.

    Demo vehicles are vehicles that dealers have put miles on, by using them for test drives, employee vehicles, etc... but that have never been titled so they are still technically "new" vehicles and qualify for new vehicle incentives. The problem that I personally have with demo vehicles is that dealers never seem to be willing to discount demos enough for me to personally justify purchasing what is essentially a low mileage used vehicle over an otherwise identical brand new one. If you are interested in leasing a demo vehicle, just ask the dealer that you are working with if they have any in stock.

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  • deejay2099deejay2099 Member Posts: 36
    Hello CarMan,
    Could you please tell me the current lease rate and residual for a no-option DGC SXT? Looking to do a 36 or 39 month lease, 12K miles/year. We still have the 2006 but my wife is not fond of the restyled 2008 DGC and we may be able to work out something. Also, I've heard Dodge has a pull-ahead program for current lease customers, up to four payments. Do you know about this program and if so, do you know how long it is on for?

    As always, thanks much.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello deejay2099. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Dodge Grand Caravan SXT with 12,000 miles per year are .00065 and 42%, respectively. The numbers for an otherwise identical 39 month lease are .00083 and 41%. When negotiating your lease on this van, make sure to take advantage of the $4,000 lease cash and $500 bonus cash ($4,500 total) that are currently available on it.

    DaimlerChrysler frequently runs an early lease termination program on the Dodge Caravan. If one is available on it now, I suspect that is the case, then you should be able to get out of your current Chrysler Financial lease four months early for free.

    I'm surprised that your wife doesn't like the redesigned Dodge Grand Caravan. I saw it at an auto show a few months ago and thought it was great. I'm not a minivan guy, but I was amazed by how the rear captain's seats turned around to face a table. You can even get it with satellite TV for the kids.

    Car_man
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  • berlyb3berlyb3 Member Posts: 1
    Could you please tell me the current money factor and residual rate for a 36 month lease for 15,000 miles/year? Have you heard if Chrysler will offer some great incentives to push the 2008 model? Thank you.
  • hcophcop Member Posts: 6
    I was told there is a mantory bank fee to either pay up front or they roll it in with the payment. I also noticied they thru in then 425.00 trade in fee at the end of the lease which i was unhappy about.
  • hcophcop Member Posts: 6
    lease car man or anyone else who can answer the question ; is there mandatory 700.00 bank fee or did i get taking for a ride.
  • wgbcworshipwgbcworship Member Posts: 6
    Has DCFS released the residuals and lease factors for the new 2008 Grand Caravans? If so, do you know what they are? Have you been able to get a sense of what the demand will be on the vans (ie how far over invoice am I gonna have to go?)? Do you know anything about whether or not the restriction that has been on the MyGig system is still in place? Thanks for the information you share here. It is very valuable!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, berlyb3. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Dodge Grand Caravan SXT with 15,000 miles per year are .00053 and 38%, respectively.

    Chrysler is currently providing $4,000 lease cash on the '07 Grand Caravan. It is difficult to say whether it will have to increase its cash incentives on it to help unload the remaining '07 models now that the '08s arrived, but any increase in cash incentives will probably be offset by the fact that its lease program will get worse as the model year progresses.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi hcop. These fees have nothing to do with your dealer. They are standard Chrysler Financial charges. It charges a $700 acquisition fee on every vehicle that it leases. this fee can either be paid at lease signing or rolled into your vehicle's capitalized cost to make it part of your monthly payment. It also charges a $425 disposition fee at lease-end to consumers who do not purchase their leased vehicle or lease another one through Chrysler Financial.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi wgbcworship. I don't believe that Chrysler Financial has introduced a special lease program for the 2008 Dodge Caravan yet. At least I haven't seen one for it. I suspect that it will introduce a special lease program on it when it publishes its new lease program on September 5th.

    I don't have a good sense of what the market will be like for the redesigned Chrysler minivans yet. While I'm not a minivan person, I think that Chrysler did an excellent job with the new Caravan and Town & Country. Having said this, the demand for minivans has not been that strong. General Motors and Ford have replaced most of their vans with crossover vehicles. Even if the initial demand for the redesigned minivans is strong, I suspect that within a couple of months dealers will be selling it for close to dealer invoice.

    Car_man
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  • hcophcop Member Posts: 6
    thank you for the info
  • hcophcop Member Posts: 6
    Car man host thank you for the info
  • wgbcworshipwgbcworship Member Posts: 6
    thank you. i will post back here when i find anything else out.
  • patdepdrypatdepdry Member Posts: 1
    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?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
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  • deejay2099deejay2099 Member Posts: 36
    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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.

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  • bigslickbigslick Member 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 Member 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 Member 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.
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