2015 300s V8 Lease

sparklan

Hello,

I'm looking at signing a lease deal today and would like some feedback. Here are the numbers proposed by the dealer. I've added my calculations for the amount of money I'll be paying in outside a depreciation over the course of 24 months. Basically I just subtracted the proposed residual from the vehicle price after the lease credit. Then, subtracted the vehicle price less residual from the total paid over 24 months. This leaves me with all fees taxes etc... Does $5,136.00 seem high? From what I understand, in Illinois we no longer pay taxes on the entire vehicle since January 2015, just on the payment. If that's the case, then even with bank fees, taxes on the payment, dealer doc fee etc... this seems high to me. Any feedback would be appreciated.

Vehicle Price $38,100.00
Lease Credit $8,500.00
Vehicle Price after Lease Credit $29,600.00

Monthly Payment (12k Mile Lease) $489.00
x24 Months $11,736.00
Residual $23,000.00

Vehicle Price Less Residual $6,600.00
Interest, Taxes, Fees, over 24 Months $5,136.00

Michaell

sparklan said:

Hello,

I'm looking at signing a lease deal today and would like some feedback. Here are the numbers proposed by the dealer. I've added my calculations for the amount of money I'll be paying in outside a depreciation over the course of 24 months. Basically I just subtracted the proposed residual from the vehicle price after the lease credit. Then, subtracted the vehicle price less residual from the total paid over 24 months. This leaves me with all fees taxes etc... Does $5,136.00 seem high? From what I understand, in Illinois we no longer pay taxes on the entire vehicle since January 2015, just on the payment. If that's the case, then even with bank fees, taxes on the payment, dealer doc fee etc... this seems high to me. Any feedback would be appreciated.

Vehicle Price $38,100.00
Lease Credit $8,500.00
Vehicle Price after Lease Credit $29,600.00

Monthly Payment (12k Mile Lease) $489.00
x24 Months $11,736.00
Residual $23,000.00

Vehicle Price Less Residual $6,600.00
Interest, Taxes, Fees, over 24 Months $5,136.00

Is this a Chrysler Finance lease? I suspect not given the large incentive.

sparklan

I pretty sure it's not with Chrysler Finance. They had mentioned that they can't get good enough interest rates from them.

Michaell

sparklan said:

I pretty sure it's not with Chrysler Finance. They had mentioned that they can't get good enough interest rates from them.

The only numbers we have are from Chrysler. Have they shared the money factor with you?

Also, what is the MSRP?

sparklan

I signed the lease this evening.

I went with a different model that was a little more.

MSRP: $42,360
Negotiated Price: $38,560
Lease Credit: $8500.00
Residual: $22,800
MF: .0025

Monthly Payment on 24 Month 15k Mile: $514.00

They would not budge from the 6%. Claimed that it could not be moved. I called another dealer today, and they said the same thing. So, I went with it. Even if I decide to buy it out at the end I save around $4000.00 vs a 5 year loan. If I had to guess, this $8500.00 credit is why it's locked at 6% regardless of credit score. So, I think I did OK.

Michaell

sparklan said:

I signed the lease this evening.

I went with a different model that was a little more.

MSRP: $42,360
Negotiated Price: $38,560
Lease Credit: $8500.00
Residual: $22,800
MF: .0025

Monthly Payment on 24 Month 15k Mile: $514.00

They would not budge from the 6%. Claimed that it could not be moved. I called another dealer today, and they said the same thing. So, I went with it. Even if I decide to buy it out at the end I save around $4000.00 vs a 5 year loan. If I had to guess, this $8500.00 credit is why it's locked at 6% regardless of credit score. So, I think I did OK.

Congrats! The pleasure of driving your V8 powered 300 will be with you long after the financial details fade from memory.