Expert help needed please - 2017 Durango Lease

erand881erand881 Member Posts: 38
edited February 2017 in Dodge
This is my first time leasing and I'm trying to understand these numbers. I have done (what I thought was) quite a bit of research on how to calculate monthly payments but it seems like the numbers just aren't adding up. Am I reading this wrong ? They quoted me $350 a month 39Months with $1,500 down (includes all fees and taxes) for 2017 Durango MSRP $37,525. With residual of $18,762.50, Cap cost $34,460.22 $6250 in rebates $1,500 down MF of .00005 39months 7% sales tax My calculations come to about $220 a month. This seems low but I'm not sure what I'm doing wrong? Any insight would be greatly appreciated!! http://imgur.com/N9D23GM (this is their breakdown)

Comments

  • kyfdxkyfdx Moderator Posts: 207,786
    erand881 said:

    This is my first time leasing and I'm trying to understand these numbers. I have done (what I thought was) quite a bit of research on how to calculate monthly payments but it seems like the numbers just aren't adding up. Am I reading this wrong ? They quoted me $350 a month 39Months with $1,500 down (includes all fees and taxes) for 2017 Durango MSRP $37,525. With residual of $18,762.50, Cap cost $34,460.22 $6250 in rebates $1,500 down MF of .00005 39months 7% sales tax My calculations come to about $220 a month. This seems low but I'm not sure what I'm doing wrong? Any insight would be greatly appreciated!! http://imgur.com/N9D23GM (this is their breakdown)

    The money factor shown in .125, which I would assume is actually .00125. (not the .00005 in your post).
    Using .00125 MF, I get $330/mo.+tax, which is not far off of $350/mo.

    With that big rebate, this must be an independent bank lease, not Chrysler Capital.

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  • marcostmarcost Member Posts: 14
    Is it possible to get a better MF through a independent bank than chrysler capital?
  • MichaellMichaell ColoradoModerator Posts: 206,128
    marcost said:

    Is it possible to get a better MF through a independent bank than chrysler capital?

    Possibly, but then it's likely the residual will be lower.

    You have to look at all the numbers, and calculate the payment with the prices you negotiate, to see which is the better deal.

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  • marcostmarcost Member Posts: 14
    the mf is .00018 for the 2017 durango gt.Not sure if iam making a mistake but i am calculating at 0.432 percent is that too low? .00018x2400=0.432? is it ok? thank you
  • MichaellMichaell ColoradoModerator Posts: 206,128
    marcost said:

    the mf is .00018 for the 2017 durango gt.Not sure if iam making a mistake but i am calculating at 0.432 percent is that too low? .00018x2400=0.432? is it ok? thank you

    That is correct - less than 1/2 of 1%.

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