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Lease money factor and money down, which way should I go

Tech34Tech34 New JerseyPosts: 5
edited February 23 in Dodge
I am considering ordering in a 2019 Dodge Challenger, I am working with a dealer in Ohio that a friend had purchased a car with, NJ Dealers all seem to have higher markups and it's always a high pressure stressful situation just walking in the door, I simply don't trust east coast dealers.
When my friend ordered his car he intended to lease and he used edmunds for some good information and advice, he said the money factor at that time was an unbelievable .00014 which is .31% less than 1% !
I have selected options for the car I want and these are the numbers the same salesman is giving me , I intend to put down 2000.00 not including the dealer fees, acquisition fees etc
This is the email I received and I think the money factor is way too high at 5.38%, I used the lease hacker calculator and came up with 535.00 with tax and a drive off fee of 5065.00 , I would like to have payments under 500.00 a month, I live in NJ so the tax is levied up front on the total lease payment, Is putting more down a good Idea to get a lower monthly payment ? and is his money factor average ?

I included the printout below for the car that you and your wife spec’d out. The MSRP 50,470. Your cost at Supplier Pricing is 47,778. The current rebate is 1,750 for a net price of 46,028 on a purchase.

The lease details are as follows:

Same Supplier Price of 47,778.

36 mo.

10K miles/yr

Residual 60%

Lease End Buyout 30,282

Acquisition Fee 595

Money Factor .00224

$2,595 down 616/mo plus tax
or
$6,586 down 475/mo plus tax

Comments

  • kyfdxkyfdx Everywhere, USAPosts: 126,124
    Tech34 said:

    I am considering ordering in a 2019 Dodge Challenger, I am working with a dealer in Ohio that a friend had purchased a car with, NJ Dealers all seem to have higher markups and it's always a high pressure stressful situation just walking in the door, I simply don't trust east coast dealers.
    When my friend ordered his car he intended to lease and he used edmunds for some good information and advice, he said the money factor at that time was an unbelievable .00014 which is .31% less than 1% !
    I have selected options for the car I want and these are the numbers the same salesman is giving me , I intend to put down 2000.00 not including the dealer fees, acquisition fees etc
    This is the email I received and I think the money factor is way too high at 5.38%, I used the lease hacker calculator and came up with 535.00 with tax and a drive off fee of 5065.00 , I would like to have payments under 500.00 a month, I live in NJ so the tax is levied up front on the total lease payment, Is putting more down a good Idea to get a lower monthly payment ? and is his money factor average ?

    I included the printout below for the car that you and your wife spec’d out. The MSRP 50,470. Your cost at Supplier Pricing is 47,778. The current rebate is 1,750 for a net price of 46,028 on a purchase.

    The lease details are as follows:

    Same Supplier Price of 47,778.

    36 mo.

    10K miles/yr

    Residual 60%

    Lease End Buyout 30,282

    Acquisition Fee 595

    Money Factor .00224

    $2,595 down 616/mo plus tax
    or
    $6,586 down 475/mo plus tax

    What trim Challenger?

    It appears they are using a different bank than Chrysler Capital.
    Yes, the money factor is much higher, but so is the residual.

    This bank is likely to result in a lower payment, or they would be using Chrysler Capital.
    Tell us the trim, and we'll see how it compares.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Tech34Tech34 New JerseyPosts: 5
    Attached is the Trim level/order that was sent to them and he came up with the numbers in my first comment , Money factor lower will raise the residual ? should I look at those specific numbers to know I'm getting a good deal ?
  • kyfdxkyfdx Everywhere, USAPosts: 126,124
    Tech34 said:

    Attached is the Trim level/order that was sent to them and he came up with the numbers in my first comment , Money factor lower will raise the residual ? should I look at those specific numbers to know I'm getting a good deal ?

    R/T Scat

    Chrysler Capital
    36/10
    .00182 MF and 60% residual
    $1000 incentive

    Chrysler Capital allows dealers to mark up the rate by .00042, so the .00224 number is no surprise. Of course you should refuse to sign a deal with a money factor markup.

    If you want a low money factor, pick a non-Hemi Challenger. Of course, those come with lower residuals, as well.

    I bet there are 50 Dodge dealers in NJ. I certainly wouldn't shop in Ohio. Even with a supplier deal, this dealer is attempting to markup the money factor.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Tech34Tech34 New JerseyPosts: 5
    edited February 24
    Thanks for your input , I agree the money factor is too high and I've started searching in state, I just need to find a place that i'm comfortable with
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