General Challenger DiscussionThis section contains general discussion about the Dodge Challenger. If it does not fit into a more specific area, it probably belongs in here. (Dodge Challenger General Discussion)
I've looked at the Durango forums and haven't been that impressed by the participation. Maybe someone here can help me out, since the dealers don't exactly do a good job of explaining anything.
Looking at the screen capture below, I have two questions.
I am looking at a closed-end 36 month lease with 12k miles/year. The MSRP is what it is, the Residual is fine, and the Fees (+1494.50) seem OK. The rebate is understandable. But then there is the "Cash Cap. Reduction' of $1913.21. Where does that come from? After looking at what they sent me, I also don't see anywhere that my down payment of $3000 reduces the Adjusted Cap Cost. It almost seems like my $3000 disappear into their pockets.
Hopefully someone can help me out. My lease calculator actually reads about $90 less per month because of the down, given the same numbers they are running.
Hopefully the answer to this can be helpful for Challenger leasee's as well.
Last edited by ToroRojo_MIA; 08-01-2013 at 01:55 PM.
Ok, what I did was enter everything into the a lease calculator and used the $3000 figure as your total out of pocket. It only came out to around $5.00 a month cheaper. I think they are using $1,913 as a cap cost reduction and the rest to cover upfront costs? Problem number one is I can't get anything to add up to $3,000.
The only thing close is $1,913.21 cap cost reduction, + $448.96 first month payment + $448.96 security deposit, + $229.00 DMV fees = $3,040
The best advice is go over everything with the finance guy, and if you still don't understand have him go over it again.
Now what really scares me is the $899.50 dealer fee. What the heck is that? Sounds like a fee to recoup the some of discount off MSRP to me. My last lease was the negotiated price of the car, bank fee, tax, DMV and $75.00 document fee. I would definitely price around.
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If they can't or won't take the time to make you comfortable with the details GO ELSEWHERE!
I'd want all the money evenly split across the months and give them a big fat ZERO downpayment. Why give your money up front?
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OK... I'll try to go over the numbers tomorrow. I'm a CPA and I teach Personal Finance. Anyway, first you need to understand that MSRP means nothing in a lease. First, you negotiate your price like you would if you were buying outright. Then you get the financing for the lease. You need to get as big a discount as possible first.
Example: In 1994 I leased a 1994 3000GT. The sticker price was somewhere in the $24.5K range. I got about a $3K.5 discount right off the top before we talked lease. That lowered my monthly payment by almost $100! I ended up leasing that car for somewhere in the $299 range while some other guy did the same thing and walked out leasing it for the TV advertised lease payment of $399. Dealers make a killing off leases because they have people thinking wrong. A lease is no different than a regular sale to the dealer.
Like I said, I did not look at the numbers yet but I will try tomorrow if there is some time. Please wait to do this deal until you get more feedback from us. There are a ton of Durangos out there, so don't be in a hurry.
Last edited by georgethedog; 08-01-2013 at 10:14 PM.
The Following User Says Thank You to georgethedog For This Useful Post:
Steeler, you are right about the $899.50. I spoke to them again last night and it is in fact adding BACK into the price the reduction from the invoice price, which is how they got to the 37800. So the "Selling Price" is actually the invoice price. I'll just keep at it until I get the numbers I want. I'm in no rush.
So they admit giving it to you with the left hand and taking it back with the right, no wonder people desprise the auto sales industry.
Amazing isn't it? I can't believe with all the information on the Internet that these dealers get away with this s**t. I just went through something similar with a dealership in Virginia. What they do is post on their website this ultra low dealer price. Which is basically less than invoice, minus the $2000 rebate, minus the $995 destination fee, then what they do is add the destination fee back into the back end of the deal, and add in a $499 doc fee. Basically tricking the consumer into thinking they are getting a great deal.
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