How'd I do...Truck Lease

[jlind23]

Well as most feel I hate car shopping, but I thought I would see if any AT'ers could let me know whether I made a good deal or got swindled.

I leased a new 2001 Dodge Dakota Sport, 4.7L V8, 4X4, Automatic, Extended Cab (not 4 doors), 6 foot bed, Power Everything, Towing Package, Sliding Back Window, CD-Player, Alloy Wheels, Split Bucket Seats w/ Center Console...basically all of the toys that Dodge puts in a truck without four doors.

Updated: 3 year/36,000 mile waranty. Declined the one year extention on the warranty they wanted another $19 a month, Hind sighte will be 20/20 on this one I wanted to stay around $375 a month, but in 3 years I may regret it...who knows.

The lease term is 48 months at $379.00 with taxes included.

Everything I have looked at seems like I got a pretty good deal...I think that is what scares me most!

Thanks for any help you can provide.

 

[frizzlefry]

What was your negotiated price on that?
Also what's the warranty on that truck? If 48 months is past the warranty period, then I don't know. If anything major breaks down after the inital warranty then you'll have to pay for fixing it before returning it.

 

[xevnoc]

nice truck, what's the balloon payment look like?

 

[jlind23]

28314.77 was the Agreed upon Price before the $2000 Rebate. The money factor calculated out to be about 5.45%

The Residual Value at the end of the 4 years is $10792.00

 

[iamwiz82]

that seems really high to me. My brother got a 2001 about 6 months ago for $17000. This was fully loaded, the bigger tires, the alloy wheels, but his was a v6. I cant see how a v6-v8 upgrade would cost $11,000. By the way, his is the extended also, not the 4 door.

 

[jlind23]

$17,000....I have never seen one below $24,000 fully loaded....Did it have any miles on it?

The difference between the V-6 and V-8 is about $600.

By the way this was in the Colorado Market....they have a bit higher markup for Trucks than a lot of the Country, #2 truck selling state behind Texas.

 

[LAUST]

That's prolly the price on the 2wd's

 

[iamwiz82]

it had around 6 miles on it, i think. His payments ended up to be $190, i think after he put $7000 down. He did get an employee discount from my father, but that was only $1500.

Whoops, Laust is right, i didnt see the 4x4 in your post. Does it really jack up the price that much??

 

[AaronP]

yeah, make sure you don't get stuck with a CBP!

Check out the single best website on the net and see if you stuck to their guidlines.www.carbuyingtips.com

 

[LAUST]

In the GM world 4x4 usually means 4 -5K I'm not sure about Mopar, Tow package adds some too.. not a lot tho, the 4x4 is the huge one.. My truck was $31,500 MSRP and I took it from the Lot for $28,000 after taxes and everything added.

 

[samgau]

Excuse me if this sounds ignorant on my behalf.... now you are going to lease a truck for $379 for 48mo totalling $18192.... and then you give it back to them??? then what? why don't you just buy the truck?

 

[frizzlefry]

<< Excuse me if this sounds ignorant on my behalf.... now you are going to lease a truck for $379 for 48mo totalling $18192.... and then you give it back to them??? then what? why don't you just buy the truck? >>


AT end of lease there's a residual buyout price. You have 3 options at end of lease. But the car. Give it back and pay overage if any. Or lease another car.

 

[jlind23]

The Residual on the Truck is $10,792. I can buy it out at that price...not likely. If I were to buy it originally the payments would have been around $490. Being that I just bought a house money was some what a factor. That was the other reason for buying the truck, a Camry couldn't haul plywood, drywall, furniture, etc. Plus I tend to be hard on cars and leasing works out for me in that I turn it in about the time major maintenance begins. Yes I could have boughten used and got a lesser truck for a much better price, but since I have been wanting a nice truck for about 13 years (ie - when I turned 16) now was the time.

 

[JeffreyLebowski]

Only problem I see is that you bought a dodge

Personally in your shoes, I would have gotten a Nissan Frontier 4x4 CrewCab

 

[jlind23]

<< Only problem I see is that you bought a dodge

Personally in your shoes, I would have gotten a Nissan Frontier 4x4 CrewCab >>



My debate was between the Nissan and the Dodge. I wanted the 6 foot bed though, meaning to get the crew cab with 6 foot bed in the Nissan meant a 2002. I took out a 2002 without the Super Charger (170 HP) and it sucked. Tried the Super Charger (210 HP) and it had pretty good performance, however that put the truck up over $30,000 because is was a 2002, 4X4, with the Super Charger. The dealer I talked with wouldn't budge on the price because they are selling like crazy, and I wasn't willing to take the 2001 with the 4 1/2 foot bed, so I was left with little choice, but to go else where.

But I do agree the Nissan is a very nice truck and if you don't have the need for a 6 foot bed I would suggest you take a look at the 2001's they are having some pretty good deals, but make sure you test both the Super Charger and the regular before you decide.

 

[LAUST]

SC or not... hard one for me If it ain't Blown... it SUCKS!!!

 

[samgau]

Okay... I get the picture.... still pretty expensive... but i see how it can work...
The whole system is just a tad bit weird if you ask me....

 

[AaronP]

whether its rent on an apartment, or a lease on a car, the idea of having monthly payments with nothing to show for it at the end really doesn't sit well with me.

When I get out of prison (college) I plan on buying an inexpensive house and having payments of 600 or so and actually building equity instead of paying that same amount for rent and gettin nothin in the end.

I would do the same for cars, I would rather buy a slightly used car and make payments of 350 a month or whatever than lease a brand new car and have nothing, zippo, zilch at the end.

Car dealerships LOVE LOVE LOVE leases because there is so damn much profit in em.

 

[jlind23]

<< whether its rent on an apartment, or a lease on a car, the idea of having monthly payments with nothing to show for it at the end really doesn't sit well with me.

When I get out of prison (college) I plan on buying an inexpensive house and having payments of 600 or so and actually building equity instead of paying that same amount for rent and gettin nothin in the end.

I would do the same for cars, I would rather buy a slightly used car and make payments of 350 a month or whatever than lease a brand new car and have nothing, zippo, zilch at the end.

Car dealerships LOVE LOVE LOVE leases because there is so damn much profit in em. >>



Well I got out of the Renting two months ago and am now building equity in my house, so I understand the relationship of throwing money out the door. However, with cars I have been notoriosly bad by beating the heck out of them. Thus leases have helped me take better care of them and I don't have to deal with maintenance issues and Car Mechanics...whom I hate to deal with even more than Car Salesmen. One day I asspire to be able to save before hand and just pay cash for cars, but until then Leasing has been good to me.

 

[Softballslug]

Did you bend over????

 

[jlind23]

<< Did you bend over???? >>



If this cube wall wasn't between us, I'd come over and challenge that Ford of yours!

 

[Softballslug]

Ford F-150 rolls over little tiny Dodge..

Although I do admit, its a nice looking truck. Isn't it your turn to buy lunch???

 

[bunker]

Got ya beat!

2000 Ranger 4x4 extended cab - 4 doors - flare side - power everything - towing package - 4.0 liter v6
Sticker - $26,700
Price - $24,000

Monthly payment on a 2 year 34,000 mile lease $201 after tax.
I gave them $2000 of my $4000 I got from my trade in to cover security deposit, first month's payment, and the extra 10,000 miles I bought up front.

 

[jlind23]

But it's a Ford....just kidding.

Sounds like a pretty good deal. I have checked on a few sites and the one thing that alot of people told me is that different makers will play with the Residual Value. Dodge tends to keep the Residual comparable to the market value (ie - in 4 years my residual is 10,750...so I should be able to sell it rather than turn it in and get a little profit.) The Camry that I just turned in had a Residual at $18,000 and it was a '99 and there is no way I could get that on a 4-cylinder Camry with only a CD-Player for an upgrade.

I have heard this from a few sources and by changing this value it allows them to bump there price down...still don't completely understand it, but it is slowly getting clearer as I do more research.

 

[bunker]

That's why my payments are so low. They have the residual set at $17,000. But don't forget, that's after only 2 years whereas yours is after 4.