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  #1  
Old 08-06-2014, 04:42 PM
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CraigE CraigE is offline
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Default Lease Terms. Does this make any kind of sense?

I built this ram on the ramtrucks site and they show a lease payment of
$337 per month not including sales tax, tags, doc fees etc.. this is using the same pricing, dealer discount, down payment, mileage.


Below is an email I just got from the dealer I'm talking to its for the same exact truck



Dear Craig,

Thank you so very much for writing me back today.

2014 Ram 1500 Crew Cab 4X4

Stock # 143213

MSRP: $55,320.00

Our WOW price: $44,387.00

36 months lease with 15k miles per year with $5,000.00 down payment based on approved credit for a vehicle being registered in NJ zip code 07002 would be $783.32 per month for 36 months.

Residual is 52%.

Money factor is 9.65%.


Why would the money factor be so high? and the residual 52% ??? WTF???
and why would the dealer be giving me a number for a monthly pmt that is so different from what I got on the ram site?
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Old 08-06-2014, 05:30 PM
SparkyGreen SparkyGreen is offline
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Default

the MF they are showing you must be listed as an APR. APR = MF*3600 (2400 for 2 year). http://www.leaseguide.com/glossary/money-factor/

so 9.65% APR = .00268 MF. Which I think it a little on the high side, i guess it depends on your credit? I think mine was like .0005 or something like that which equates to like 1.8% APR. Also remember NJ tax is like 7% i think, if you didnt figure that right it could be a factor in why the payment is so high.
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  #3  
Old 08-06-2014, 05:43 PM
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CraigE CraigE is offline
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I agree that the money factor seems high. Credit isnt an issue. My Fico is like 740 ish. sales tax is 7%. Even with that though, the payment they give me is more than double what the ramsite spit out.
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Old 08-06-2014, 11:48 PM
MudEngineer MudEngineer is offline
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If you start with 44,387 add 7% sales tax and then do a $5000 down payment, you would owe around $42,500. If you took out a 6 yr loan at 3.9%, the payment would only be $663 per month. That dealers lease payment to totally nuts!
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Old 08-07-2014, 12:30 AM
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Ah run away from that lease payment.
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Old 08-07-2014, 08:18 AM
Monster5601 Monster5601 is offline
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Quote:
Originally Posted by CraigE View Post
I built this ram on the ramtrucks site and they show a lease payment of
$337 per month not including sales tax, tags, doc fees etc.. this is using the same pricing, dealer discount, down payment, mileage.


Below is an email I just got from the dealer I'm talking to its for the same exact truck



Dear Craig,

Thank you so very much for writing me back today.

2014 Ram 1500 Crew Cab 4X4

Stock # 143213

MSRP: $55,320.00

Our WOW price: $44,387.00

36 months lease with 15k miles per year with $5,000.00 down payment based on approved credit for a vehicle being registered in NJ zip code 07002 would be $783.32 per month for 36 months.

Residual is 52%.

Money factor is 9.65%.


Why would the money factor be so high? and the residual 52% ??? WTF???
and why would the dealer be giving me a number for a monthly pmt that is so different from what I got on the ram site?
The number back from the dealer is accurate, you can verify this using any one of the several one-line lease calculators (http://www.edmunds.com/calculators/car-lease.html).

What is wrong is the APR (9.65%), no one pays that amount of interest these days. A reasonable APR for a lease would be under 2% but closer to 1.2%. To convert APR to the money factor divide the APR by 2400.

The residual is calculated using the MSRP. The lease amount is the difference between the negotiated price and the residual value plus addition mileage over 12,000 per year, licening fees, document fees and any other fees your dealer charges. Sales tax is calculated on the amount of the lease payment.
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Old 08-07-2014, 09:37 AM
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Sounds like they are trying to scam you hard!
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Old 08-07-2014, 02:05 PM
Midknight Midknight is offline
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My rent charge on my 2014 1500 Express Black Ed. was $253 total over 36 months. I don't have the contract in front of me for the residual but it was around 56%. I have 12k/yr but 15k/yr will bump the monthly up some. That price is insane, I just got mine a month ago. I'm in NJ and both dealers I looked at were nowhere near that.
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  #9  
Old 08-07-2014, 05:42 PM
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CraigE CraigE is offline
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Default

I responded to the dealer (who is in Virginia by the way) by saying his quoted payment is so far out of the ballpark that I can't even take it seriously. I have also been dealing with a place in NJ that has a truck almost the same price that is offering my 383 plus tax and tags . That's more like it.

Since I responded to the Virginia dealer he asked me for examples of offers I have gotten. which I gave him. I have yet to hear back.
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  #10  
Old 08-07-2014, 06:11 PM
canesice canesice is offline
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What did the dealer say when you showed them the ram website numbers?

Both the residual at 52% is low, and the APR as discussed previously is way to high.
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