Just wanted to share a perk for all you leasing experts!
I picked up a 22 Ram night edition at the end of December. Got it for $5k down (from equity check) at a little over $400 a month for 10k miles a year.
I underestimated my use because of my new commute with our baby and day care travel so I contacted CAL directly and explained the situation, they offered to update my contract to 12k miles a year and only charged me the payment difference, I had to pay to pay this up front but it only ended up costing me $450.06 out of pocket, they sent over a new contract the same day with the reflected change and oddly enough, they didn’t even change the RV. My new terms are 39 months at 39k miles vs the 32.5k miles before. Probably didn’t matter since I plan to trade it early but this is just my safety cushion in the event I keep it til the end.
I don’t think the captive banks allow this but CAL being a 3rd party, I think they are looking to make a strong name for themselves in the NE region.
Just wanted to share in case anyone else is in the same boat.
I had to docusign a form acknowledging the extra charge and they emailed a new contract after. Printed it out and side by side, nothing changed except the mileage and a notation under fees “pre-paid excess mileage”.
All the local dealers in my area offer leases through them now, along with Bethpage FCU. My SR pulled up the desking software and compared the numbers, my truck through Ally or CCAP would’ve been over $150 more a month because some of the incentives fell off and their residual was a lot lower.
I’ll definitely consider trading it early but I was willing to spend the extra $400 today on the excess mileage vs at the end if I can’t get anything in equity and just turn it in. CAL Auto charges $0.50 per mile over the allotment. They also do 4 different buyouts; one for me, one for the originating dealer (ours are the same), one for third party dealer and one for third party person. Either way they aren’t too far off of one another right now.
Exactly, it was a gamble but I feel more comfortable spending $400 today than $3-5k at lease end (if I don’t trade it in early and go over 32,500). They didn’t send me an offer or anything, I reached out to their customer service department and they just helped me out.
I do plan to trade it in early but if the value for any reason tanks and I would lose money by trading in, I would just take it to maturity date.
If I keep it until the end, I can now have up to 39k miles which as of right now, it’s pretty much spot on. If I didn’t pay the $400 now and ended up 6500 miles over, that’s $3250 in excess.