Looking to get some opinions on this deal
2021 Dodge Charger Scatpack Widebody
MSRP : $53,000
Selling Price: $50,000
Down payment: $4,000
Monthly Payment : $820
Residual: 60%
Months: 36
Annual Mileage: 12,000
$8k negative equity
I’m not too sure on the MF but I saw “0.00252” on one of the papers they had
Currently have a Ram 1500 being leased with 24 payments left
You do not want to roll $8k into a lease with a .00252 MF. It’s going to cost you an extra $1000 in rent charge and taxes just to get rid of that negative equity.
This is how you turn $8000 into $9000
You sure gonna look cool in that scatpack tho making some people’s mortgage payment each month.
OP, don’t get hosed.
I would listen to Shaq on this one OP.
Best case scenario, you’re only lighting $8500 on fire instead of $9000. What’s the point?
sounds good appreciate it
Why do you want to get out of your ram lease? Is it Chrysler cap?ally? Us bank?
It’s with Chrysler cap, it was just an Impulsive buy. Used to have a 2019 charger and regret jumping into the truck so quickly.
Oh yeah that’s a gg w/chrysler cap.
People here view negative equity as the bane of existence but if you really want out I would shop around and find somewhere to minimize your negative equity. Take the hit in cash if you can and be done with it, then shop your deal.
I would just make sure you separate the deal and the negative equity.
The hellcats have very very low mf if you want to try and bury that 9k in a base hc you would probably be looking at $900-$1000
That’s because we come here to learn to maximize value. You can’t do that by tacking on $300/mo extra just for shits and giggles.
That and people that make poor financial decisions like this tend to repeat them over and over again.
Here’s my suggestion:
Go to the bank and withdraw $9000 in $1s. Pile them up in the passenger seat of your truck and go park it next to a charger and look at the two vehicles side by side and see which one you prefer.
I mean I agree, but for the purpose of entertaining the idea that would be the best way to do it.
Maybe he just has enough money to not care, not our place to judge, but yeah the best advice is to stay put.
Saying that it is a poor deal because of the large amount of negative equity and judging over the decision to do so are two different things.
Subtract the negative equity and it’s not bad to be honest. Not the best but it’s tough sledding in fca land. Most people on here don’t understand how ridiculous most cdjr dealers are until they have dealt with them.
I used to pay $650 on my scat pack plus so I didn’t think it was terrible weighing in the negative equity. At this point I can either wait it out or purchase and see how much of the negative they want to help with lol
The problem is that when the deal is written with the trade factored in, you never know how much the dealer has robbed peter to pay Paul to make the base deal “look” better.
They would love to help you roll that negative forward so they can go shopping for a new boat
Might be a dumb question but technically speaking won’t my $4k “down payment” count towards the negative?
You’re adding $8k to the cost of the car and then paying taxes and rent charge on it. If you put down $4k and book keep it as going towards the negative or book keep it as going towards the car, you’re still $8k+ behind where you would have been without the negative equity.
Makes sense, now I’ve seen dealers use my purchase price and and some have used the whole amount with taxes and everything. What should they be using