Dealership contract question

I recently leased a Dodge Ram 1500 (last week) and the dealership just called and claimed there was an error on calculating the residual value and thus my payment on the original contract is wrong. They want me to come back in and sign a new contract. The difference was $58 a month however they are “waiving” two fees to bring it down, $15 a month increase from the agreed payment. Do they have any way of enforcing this since I signed the original contract? What do you recommend?

Thanks!

I think your only recourse is giving the vehicle back if you are not ok with their screwup.

I’m not an attorney or really know much about contract law, but common sense tells me that it’s tough luck for the dealer…after all, if you pay too much, then you can’t cancel the lease! Also, since many people only base their decision off the payment (and have never heard of residual value or money factor, for example), then it would seem that the dealer could just try and jack every deal!

However, I would contact Dodge financial…or whoever it is that handles your lease. They might be able to give you a better answer…and get it in writing!

I had this happen on my first lease in 2001 and they tried to convince me that it was the price of a Starbucks a day and I could afford it. My payment went from 400$ to 450$. I’d say call their bluff and tell them you’re really sorry but you have to give the truck back. I bet they will not take it back.

Tell them they can take back their truck, I’m almost willing to bet that they will NOT want that truck back so you l can call their bluff.

Called and told them I’ll turn the truck in tomorrow, he seemed surprised and disappointed but said okay… waiting to see if I hear back or not

Good now wait, based on past dealings with dealerships they likely won’t want the truck back, you could also mention you put X amount of miles on it to further motivate them.

The play here was to say you are traveling and in X state (choose state 1000+ miles away) and will return the truck in 2 weeks.

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If they don’t call you, you could just do nothing. You have the vehicle and a presumably a valid contract if it’s been countersigned. It’s not your fault they gave the wrong residual. They may have even done it on purpose to get you to sign. They did that once to me. I leased a vehicle and they called a year later saying they had the wrong sales tax%. I refused to pay and the bank had to pay the state. Let the dealer pay the difference to the bank. If you knew the residual was incorrect or the paperwork is not final then maybe a different story.

Welcome back. Is this the same dealer that had the 9% interest rate lol? what payment and MF did that end up for the truck? How do you like the truck so far.

The dealer can also reduce their selling price to account for the RV discrepancy and leave your payment unchanged, so ask them why don’t they do that instead?

But on a more serious note, check the contract and see if has an errors or arbitration clause.

Yes same dealership. Mf was 0.0014 and payment was $403. Really like the truck it is the Laramie with a couple upgrades, MSRP was close to 54,000. I will reread the contract and see what I can find.

For Laramie trim, 53k MSRP, 403 payment is a great deal. The MF is great as well. So try and get the dealer to honor their numbers and don’t give in too easily on the “new” paperwork.

Ended up going into the dealer because I said I would just give the truck back. Once I got there he offered free maintainece for 3 years and I said no. He said what can we do to not take the truck back and I said not pay the increased payment. He offered cutting me a check for the total amount 36 months times monthly increase and I accepted.

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Good ending to a crazy experience.

Great bargaining :slight_smile: I am sure the last thing the dealer wanted is the truck back.

Good end to a semi-crappy situation. I bet writing that check was still the cheaper option for the dealership compared to having the truck returned, now being stuck with a used truck, and lose a potential bonus-qualifying December sale.

Yeah, weird situation but I figured they didn’t want the truck back, so I had some bargaining power.