I’m in the process of leasing a 2018 Dodge Durango RT.
I’m still trying to get all of the factors from them but so far I’ve got:
MSRP: $47,130
Incentives: $2750
Trade In: $1000
Dealer Discount: ??
36/10: 500/mo
Nothing due at signing other than first month’s payment ($500)
I believe their dealer fee is still in the deal which is stupid high for this particular dealer, $999.45. I am not clear what the acquisition fee is but I’m asking now.
Now my question is, Dodge, I guess through Chrysler Capital? Is currently at 53% RV and 0.00013 MF. However, the paperwork they’ve just e-mailed says that they’re using US Bank and its conveniently leaving out the MF. The Residual is clearly listed at 53% though (same as CC).
So my questions are, What is everyone’s general consensus on US Bank? Any reason I should insist on Chrysler Capital Or Ally Bank? I mean they met my payment goal and my downpayment goal… so legit educational question, should I care who they send the deal to?
And lastly, I am not clear if GAP coverage is included. Last two cars I leased, my BMW and my Lexus, the GAP was part of the cost quoted each time and it was not extra. I’m asking the question now if it’s included or not now, but until the dealer responds, what is everyone’s general consensus on GAP coverage for leases? My take is must have, but open to input.
There are several threads here of lease turn in nightmares with US Bank. Read up, and use at your own risk.
If it’s not included in the lease for “free,” check with your insurance before signing anything. Many times, insurance carriers will offer it for much cheaper than the Finance office will. You should get it regardless, however, as you will be almost guaranteed to be upside down for the entire duration of your lease.
I don’t agree. I regard this as an example of how insurance companies and the dealers they sell through have successfully changed a population’s mindset. Does every risk need to be insured against?
Considering there are ~4.15 vehicle accidents per million miles driven and less than 7% of claims filed on 1-year-old vehicles are deemed a total loss, you can do the math on driving X miles per year and having a total loss event.
As @mp11477 said do some research on US Bank and lease returns. I helped a friend lease a Tacoma through US Bank earlier this year and he felt the reward of a lower payment was worth the risk. I believe there’s a few threads here that outline the experience as well.
US Bank does include GAP in their leases and I would imagine Chrysler Capital does as well. Toyota Financial is the only captive I am aware of that doesn’t include GAP; can’t speak to Ally.
Thank you guys on the insight for the GAP Coverage.
The confirmed they’re using US bank, as US bank has higher incentives. If I go with Chrysler Capital I need to add $800 to the deal. (Whether over the course of the payments or up front).
I also inquired about ‘excessive wear’ coverage. Thinking if the thing does have some dings and scratches that US Bank wants to gouge me on, that at least the Excess Wear coverage will cover it. I’m getting them to send me a complete list of what the Excess Wear coverage covers… but its at a cost of $699.
So options are:
US Bank: Roll the dice, 500 mo/ 500 down (1st Pmt) and hope shit doesn’t hit the fan, (It includes gap coverage)
US Bank + Excessive Wear Coverage: $1200 down/500 a month, or $500 down/$519 a month. Includes Gap, trying to figure out what the excess wear coverage entails as we speak.
or Chrysler Capital: $1300 down/$500 month, or $500 down/$522 a month. Includes Gap, but does NOT include any Excess Wear Coverage.
The vehicle is Blacktop Package R/T Durango. That massive square front in Black no less, it from what I was reading on US bank on this forum I feel like it is inevitable that they will have shit to say at the end. Just don’t know if the excess wear coverage is a better protection for me in the long run, or if going with Chrysler Capital is better.
I know sometimes if you lease another vehicle with them they let shit slide, but I don’t foresee me going with another Chrysler in the future unless something amazing comes out. I have my heart set on an G05 X5 in 3 years.
Fair point, and yes, I’ve never needed GAP myself. With that said, for the 40 bucks a year I paid insurance when the captive didn’t have GAP, it was cheap peace of mind. I would not pay the few hundred the F+I office offered.
So they’ve brought the wear and tear coverage down from $699 to $500 so my total out of pocket is now $1000 ($500 down for first payment, and $500 for excessive wear and tear coverage).
I’m hoping that together takes care of the concern of leasing through US bank. However, I’m still waiting on EXACTLY what the wear and tear coverage entails.
Here are my choices and I’m torn:
(1) US Bank and no Wear and Tear Coverage
(2) Go with US Bank WITH Wear and Tear Coverage (Additional $500)
(3) Go with Captive for Additional $800 but no wear and tear coverage.
Those are my choices.I’ve ruled out option 1.
Its option 2 or 3 for me and I’m not sure which to choose. I mean I like the idea of being covered against all wear and tear, and ultimately its cheaper than captive with no excessive wear and tear coverage. So is it not more worth it in the end?
Here is what the Lease Wear & Tear Coverage entails… 36 months. 0 deductible:
Excess wear & tear charges covered up to $5,000
Paint Damage
Brake rotors, drums, pads, linings, and cartridges
Shock absorbers/struts insert cartridges
Interior upholstery surface rips, tears, and stains
Alloy and steel wheels
Excess tire wear with less than 1/8 inch remaining.
I mean if this means I can show up with 4 bald tires and they gotta replace em’ its so i’m not dinged by it, that alone is worth the $500 right?
I’m concerned about it only being ‘paint damage’ though. I mean what if its a dent or a part that actually has to get replaced (someone mentioned the lower plastic air dam in the other thread on a chevy volt. Thats a part not paint. right? Or am I getting too detailed?
Well if you don’t count the lease protection plan I had included, its about 11% off including incentives off of MSRP that I was able to do on an R/T.
I think you may (keyword may) run into more difficulty on the GT than the R/T. The difference is V8 and SRT front end on the R/T and the V6 and standard front end on the GT… the GT is in more demand due to the V6. So it may be harder to get them to work on that.
I can’t say for sure as I did not try on the GT. I wasn’t interested if it wasn’t the V8, I would have gone witha Grand Cherokee for the nicer interior if I was gonna go with the V6 and didn’t need the 3rd row.
I see some of the RTs are even lower priced than a more loaded GT though the V8 guzzles gas and I’d way rather not do that…I’ll work on the 11% discount as a starter…ty
This is completely back of the napkin. But lets use 10k a year as base.
Rough estimate of real world driving with a heavy foot in both examples:
10k a year at 20mpg for the V6 = 500 gallons of gas per year. Lets go high ish on fuel cost and say $3/gallon = $1500 a year on gas.
10k a year at 15mpg for the v8 = 666.66 gallons of gas per year = $2000 a year on gas.
Difference of $500 per year. $42 a month to drive the V8 vs the V6. You gotta figure out for you if thats worthwhile. For many it isn’t. For me I dont like like driving a car that feels confused and dazed when you put your foot down. Lower optioned V8 for me, vs a higher optioned V6.
PS Dodge just announced a GT ‘Rallye’ model that basically puts the SRT and R/T front end on the GT as well… so now if you really love the look but truly dont give a shit about the power… then that may be perfect for you.
