I could really use some assistance on this deal and would greatly appreciate feedback! I apologize for the lengthy post in advance here…
To start, I live in Minnesota, zip is 55304. I received a letter from my local dealer asking me if I was interested in turning in my lease early, and if so, I “May” qualify for a $6k cash credit towards a new 22’ ram. direct quote from the letter is: “Up to $6000 toward the price of your new vehicle.* This month, you may qualify for a very special offer, a $6000 Ram Stellantis Lease Loyalty Bonus Cash Credit.”
Some back story: My lease is up in March and I planned to lease a new Ram. I spoke with the sales manager over the last few days, in person and through email a lot. There, he of course told me my payments would be upwards of $700/month, which I expected for the first quote anyway. These are the initial numbers I was given, but may not stay put because I may opt for a different truck:
MSRP: $61,400
Selling price: $57,286
Rebate/incentives: $11,250
- TTL/fees etc, etc, etc… Tax rate is 6.5% in MN
MF I was told through Stellantis, is .00285 and RV is 49%
I asked for 12k miles/yr and best term. he came back with 48 months and 39 months for examples, both of which were expectedly outrageous.
I left the dealership with all of the paperwork they showed/gave me and did my own research and quoted numbers as I have done on my last 3 leases. The sales manager used Stellantis and Ally and told me that these were the best two deals. I obviously found that the MF through CCAP was significantly lower:
12k/36: .00042 51% RV
12k/39: .00046 49% RV
12k/42: .00041 48% RV
And $5000 in general cash incentives and $500 for first-responder. I assumed by the wording in my letter, that the “$6000 Ram Stellantis Lease Loyalty Bonus Cash Credit” would also be available through CCAP, however, I am told it’s not, because of what I was told must be “Independent Dealer Leasing.” Now, I am not familiar at all with this, and I don’t want to assume the manager is trying to play me, but I know that dealerships get money from using certain financing companies, and obviously, with the significantly higher MF, I can understand that.
I was told that through Stellantis and I believe also Ally, there would be $11,250 in available incentives and through CCAP, only $7500, which obviously makes the great MF through CCAP much less appealing. With the $11,250 noted in the calculator for CCAP’s MF, my payment would be between $490-$530, depending on the terms I choose.
I guess my questions overall are: Is anyone familiar with independent dealer leasing? Does the wording in the letter sound like ONE specific rebate to you as well, because the manager is saying that’s the total amount of available rebates, but I just happen to qualify for more than the $6k. He said that by leasing through Stellantis I qualify for the Denver BC 2022 IDL Bonus Cash incentive of $5750, plus $5500 which is also included in CCAP.
Is he trying to play some kind of game to get me to sign through another bank for a higher MF, or is it that the deals are dried up now, and the same truck I bought 3 years ago, just happens to be $10k more for no good reason?
Thank you in advance! And again, apologies for the long post!