Wanted to share this Ram 1500 lease I signed a couple of weeks back. I had a 2022 Genesis GV80 to trade-in. Due to high miles (50k) and an accident on carfax, I was upside down ~$9k. Life needs changed and I was in the market for a full size pickup. Out of the big three I figured only RAM was attainable given my negative equity. Went to a local dealer, did the 6 hour ritual and ended up with the following. Think I could’ve done better by selling the trade-in as a separate transaction. But didn’t want the hassle and also would miss on the NJ sales tax credit.
Sorry, I’m not very good with the calculator. I couldn’t get all the specifics translated from my lease contract into the calc. Not the correct way to do it. But, I tried to populate as much info I could and then played around with the untaxed incentives column at last to match the monthly payment. I was guessing sales tax credit (for the trade-in) could be put in untaxed incentives?
Yeah, the -ve equity made it worse. I went with 15k/yr miles on this lease, hopefully will stay under the allowed miles.
Was A straight up Con Deal.
They say all the right things- high miles / accident/ negative equity. We never new about equity until Covid
15K mile lease was standard residual / select inventory bonus cash rebate 100% / def sneaked another rebate in you sign and drive this car I do leasing, June / July they had good deals on rams lRamie only bonus coupons -
C cap bank or Stellantis at the .19 MF don’t rem.
Take genesis out the equation - sign and drive high $600 low 7s-
Where did they hide the negative equity at $910 M
Deal looks great but you had value in that genesis my friend 100%
. Rule # 1 never roll into a deal a car that def isn’t the same brand or a brand that’s not part of that auto group your getting the new. r from.
There def was something for them to even take the genesis in with a loan still on it.
Or maybe Iam reading this wrong, how would u be negative equity it you didn’t still owe money on the genesis? So u did have them pay the balance off. Terrible mistake. How much was owed on the loan ? Not enough info , either way $910 M no loyalty , must have put you through a credit union bank , conquest rebate.
$910. First month total due then taking back your genesis paying it off , you def had value then.
I would love to see this contract. Cause this don’t make sense. Applied as a trade means there cutting back the money to the bank , could be remaining lease payments , balance of a finance.
They had the car sold before they printed the contract , def made 5-7K on you -100%
No dealer buys a negative equity car as a favor and says roll it in to help you out. There laying out money for you to apply to a new car deal and pay interest on it to the bank. No benefit to them rolling it in unless they making money n the trade . Common sense
I traded in my Porsche to a Ford dealer and they gave me the best price by a significant margin. The Porsche dealers were the lowest, with Carvana being the next best.
I think the best strategy is to negotiate the lease deal without mentioning the trade in. Then at the very end, say you have the trade in. If they come back with a good price, do what you need to. But if the price is low, then sell it elsewhere. Pretty much ensures you won’t get screwed on the trade in, since you’ll have the direct lease delta in front of you.
lol. Nah not at all. Created an account because I come across customers that swear by this site, and actually buy into it and like to think that the info here is 100% accurate.
It’s not even close. Give a little idea. Things change by the hour, pricing is diff depending on a dealership , there’s rebates and bonus cash that dealers have that’s not publically disclosed. If your a wanna be broker , working out of your car or basement you don’t stand a chance in a market like this.
Never lost a deal to leasehacker , the closest a hacker came to me on a price was $23 more last month on a GC limited and I was quoiting off a sticker $1,300 more.
n the trade . Common sense