Lease Payment

[KDKobes]

My credit profile is in my signature but scores were slightly higher when my credit was pulled 3 days ago. I leased a 2019 Dodge Charger Daytona and I’m curious if the payment I got is a decent deal or not.

MSRP - just shy of $50,000
Got them down to around $46,500 w/tax included
36month/30,000mi lease
$4,000 down

$599.27/month payment

[Medic981]

What is the money factor and residual value on your lease?

[KDKobes]

Well if I did my math correctly from the paperwork and the helpful formulas online it came out to (and assuming the percentage is what you meant by the “money factor”);

3.57%
Residual Value - 28,112.40

[Anonymous]

Not sure if credit was a factor on the lease , but if you count the down payment (which you probably shouldn’t ever put for a lease) . You’re paying 710$ a month for a 36/10 lease on a Daytona .

That’s close to hellcat numbers .

Check out leasehackr forums and see what deals are out there.

[KDKobes]

Oh I assume my credit was a factor, by no means is my credit great which is why I’m wondering based on my credit if it’s a good price per month or about average with my credit profile. The 0% down is usually for people with 750+ credit scores & no BK’s.

[Medic981]

For auto loans and leases I was told by the Subaru dealership that to get the best interest rate deal one needed to have a FICO score of 720 or better. The difference between an auto loan and an auto lease is the same between purchasing furniture or renting it. You do not own the item(s). The lessor can come and repossess it much easier than if you had purchased it. I am not sure how much a BK comes into play when getting a lease.

[sccredit]

Frankly it looks like a terrible deal.  However, it's done and if you're happy with it none of that matters.  Enjoy the car and try not to get too many tickets 

[KDKobes]

Yea, I kind of figured it was a sub-par deal but I guess I kind of expected it. Needed a car and a loan was way too much on most vehicles, I would assume because I haven’t had a loan in my name since my BK 3yrs ago that’s probably why. I also ordered this car, 2019 model, and depreciation is more than a 2018 so I think that comes into effect as well. I guess your right as long as I enjoy it it doesn’t matter. $599.27 including tax for me isn’t bad for what I’ve been quoted elsewhere. Prior I was quoted $560 with $3,000 down on a 2018 model so I guess it’s my credit holding me back. I’m hoping after my inquiries fall off, accounts age, and this lease ages on my credit, I should be in a much better position to get a better deal.