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Lease Payment

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Regular Contributor

Lease Payment

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




EX: 694 (F8)(7inq) | TU: 691 (VS3)(5inq) | EQ: 699 (VS3)(5inq)
BK Ch 7 Discharged 2015 | x1 Paid collection | x1 30 day late on file
9% Utilization | AAoA: 2yrs | Updated: *UPDATING*
Message 1 of 8
7 REPLIES 7
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Valued Contributor

Re: Lease Payment

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

















Your FICO credit scores are not just numbers, it’s a skill.

Message 2 of 8
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Regular Contributor

Re: Lease Payment

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




EX: 694 (F8)(7inq) | TU: 691 (VS3)(5inq) | EQ: 699 (VS3)(5inq)
BK Ch 7 Discharged 2015 | x1 Paid collection | x1 30 day late on file
9% Utilization | AAoA: 2yrs | Updated: *UPDATING*
Message 3 of 8
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Established Member

Re: Lease Payment

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.
CapOne Quicksilver 7800 - Midflorida 1000 - Discover IT 2100
Starting FICO 8/27/18 - Eq: 551 / Tu: 543 / Ex:552
2/22/19 - Eq: 612 / Tu: 626 / Ex: 631
10/12/20 - Eq: 669/ Tu: 687 / Ex: 690
Message 4 of 8
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Regular Contributor

Re: Lease Payment

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.




EX: 694 (F8)(7inq) | TU: 691 (VS3)(5inq) | EQ: 699 (VS3)(5inq)
BK Ch 7 Discharged 2015 | x1 Paid collection | x1 30 day late on file
9% Utilization | AAoA: 2yrs | Updated: *UPDATING*
Message 5 of 8
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Valued Contributor

Re: Lease Payment

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.

















Your FICO credit scores are not just numbers, it’s a skill.

Message 6 of 8
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Valued Contributor

Re: Lease Payment

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 Smiley Very Happy

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, BBVA $2,500

Closed CreditOne $800, Blaze MC $3,000, Waufair $5,000

Infiniti Financial lease
Subaru/Chase 1.99%

Message 7 of 8
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Regular Contributor

Re: Lease Payment

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.




EX: 694 (F8)(7inq) | TU: 691 (VS3)(5inq) | EQ: 699 (VS3)(5inq)
BK Ch 7 Discharged 2015 | x1 Paid collection | x1 30 day late on file
9% Utilization | AAoA: 2yrs | Updated: *UPDATING*
Message 8 of 8
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