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School Me On Leases

Old 08-12-2019, 12:38 PM
  #21  
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Originally Posted by rdiesel01 View Post
This is total misinformation - I'm a finance manager at one of the country's largest jeep dealerships and the interest ("money factor") on most leases is typically waaaay lower than normal financing rates. Also due to the rebate structure iit s sometimes cheaper to lease and then buy than it would be to finance from the get go because of much higher rebates on the lease. As far as putting money down on a lease most manufacturers aren't charging a security deposit these days, and the only thing required to be put down is the first month and DMV fee. Any money that's put down above that is at risk in the event of a total loss. The leasing company is the titled owner of the vehicle and the insurance check goes to them. They will not return one cent of any monies put down to you
OK cool. Find me a 2019 Grand Cherokee, Silver 4x4 with Hemi and tow pkg. at these great prices/incentives you just quoted. I'll sign today.

I'll put down 1st month payment and DMV fee to register/plate the truck.

Thanks!
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Old 08-12-2019, 01:59 PM
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Originally Posted by Misterfu02 View Post
OK cool. Find me a 2019 Grand Cherokee, Silver 4x4 with Hemi and tow pkg. at these great prices/incentives you just quoted. I'll sign today.

I'll put down 1st month payment and DMV fee to register/plate the truck.

Thanks!
https://www.driveenvy.com/macomb-daily-ad-richmond-mi/
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Old 08-12-2019, 02:21 PM
  #23  
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OK, that differs a lot from what rdiesel said earlier.

In addition to first months payment and dmv fees, you have to put the destination charge, monthly tax, cap cost reduction tax, and doc fee all down before you can drive away. That's a few grand.

Thanks though.
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Old 08-12-2019, 08:25 PM
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Originally Posted by Misterfu02 View Post
OK, that differs a lot from what rdiesel said earlier.

In addition to first months payment and dmv fees, you have to put the destination charge, monthly tax, cap cost reduction tax, and doc fee all down before you can drive away. That's a few grand.

Thanks though.
Destination charge? Learn about leasing before you criticize how bad they are...because you dont know what you're talking about.
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Old 08-13-2019, 05:58 AM
  #25  
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Make sure you read your lease paperwork carefully - the end of lease terms.

I leased a 2016 Ram 1500 using Ally, and I was hoping to trade in the truck early - the salesman even verbally indicated that I could do that when I got it (I'm just past year 3 of a 4 year lease).

Ally has a clause - that if *I* want to purchase the truck, it's the agreed residual value at the end of the lease, or the residual + balance + fees if I end it early. If I trade it, or want to sell it to a dealer (or anyone else, I suppose), then ally wants market value, not the residual, plus balance and fees.

So in my situation, I'm almost 10,000 miles under my allowed mileage, and I don't get any benefit from that on trade or sale. The higher market value makes it almost impossible to trade without going upside down. From what I gather, most leasing companies do not do this, apparently it's an Ally thing. Really putting a sour taste on the whole leasing thing for me in the future.
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Old 08-13-2019, 06:10 AM
  #26  
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Originally Posted by TrybalRage View Post
Make sure you read your lease paperwork carefully - the end of lease terms.

I leased a 2016 Ram 1500 using Ally, and I was hoping to trade in the truck early - the salesman even verbally indicated that I could do that when I got it (I'm just past year 3 of a 4 year lease).

Ally has a clause - that if *I* want to purchase the truck, it's the agreed residual value at the end of the lease, or the residual + balance + fees if I end it early. If I trade it, or want to sell it to a dealer (or anyone else, I suppose), then ally wants market value, not the residual, plus balance and fees.

So in my situation, I'm almost 10,000 miles under my allowed mileage, and I don't get any benefit from that on trade or sale. The higher market value makes it almost impossible to trade without going upside down. From what I gather, most leasing companies do not do this, apparently it's an Ally thing. Really putting a sour taste on the whole leasing thing for me in the future.
yeah that sucks. I have a 17 Ram through Ally. Gonna make me go read my paperwork now.
I definitely didn't have those issues with my Chevy lease.
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Old 08-13-2019, 06:34 AM
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Originally Posted by coores14 View Post
yeah that sucks. I have a 17 Ram through Ally. Gonna make me go read my paperwork now.
I definitely didn't have those issues with my Chevy lease.
I guess I need to clarify - there is nothing in the paperwork that says this, at least that I can find. However, when I called Ally to verify payoff, I was told this by the rep. If you google search you can find other people who have run into the same issue, usually at the dealership while negotiating their trade at the last minute.

https://www.corvetteforum.com/forums...off-fraud.html
https://www.jeepgarage.org/threads/a...an-mine.92039/

Omitting this from the end of lease terms on the paperwork is misleading at best.
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Old 08-13-2019, 09:47 AM
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Originally Posted by RyanL11 View Post
Destination charge? Learn about leasing before you criticize how bad they are...because you dont know what you're talking about.
It's right there in the fine print.
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Old 08-13-2019, 09:50 AM
  #29  
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Originally Posted by Misterfu02 View Post
OK cool. Find me a 2019 Grand Cherokee, Silver 4x4 with Hemi and tow pkg. at these great prices/incentives you just quoted. I'll sign today.

I'll put down 1st month payment and DMV fee to register/plate the truck.

Thanks!
I never quoted any prices/payments. First payment and DMV as I stated are the only things required to be put down. Pm me and I'll be more than happy to help you out.
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Old 08-13-2019, 10:15 AM
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Originally Posted by TrybalRage View Post
I guess I need to clarify - there is nothing in the paperwork that says this, at least that I can find. However, when I called Ally to verify payoff, I was told this by the rep. If you google search you can find other people who have run into the same issue, usually at the dealership while negotiating their trade at the last minute.

https://www.corvetteforum.com/forums...off-fraud.html
https://www.jeepgarage.org/threads/a...an-mine.92039/

Omitting this from the end of lease terms on the paperwork is misleading at best.
How is that possible then? How can they ask for something thatís not written down? Makes no sense but I guess in the end no one will take them to court over this. Isnít Ally owned by GM, lol.
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Old 08-13-2019, 11:22 AM
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Originally Posted by silver01 View Post
How is that possible then? How can they ask for something thatís not written down? Makes no sense but I guess in the end no one will take them to court over this. Isnít Ally owned by GM, lol.
I don't think they are, anymore. Could be wrong.

My guess - legally, since trade-in or sale is not explicitly addressed in the papers, the rules can be whatever they want. As one person said in those links I posted, they own the truck and the price agreed upon in the contract is with me, so whatever else they may want to do with their property is fair game.
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Old 08-13-2019, 11:52 AM
  #32  
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Originally Posted by TrybalRage View Post
Make sure you read your lease paperwork carefully - the end of lease terms.

I leased a 2016 Ram 1500 using Ally, and I was hoping to trade in the truck early - the salesman even verbally indicated that I could do that when I got it (I'm just past year 3 of a 4 year lease).

Ally has a clause - that if *I* want to purchase the truck, it's the agreed residual value at the end of the lease, or the residual + balance + fees if I end it early. If I trade it, or want to sell it to a dealer (or anyone else, I suppose), then ally wants market value, not the residual, plus balance and fees.

So in my situation, I'm almost 10,000 miles under my allowed mileage, and I don't get any benefit from that on trade or sale. The higher market value makes it almost impossible to trade without going upside down. From what I gather, most leasing companies do not do this, apparently it's an Ally thing. Really putting a sour taste on the whole leasing thing for me in the future.
Ally's policy is pretty common. Ford takes it a step further - if the customer doesn't buy it no other dealer can buy it, it must be returned to Ford. They want to suck every penny of profit out of the vehicle
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Old 08-13-2019, 02:05 PM
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Here's another fairly current leasing related thread with lots of good info

What Am I Missing? 2018 Chevy 1500 Lease
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Old 08-13-2019, 04:11 PM
  #34  
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Originally Posted by TrybalRage View Post
I guess I need to clarify - there is nothing in the paperwork that says this, at least that I can find. However, when I called Ally to verify payoff, I was told this by the rep. If you google search you can find other people who have run into the same issue, usually at the dealership while negotiating their trade at the last minute.

https://www.corvetteforum.com/forums...off-fraud.html
https://www.jeepgarage.org/threads/a...an-mine.92039/

Omitting this from the end of lease terms on the paperwork is misleading at best.
Itís got to be in the fine print somewhere. But the reality is that in a lease, the vehicle belongs to a third party (that not just a bank) . They set the terms to be advantageous to them. Otherwise their profit margins shrink.
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Old 08-13-2019, 05:11 PM
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Originally Posted by Misterfu02 View Post
It's right there in the fine print.
lol...you have no clue what you're talking about. Ive leased several cars...I've never seen the studpity you're spewing.
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