Hey fellas,

I leased by black GCSRT8 2 months ago and I can't help but feel like I've been had. I put $6,000 down and got the car for MSRP ($47,000). My monthly lease payment is $985.

Does this sound right?

Anybody else leased their GCSRT8?

what was your down and what's your payment like?

I heard for $985, I can lease a $77K Cadillac STS V Series with less money down!

My Lease Term:
15K miles/year
50% residual value
can't remember money factor but I recall it was equivalent to APR of about 6.0%

Very much appreciate any feedback you guys can give.

Thanks,
David:confused:

sounds extreamly high to me but I did not lease. With 6k down you wouldn't think they payment would be that high. When you say 47,000 that is with tax, title, and all fees correct?

Seems high to me. I used to be in the aircraft leasing business and so understand the financial mechanics. Your deal earns the leasing company about a 9% return if it's a 2 year lease and an 19% return if it's a 3 year lease. Both of those numbers are before tax so their real after-tax return is considerably higher due to the tax benefit from owning the vehicle for tax purposes.

How many months is the lease for??

That is an awful lot of money for this vehicle. This truck is meant to be purchased outright, since every other vehicle Chrsyler offers has 0% financing. It would have been way cheaper to buy with 0% financing the 5.7 liter Grand Cherokee even though it is not the same. You will probably end up spending more on your SRT8 and not own it then the vehicle costs. This will probably still be a high demand vehicle when your lease is up, meaning it would be an easier sale if you owned it.

Given the depreciation rate for this vechicle, that seems high. I thought a lease should cover the depreciation of the vechicle, the cost of captial, and a bit of profit for the dealer.

I financed mine for $40K at 6.5% for 60 months for a payment of $787 to own.

Looking at the depreciation rate of the SRT4's, the SRT's seem to hold their value well. After 3 years at 15K miles a year, a $20K car is still worth $13k. Double that for the GC and we should only lose about $15K in value over 3 years.

Looks like they expect you to lose about $10K per year...

Even if you went 24 months on that lease, it's very high.

Like your example, you would be amazed at what you can lease for that kind of coin. Also, $6k down is heavy for a lease.

The SRT-8 GC simply doesn't lease well, no special rates and the residual is not the best.

Agreed. They tried to dump the lease on me. But what is the point of paying alost how much it would cost to own the car and to have no quity.

Of course they are not doing the 0% with the srt8. The have to make their money. I got a rate signifincantly higher than zero, and with excellent credit. I paid half of it down cash. and have the rest to pay off. My payments arent that bad and considering the deal I got Id like to pay if off asap.

dude, you guys kick ass. thank you for the pointers. very much appreciated.

Maybe I should try to get a loan through a credit union and buy it out right.

dammit, you guys are right, that's a lot of money to drop on a lease.

it sucks ass...

I leased mine for 36 months, $2000. out of pocket for $714.38

Rapid Dude

I hate to tell you but that deal is awful. The lease variables are as follows:

PV: $41,000 (after $6,000 buy-down)
Residual: $23,500 (50% of $47,000)
Monthly payment: $985
Term: 36 months
Effective interest rate: 18%

MY HP 12C calculator performs all these financial calucaltions (and I do this very often in my line of work). If you took title and got a loan, then you could of had a $811 monthly payment with a $41,000 loan, 7% interest and a 5 year term. At the end of three years you would of had an outstanding principal balance of $18,166 (instead of a lease residual buyout of $23,500).

Note: None of this includes closing costs (taxes, dealer prep, etc.)

I would be very upset with the dealer (who gets a "kick back" on any premium they get on the lease). Unfortunately, the leasing company may not allow you to backout of the lease and purchase the vehicle at this point and it may be out of the dealer's hands. Review the lease and have a rational discussion about buying out the lease. If you need any further number crunching just ask, I'm in here often and good luck.

In addition, a $1,000/month payment will generally lease a $70,000 car. I have a Mercedes lease and the Mercedes has a very high residual 62% - so you get more car for the same buck as a less expensive car with a lower residual (as in your case 50%).

By-the-way: If they treat you unfairly, I don't think anyone here would hold it against you if your SRT 8 had a "rough" life. I would give it back to them at the end of three years with the driveshaft(s) just hanging on.

SRT8's have 0% lease and 0% purchase. Atleast in Canada.

Steve, do you mean 0% financing when you said 0% purchase? I would double check that, there is an exception for the vipers and srt vehicles. I cannot imagine they would allow those financed with 0% across the border when they don't allow it here. If I were a betting man, I would say you are wrong.

yeah but is that Canadian dollars or real money :) :) :)

I ALWAYS LEASE MY CARS (PORSCHE 911 TURBO, RENGE ROVER SPORT SUPERCHARGE) AND THIS TIME I DIDNT LEASE THE SRT I CAN OWN THE TRUCK IN ABOUT THE SAME TIME THAY I WOULD HAVE ON THE LEASE
AND I HAVE SOME EQUITY THE TRUCK IS ONLY 46,000.00 SO IT BETTER TO BUY IT, AT THE END OF YOU LEASE YOU WILL HAVE PAID OVER 40,000.00
ANYTHING UNDER 50,000.00 BUY IT ANYTHING OVER 50,000.00 ( not american) lease

Thank you all for jumping in to share your advice.

I sent a complaint to Daimler Chrysler, Jeep and Daimler Chrysler Financial. Will let everybody know how it plays out. I suspect that the dealer screwed me because I bargained so hard to get the car down to MSRP.


Daimler Chrysler better do what's right or else...

Assuming your capitalized cost is in fact MSRP (not above MSRP), they obviously bumped your interest rate to the moon.

This is why dealers LOVE to lease people cars, because it's the easiest way to screw the customer. Not everyone is an expert on leasing and dealers know it.

Indeed, definitely keep the thread updated with your progress.

Daimler Chrysler basically told to me buzz off. They said that they have no control over dealerships. Still waiting to hear from Jeep and Daimler Chrysler Financial.

Traveling on business right now. I'm hitting up the dealership as soon as I get back.

Your best bet is to compare the penalty to getting out of that lease versus the money spent to carry that lease till it ends against another alternative.
Will they let you buy the vehicle out?
Chrylser will be of no help, I have already attempted to have a dispute with the dealership settled through Chrysler. All they do is say "sorry there is nothing we can do, we don't have any control over the dealerships."

You guys won't believe this.

I called the GM of the dealer a week ago and demanded that my lease be reworked because the finance manager made a gross error on the money factor. I then wrote a nasty letter (effidently quite effective) to him the same day.

Last Friday he asked me to visit the dealer to sign a rescission and substitution agreement. The money factor was adjusted and my payment reduced from $985 to
$806! :eek: :D :eek: :D

Thank you all for chipping in on this thread.

rapidude