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Discussion Starter #1
I'm down to my final lease payment and am leaning towards buying my car. I only have 16k miles and it is in near perfect condition. Chrysler Capital called me this morning to discuss my options and they emailed me a buyout quote. I'm completely annoyed now as it appears they charge a $350 vehicle purchase option fee. I knew there was a turn in fee, but I've thought this whole time I could buy the car and avoid any fees.

Has anyone else purchased their vehicle? Were you able to get out of paying that fee? I haven't leased enough cars to know if that is a standard fee or not, but it certainly puts a bad taste in my mouth for Chrysler.
 

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I'm down to my final lease payment and am leaning towards buying my car. I only have 16k miles and it is in near perfect condition. Chrysler Capital called me this morning to discuss my options and they emailed me a buyout quote. I'm completely annoyed now as it appears they charge a $350 vehicle purchase option fee. I knew there was a turn in fee, but I've thought this whole time I could buy the car and avoid any fees.

Has anyone else purchased their vehicle? Were you able to get out of paying that fee? I haven't leased enough cars to know if that is a standard fee or not, but it certainly puts a bad taste in my mouth for Chrysler.
Only way out of the fee is to lease or buy a new FCA and trade/turn your car in on it, otherwise they get you with $395 either way (turn in or buyout). Also no negotiating your buyout, it's whatever your original contract said but their number they gave you will include fee/tax/title /reg for your state.

Not a good deal now to buyout your lease with the deals on new 2019
 

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Was the buyout offer they emailed you the same as it was on your original contract? I get it that your car is low mile pristine and a hard choice to turn it in.
 

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Discussion Starter #4
Only way out of the fee is to lease or buy a new FCA and trade/turn your car in on it, otherwise they get you with $395 either way (turn in or buyout). Also no negotiating your buyout, it's whatever your original contract said but their number they gave you will include fee/tax/title /reg for your state.

Not a good deal now to buyout your lease with the deals on new 2019
Here is the kicker....they hit you with the fee even if you buy another FCA vehicle. I just took delivery of a 2020 Jeep Wrangler Rubicon and they didn't care. They only wave the fee for new leases, not purchases.

Regarding the buyout vs. leasing another vehicle, I'm torn. My buyout is $45,500 and the price on a new Hellcat is similar to what I paid in Feb. 2017. I could lease another one for little down and roughly the same payment, but I'd be in the same boat in 3 years.
 

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I would say buy it. Unless you are dying for another color or trim options. If you love it enough to even consider buying it, go for it. Will be cheaper in long run if you buy vs. leasing the same car over and over and over again.
 

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Here is the kicker....they hit you with the fee even if you buy another FCA vehicle. I just took delivery of a 2020 Jeep Wrangler Rubicon and they didn't care. They only wave the fee for new leases, not purchases.

Regarding the buyout vs. leasing another vehicle, I'm torn. My buyout is $45,500 and the price on a new Hellcat is similar to what I paid in Feb. 2017. I could lease another one for little down and roughly the same payment, but I'd be in the same boat in 3 years.
Not sure where you live, but your numbers don't make sense to me. I have a Jan 31 2017 lease so our numbers should be close. No way you are getting an equivalent lease right now without considerable cash down. My buyout with tax/reg is $46,250 and there is zero chance I am buying it. You can buy a brand new 2019 that is 4 model years newer for $12-13k more

The fee is only waved if your lease vehicle is part of the deal. If you would have worked it as a trade or turn in with the purchase of your Wrangler it could have been waived. Has to be in all one transaction.

I would say buy it. Unless you are dying for another color or trim options. If you love it enough to even consider buying it, go for it. Will be cheaper in long run if you buy vs. leasing the same car over and over and over again.
Buying a car you leased is never a good financial decision 9/10 times. This isn't that 1 time, where the residual is ridiculously low and the car held its value unexpectedly.
 

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I will be purchasing mine at the end of lease as I only have 2300 miles at this point and mine is up in another 8 months. My residual is only around 39,870 though.
 

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Any and all fees should be spelled out in your contract. Nothing should leave a bad taste in your mouth if it’s in the contract as you agreed to it 3 years prior.


And yes, it’s not unusual to have a buyout “fee” on top of the residual.



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Discussion Starter #9 (Edited)
Not sure where you live, but your numbers don't make sense to me. I have a Jan 31 2017 lease so our numbers should be close. No way you are getting an equivalent lease right now without considerable cash down. My buyout with tax/reg is $46,250 and there is zero chance I am buying it. You can buy a brand new 2019 that is 4 model years newer for $12-13k more
Where are you seeing Charger Hellcat's in the high $50k's (which would be $12-13K more)? If they are that low, maybe it doesn't make sense to buy mine. The sticker on my car was just over $73k and my negotiated price was $65k plus destination. Looking at current deals, a similarly equipped car has an MSRP of $76k and they are advertised at $62.5k plus destination. Have the residuals dropped? Up until a few months ago it looks like a 3yr/36k mile lease was still around 62%. Has the money factor jumped significantly? If not, I should be able to get a similar payment for little to no money down. I put down $2500 last time, but I wouldn't do that again. I'd roll most of that into a new payment if I was to lease another car. That would raise my payment by $50-75. The downside is, I'd still have a high $40's buyout in three years.

Looking around, it seems my car is worth in the ballpark of my buyout. Auction prices for 2016's are a little below my buyout and retail prices are a bit above.
 

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Discussion Starter #10
Any and all fees should be spelled out in your contract. Nothing should leave a bad taste in your mouth if it’s in the contract as you agreed to it 3 years prior.


And yes, it’s not unusual to have a buyout “fee” on top of the residual.



Sent from my iPhone using Tapatalk
I'm sure it was in my original contract (but I will look to see for sure). I'm just bummed I didn't know about the buyout fee before now. It makes sense to me to have a turn-in fee. I don't see where the dealer or Chrysler incur any costs in me buying the car though. If it's a normal leasing fee that everyone charges, it just is what it is.
 

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Where are you seeing Charger Hellcat's in the high $50k's (which would be $12-13K more)? If they are that low, maybe it doesn't make sense to buy mine. The sticker on my car was just over $73k and my negotiated price was $65k plus destination. Looking at current deals, a similarly equipped car has an MSRP of $76k and they are advertised at $62.5k plus destination. Have the residuals dropped? Up until a few months ago it looks like a 3yr/36k mile lease was still around 62%. Has the money factor jumped significantly? If not, I should be able to get a similar payment for little to no money down. I put down $2500 last time, but I wouldn't do that again. I'd roll most of that into a new payment if I was to lease another car. That would raise my payment by $50-75. The downside is, I'd still have a high $40's buyout in three years.

Looking around, it seems my car is worth in the ballpark of my buyout. Auction prices for 2016's are a little below my buyout and retail prices are a bit above.
no you won't be able to get the same deal lol, residuals have dipped and there's 7k power dollars out there for purchases only, those cars that are 10-12-15k etc. etc. off msrp have 7k of power dollars in there, take that out and your payment increases by $200/mo, add the lower residuals in to the equation and you are looking at $700/mo minimum on a base charger/challenger, also don't forget packages have changed so stuff like leather seats, xenon headlights, nav, etc. etc. aren't even standard on the challenger anymore.
 

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Discussion Starter #12
no you won't be able to get the same deal lol, residuals have dipped and there's 7k power dollars out there for purchases only, those cars that are 10-12-15k etc. etc. off msrp have 7k of power dollars in there, take that out and your payment increases by $200/mo, add the lower residuals in to the equation and you are looking at $700/mo minimum on a base charger/challenger, also don't forget packages have changed so stuff like leather seats, xenon headlights, nav, etc. etc. aren't even standard on the challenger anymore.
It never occurred to me that the power dollars were not available for leases. That makes a HUGE difference. Any idea what the current residuals are?
 

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It never occurred to me that the power dollars were not available for leases. That makes a HUGE difference. Any idea what the current residuals are?
for charger

39 months x 10k - 58%
mf = .00009

this would equate to roughly 60% for 36 months, not exactly just a rough estimate.

current supported terms are 27 and 39 months, I think dodge jacks up residuals and gives lease cash to get rid of the 300+ chargers and 600+ challenger hellcats before 2020s start coming on the lots but this is all speculation.
 

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Not to hijack the thread, but I will be in a similar dilemma come March 2020; turn in or buyout, and wondering what to do with it. I enjoy the car still and would like to keep it, but only if it makes financial sense and I won’t be upside down.

I got one of those cheap leases on a 2016 Challenger HC from early 2017 for $495/month including taxes with zero down. Car now has 12k miles and is in perfect garaged condition. Options are A8, torred w/carbon stripes, red interior and sunroof. Added wider reps in the back and changed all 4 tires right after delivery, so the 4 original A/S tires have been stored. Buyout is $44.6k. Thoughts?
 

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Evaluate the buyout price with the 350 included, because it was in your lease agreement. It's not anything you can negotiate, and the dealer has zero to do with it. Lease buyout fees are straight from the FCA if thats who leased it to you. The real evaluation of any deal deal is if the buyout price is whole sale, or retail price. Usually the residual on the lease is calculated at whole sale numbers so a dealer can buy it from FCA (or some leasing company). Most lease returns get offered to the dealer at a lesser price than your residual, or the leasing company sends it to auction to get their residual money out of the deal. Because the challengers are getting long in the tooth product wise you might be able to get your local dealer to see what he can get it for, and if they are honest with you, sell it to you for an agreed on amount over what they can buy it for prior to auction. Either way if you buy your own it has to be sold to you by a dealer in your state. Leasing companies are not dealers and it's just a financial asset to the them they want to liquidate. If you can buy it for whole sale do it. Auto trader, cars.com ect will not tell you that, those are asking prices. Edmunds.com gives a trading value, or go to Car Max for an evaluation risk free. At least you will have a number you can judge its a good deal for you. Long info, hopefully helps in some way.
 

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it really comes down to what youre looking for after this car... if you're going to jump right back into another nearly identical car and its going to cost you $20k MORE its not worth that just to have a newer vehicle, especially when your mileage is so low and you know how it was broken in and driven. 100% after its all said and done you will have spent way too much for the car dollar for dollar, but you got to enjoy the lower payments for a while. If you are looking to get away from a 4 door or jump brands all together then pay the fee and start fresh with something different. My wife leased her Explorer and when its time to turn it in middle of 2020 if she buys it she'll still only end up paying sticker because she negotiated a smoking price on the vehicle.... but, she doesnt want another explorer so shes gonna take her money paid as a loss and drop it off at the dealership and go buy something else. Her car is nearly immaculate with 30K miles on it and if she wanted another similar sized SUV, i'd be pushing to just keep it and keep paying what she is paying. Leases arent really worth the money for people that are buyers. But other lose so much money trading back and forth that leases work well for them. If you like the car and want the car and dont have any issues with the car, buy it and keep being happy. @dgreen1069
 

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it really comes down to what youre looking for after this car... if you're going to jump right back into another nearly identical car and its going to cost you $20k MORE its not worth that just to have a newer vehicle, especially when your mileage is so low and you know how it was broken in and driven. 100% after its all said and done you will have spent way too much for the car dollar for dollar, but you got to enjoy the lower payments for a while. If you are looking to get away from a 4 door or jump brands all together then pay the fee and start fresh with something different. My wife leased her Explorer and when its time to turn it in middle of 2020 if she buys it she'll still only end up paying sticker because she negotiated a smoking price on the vehicle.... but, she doesnt want another explorer so shes gonna take her money paid as a loss and drop it off at the dealership and go buy something else. Her car is nearly immaculate with 30K miles on it and if she wanted another similar sized SUV, i'd be pushing to just keep it and keep paying what she is paying. Leases arent really worth the money for people that are buyers. But other lose so much money trading back and forth that leases work well for them. If you like the car and want the car and dont have any issues with the car, buy it and keep being happy. @dgreen1069
I wouldn't say loss, she paid the depreciation on the car, you aren't losing money with a lease if you go after the right vehicle, not sure what the monthly and residual and selling price was on her exact model but the $ per mile works out a lot better on a lease.

with 0 down on a 72k hellcat on a 36 month term payment would be nearly 2k, on a 0 down lease 36 months most people achieved $550-$600 i.e $22k paid after 3 years, with power dollars and all that for most people they would end up paying less on a lease after turning it in than trading it in especially since some haven't even crossed 20k mark. some situations you come out ahead some you don't, for example where can you get a 65k BMW for circa $300 a month, after 3 years I'll have paid 9k to drive a 5 series that most people pay double to lease. I'll admit that leasing makes a lot more sense for a tax writeoff situation but money is never "lost" unless you lease the car at sticker with a low residual and high mf.
 

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Here is the kicker....they hit you with the fee even if you buy another FCA vehicle. I just took delivery of a 2020 Jeep Wrangler Rubicon and they didn't care. They only wave the fee for new leases, not purchases.

Regarding the buyout vs. leasing another vehicle, I'm torn. My buyout is $45,500 and the price on a new Hellcat is similar to what I paid in Feb. 2017. I could lease another one for little down and roughly the same payment, but I'd be in the same boat in 3 years.
This is just my opinion mostly but I purchased my 2016 Hellcat challenger in mid 2018 with just 4000 miles and 18 months old yet looked the same as new for 48k. Now I have no payments . Not sure how long your lease was for and how much you paid out over that lease term but I have leased different cars in the past and honestly I never found any "good lease" or for that matter felt happy or satisfied after the lease was over. Mercedes for example will find a million ways to whack you even if you believe you are turning the car back in pristine condition and I mean whack you!
Also that empty feeling after you walk away from the lease and knowing you paid out all that money and yet have have nothing to show for it really got to me. Call me old fashioned yes but when my Hellcat is sitting in my garage not being used as it often does because I don't want high mileage I dont have that bad or guilty feeling that "I am paying out a lot of money each month so I should be out driving it" ....for me its just a lot less financial headache thus I find alot more fun.
 

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Discussion Starter #19
This is just my opinion mostly but I purchased my 2016 Hellcat challenger in mid 2018 with just 4000 miles and 18 months old yet looked the same as new for 48k. Now I have no payments . Not sure how long your lease was for and how much you paid out over that lease term but I have leased different cars in the past and honestly I never found any "good lease" or for that matter felt happy or satisfied after the lease was over. Mercedes for example will find a million ways to whack you even if you believe you are turning the car back in pristine condition and I mean whack you!
Also that empty feeling after you walk away from the lease and knowing you paid out all that money and yet have have nothing to show for it really got to me. Call me old fashioned yes but when my Hellcat is sitting in my garage not being used as it often does because I don't want high mileage I dont have that bad or guilty feeling that "I am paying out a lot of money each month so I should be out driving it" ....for me its just a lot less financial headache thus I find alot more fun.
I've only leased once before and my wife liked her 3-series BMW so much we bought it at the end. With the Hellcat, when I started looking at them there wasn't much history on how they were holding up in the long run. I was being cautious by leasing the car instead of buying it because I was concerned a car with 700hp might be less than reliable. In the end, my car has been perfect and it seems most others have held up well. If I had purchased my car in early 2017, I would have paid just under $70k out the door with taxes, tags, dealer fee, etc. The total of my lease payments and buyout is almost the exact same amount - the difference is the $2500 I put down. If I buy my car, I overspent by $2500 vs buying, but that was the risk I took. Had my car been a lemon or I hated it, that $2500 gamble would have been money well spent for the ability to give the car back at the end of the lease.
 

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This is just my opinion mostly but I purchased my 2016 Hellcat challenger in mid 2018 with just 4000 miles and 18 months old yet looked the same as new for 48k. Now I have no payments . Not sure how long your lease was for and how much you paid out over that lease term but I have leased different cars in the past and honestly I never found any "good lease" or for that matter felt happy or satisfied after the lease was over. Mercedes for example will find a million ways to whack you even if you believe you are turning the car back in pristine condition and I mean whack you!
Also that empty feeling after you walk away from the lease and knowing you paid out all that money and yet have have nothing to show for it really got to me. Call me old fashioned yes but when my Hellcat is sitting in my garage not being used as it often does because I don't want high mileage I dont have that bad or guilty feeling that "I am paying out a lot of money each month so I should be out driving it" ....for me its just a lot less financial headache thus I find alot more fun.
I am a bit different in terms of emotions regarding driving the car. I was one of the "lucky" ones that got a 36/36 lease on a 2016 Challenger for $515 with nothing down. If I had paid cash, I know I would have worried about miles I was putting on the car, and every little ding that got put on it. With the lease, I have driven that thing in rain, snow, hail, etc... and never once cared about future depreciation. As long as the dings have been small enough to not get me charged at turn-in, I didn't stress much over them. I drive it every chance I can.

I actually took it on a 4,200 mile road trip out West this past summer, and on our 2nd day we camped at the Sage Creek Campground in the Badlands. It ended up being like 18 miles or so on a rutted, dirt road to get there, and then even longer on a very rough dirt road to get out the other side the next day. Had I owned the Hellcat, I can guarantee that experience would have been much less enjoyable.

Unfortunately I have to turn-in the Hellcat in February, and I'm currently at 33,500 miles. So I'll end up close to the 36k limit, but will probably leave a bit on the table. It has definitely been the best 3 years of vehicle ownership of my life, still puts a smile on my face every time I start it (not so much for the neighbors!). For now I picked up a 2015 S4 and just put a stage 2 single-pulley tune on it, as I wanted to get down to a single year-round vehicle until I find a place with more garage space. I definitely need another Hellcat in my life though, and my plan is to look for a low-mileage used one like you found, pay it off, and probably keep it forever. I would say after almost 3 years I haven't felt like I've gotten "used to" the power of the Hellcat, it still feels really damn fast when I can get into it, so I think I could be happy with that as my "forever" fun car.
 
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