Stuck in a Chrysler lease - km problem!

[BBQGuy]

Hi everyone, and thanks in advance for your advice, here is my situation...

I am driving an 04 Dakota Quad Cab 4x4 V8. Leased for another year (Sept, 30 2008) and already 35,000 km over my TOTAL allowed... Current buyout for me to buy the truck is about $21,000 plus tax.

I want to get rid of it and finance or lease (30,000 km/year, 3 year max) for within reach of the the $445/month I am paying now. Would prefer an SUV or pickup, not picky on brand but Chrysler may be easier to deal with as they are more likely to keep my truck in the lot rather than wholesale it.

If you have any advice, or even better are a dealer trolling for opportunities on here, I'm listening!! I'd LOVE a Wrangler Unlimited, but that's not likely to happen!

Who wants my truck on their lot and me driving their metal?????

Thanks!

PS - For the right deal I'll go wherever in the souther half of the province to get it.... not picky!

[bizzmanager]

I can only assume you have about 115Km on right now and not knowing if its a SLT, SXT or Sport you should be in at least a negative $8000 situation.
You can:
-Roll your neg equity into your next purchase.
-Find someone to take over your lease.
-Return the lease and take a hit of maybe $11000 in Km charges.
-Sell privately and fork over another 6k to close the lease.

[Arkaine]

I can only assume you have about 115Km on right now and not knowing if its a SLT, SXT or Sport you should be in at least a negative $8000 situation.
You can:
-Roll your neg equity into your next purchase.
-Find someone to take over your lease.
-Return the lease and take a hit of maybe $11000 in Km charges.
-Sell privately and fork over another 6k to close the lease.

Wow.... I even thought about the calculation here before i wrote it... *hangs head in shame*

[thephenom]

$11,000 on km charges.. whaaaat, am I reading something wrong?

that would be $2.72/km.

$/km = $11k/35k-km = $0.314285/km

[VivienM]

$11,000 on km charges.. whaaaat, am I reading something wrong?

that would be $2.72/km.

The OP has 35000 kms. About 30 cents/km.

[Arkaine]

$/km = $11k/35k-km = $0.314285/km

LOL sorry man, its been a long day!

[Sprite_TM]

i thought chrysler used to charge 15 cents per km over the limit.

u could always go back to chrysler and say u want to lease another new truck and usually they'll waive ur km and tell them this time u want to buy extra km.

[Slippery_Pete]

Jeez they should be desperate for cash...you would think they would work out a deal for you.

[BBQGuy]

Thanks for your input. Yes, I am at about 115,000 km right now. I'm working with my home dealership but so far they haven't been able to make anything work.

Excess km are $0.15 ea, so if I put another 25,000 km on this year I will be at a total of 140,000 = 60,000 over = $9000. OUCH!

Need to walk away from it now some how, I know I'll need to roll some neg. equity over, just trying to minimize. Happy to stay in another Chrysler, I tend to be a Mopar guy anyway...

PS - the truck is a Dakota V8 Quad Cab "Sport plus" graphite with power windows, locks, mirrors, air, cd, heavy duty engine cooling... never towed, no serious off-road, all service records, new brakes and tires....

[chickenbones]

A lot of people in Quebec do something I will not speak of to avoid KM penalties.

[BBQGuy]

Yes, I've been tempted to have the truck mysteriously burst into flames or some such madness, but frankly I don't have the stones for it!

Finding someone to take over the lease won't happen at this point, I've thought about listing privately, but I'd much rather avoid the hassle and work out a deal!

As much fun as some gasoline might be.... I like not being in jail too much!

[cereal83]

A lot of people in Quebec do something I will not speak of to avoid KM penalties.

Yes people usually have a switch that shut off the km's and spedo and all that so they can drive and it won't add km's

[BartBandy]

Approach your dealership before the lease end. You're looking for help with your km overage, and they're probably looking for help unloading some trucks, maybe even Wranglers. They may have some flexibility.

[BBQGuy]

Yep, working with the dealership, and they are understanding but so far not bending over backwards... are there any Mopar dealers lurking on here that really want to get rid of some metal? Ram, Dakota, Liberty, Wrangler, Patriot, Nitro, Magnum, Grand Cherokee, or even a low km 2006 or 2007 pre-owned? Also looking to replace wife's 2000 Crapalier in the near future, possibly with Compass or Patriot....

2 yr, 3 yr lease or 60/72 month finance to deal with my Dakota?

Here's to hoping!

[CompWizrd]

Some of our leased vehicles go over their 3 year milage allotment in the first year.. we end up selling them at the end and using that money to do the buyout.. since we never get anywhere near what the car is "worth" because our employees know what hell that car went through, it ends up being a loss though.

[romsan04]

Hi everyone, and thanks in advance for your advice, here is my situation...

I am driving an 04 Dakota Quad Cab 4x4 V8. Leased for another year (Sept, 30 2008) and already 35,000 km over my TOTAL allowed... Current buyout for me to buy the truck is about $21,000 plus tax.

I want to get rid of it and finance or lease (30,000 km/year, 3 year max) for within reach of the the $445/month I am paying now. Would prefer an SUV or pickup, not picky on brand but Chrysler may be easier to deal with as they are more likely to keep my truck in the lot rather than wholesale it.

If you have any advice, or even better are a dealer trolling for opportunities on here, I'm listening!! I'd LOVE a Wrangler Unlimited, but that's not likely to happen!

Who wants my truck on their lot and me driving their metal?????

Thanks!

PS - For the right deal I'll go wherever in the souther half of the province to get it.... not picky!

Why would you go into lease if you know you will be over your km???
Try to go to different dealer, they might be more flexible.

Also try www.leasebusters.com give good cash incentive and may be someone will take it.

If not then you have no choice to pay $9,000 in penalties or buyout/re-lease it again but with no warranty on the car.

[BBQGuy]

I'd lease again on a 30km/yr lease, many of my kms were when I was dating my now wife who lived 100km away at the time...

I'd have to give someone the whole penalty plus some to get rid of it on leasebusters! Who would be foolish enough to take over this lease? If they're out there, come find me!

[BartBandy]

Yep, working with the dealership, and they are understanding but so far not bending over backwards... are there any Mopar dealers lurking on here that really want to get rid of some metal? Ram, Dakota, Liberty, Wrangler, Patriot, Nitro, Magnum, Grand Cherokee, or even a low km 2006 or 2007 pre-owned? Also looking to replace wife's 2000 Crapalier in the near future, possibly with Compass or Patriot....

2 yr, 3 yr lease or 60/72 month finance to deal with my Dakota?

Here's to hoping!


My experience with Chrysler dealers is they will do anything for you to buy today. I find them so desperate as to be off-putting. Before everyone got the employee discounts, one dealer was willing to knock off thousands and find me an employee to reference so I could get it. I went at the end of the day, but not the end of the month, so those guys really needed a sale. I just wanted to look at a Liberty.

If they aren;t so desperate anymore, I'm guessing you'll be financing your Dakota. A friend has a similar truck with more miles and seems to like it.

[bizzmanager]

Also looking to replace wife's 2000 Crapalier

BBQ,
Why didn't you alternate vehicles when k's started getting high on the Dakota?
You can buyout the Dakota now and finance up to 140% of black book, thats $16,200 * 140% based on current Chrysler program guidelines. That means you can finance up to $22,600 to fit your buyout. You may need 1k down but it is doable.

[Bazooka Joe]

I thought that if you bought out the truck at the end of the lease it didn't matter how many kms are on it?

Simple solution - buy it out and re sell. There's no way you'll lose $9k+ on a buy and resell.

[BBQGuy]

Bizz,

Didn't switch since my wife commutes 100 km each way.. would have made it worse!

And yes, buying out at the end and selling privately may wind up being what I do, but I'd rather dump it now, get something that's easier on gas, avoid the stress, and be driving a new vehicle!

[HBP]

Bizz,

Didn't switch since my wife commutes 100 km each way.. would have made it worse!

And yes, buying out at the end and selling privately may wind up being what I do, but I'd rather dump it now, get something that's easier on gas, avoid the stress, and be driving a new vehicle!

Can't see how you'll get that... :lol: Unless you want to lose some paper.

Definitely buy it out at lease end and resell it. You'll take a MUCH smaller loss.

[BBQGuy]

Yeah, I know that you're probably right... but it's worth a shot right?

[Bazooka Joe]

Yeah, I know that you're probably right... but it's worth a shot right?

Actually, it kind of makes sense when I think a little bit about it.

If you're able to put 30k more on there, buy it out and resell it for a smaller loss than $9k, there might be a dealer out there willing to take it off your hands right now for a portion of that (say $5k), and buy out + resell for a tidy profit for themselves. Any idea what the blue book value is on it atm?

[BBQGuy]

If I could get $5K or less neg. equity I could probably make something work.

No idea what the blue book value is, or black for that matter. I've been told a wholesale value around $14,000, but that leaves me at about $8K plus tax under water. Are there any dealers around that could look up the value and post?

[Bazooka Joe]

If I could get $5K or less neg. equity I could probably make something work.

No idea what the blue book value is, or black for that matter. I've been told a wholesale value around $14,000, but that leaves me at about $8K plus tax under water. Are there any dealers around that could look up the value and post?

Yikes, just checked black book value and it's between $13,826 and $15,426k depending on condition.

http://www.toyota.ca/NWS/english/confighelp/appraise_tradein_vehicle.html

You might get $18k-$20k for blue book... could easily be worth it for a dealer.

Problem is, your dealer has you against a wall at the moment. Their best case is to wait you out.

Edit: put in exact values for black book

[BBQGuy]

Condition is very good, and 16 is getting there... kinda. If I could get 18 or so, things could start to make sense... however, that doesn't seem to be happening just yet....

Also waiting to see if Chrysler has a lease pull-ahead on Oct. 1.

[Octavius]

Yes, I've been tempted to have the truck mysteriously burst into flames or some such madness, but frankly I don't have the stones for it!

Finding someone to take over the lease won't happen at this point, I've thought about listing privately, but I'd much rather avoid the hassle and work out a deal!

As much fun as some gasoline might be.... I like not being in jail too much!

Simple...talk to your friendly shady mechanic and get him to reset the odometer for you. Then you'll be all set and ready to drive as much as you want until your lease expires ;)

[BBQGuy]

Somehow I think it can't be that easy - or nobody would pay over km charges ever!

[bizzmanager]

Simple...talk to your friendly shady mechanic and get him to reset the odometer for you. Then you'll be all set and ready to drive as much as you want until your lease expires ;)

Between your MTO and Franchise warranty servicing they will know if you rolled back. Plus, most leasing companies now do a surprise inspection at your home about 4 to 6 months before lease end.

[BBQGuy]

You might get $18k-$20k for blue book... could easily be worth it for a dealer.




Does blue book mean the retail value? Does that mean I can expect to sell privately for 18-20 or that a dealer could get that much for it?