All,

My lease expires in few months. The lease end purchase price seem high in the current market conditions. My question is whether Chrysler discounting the lease end purchase price? Is any one close to end of lease, did they hear from Chrysler. I like my car, I want to buy if the price is reasonable.

Thanks in advance.

'04 RED Coupe.

 

Well, what price did they ask for?

 

Chrysler has not contacted me yet. So the lease end purchase price remains the same at 21k. The crossfire I have is base model and it has 22k miles on it and in good condition. I am hoping they offer me at $17k.

 

You can get a used SRT6 with that mileage for 21K. Let us know what happens.

 

The lease end price should have been on your original contract.

 

Yes it is listed in the original contract at $21k. However due to market conditions, I am curious to know if Chrysler is discounting. I know some banks and other financial institutions do that. Do not know if Chrysler does it.

 

21k for a base with 22,000 miles on it?! Don't do it! You can get a MUCH better deal than that.

 

the residual price is simply the most you would have to pay if you decide to purchase the vehicle at the end of the lease. in some cases, the residual is higher than the market value of the vehicle. this is true for most crossfires since depreciation has been larger than expected. the lessor will not likely be able to resell the crossfire for the residual price of $21K in this case. if the lessee wants to keep the car he/she should negotiate purchase of the car based on the present market value of the vehicle. chances are that the lessor will only be able to sell the car at a retail location for $19-20K. rather than recondition the vehicle (may require new tires, etc.) and bear other costs of selling, the lessor should benefit financially from simply allowing the lessee to purchase the car at a price close to what might be yielded in a resale.

if you like the car you should definitely try to negotiate a new "residual". it might be possible to buy the crossfire for around $18K or so which would be a great deal considering you know the history of the vehicle.

even though i didn't lease i would like to hear if anyone is successful in getting a lower price to buy their crossfire than the residual. i think the lessors will bend over backwards to sell to lessees because there will otherwise be another glut of crossfires on the market since many leases will be ending this summer and fall (based on the $299/mo lease special that more than half of all crossfire buyers were taking advantage of at that time).

 

yup, i'm one of those guys. i wouldn't pay more than 16 for mine. if you are worried, just turn your car in, go back the next day and buy it. mine only has 15k miles on it but considering i can get an srt-6 for 22k, i wouldn't dream of paying 18-20k for a car with 115 less hp. and mine is a limited. i would try and get the base for even less, they are going to be desperate to sell these cars, there are going to be sooo many being turned in between june and august due to the special pricing we all got.

 

From what I've learned if its a Chrysler lease there will be no negotiating. The buy back/residual is fixed. If you don't make the last balloon payment they take the car back and sell it at auction. Even its at a loss they have business advantages at selling it for a loss (tax write-offs etc.). I've had 9 Chryslers and Jeeps since 1993 and they've never wanted to hear about me offering anything less than the agreed buy back. Now if its with an independent leasing company it may be a whole different story. Can't speak for areas outside NY but here in NY with a Chrysler sale (they weren't leasing cars in 2005) you've already paid all your sales tax in with the monthly payment. If you turn in your car and go back to buy it the next day you'll pay your sales tax again!

 

Turn it in and get a Limited with the same or less miles or splurge a little and get an SRT-6 you'll be much happier with either car over a Base model.

 

This is good information, I will plan accordingly. However I would like to hear from somebody who leased from Chrysler outside of NY. Thanks in advance.