chrysler lease anyway to redo contract?

[adamlotus]

i currently have a srt lease with chrysler the payments are big and at the time it wasnt difficult to make payments now things have tightened up and making those large payments on a car thats loosing huge $ and also offering 20k plus more off new.will chrysler redo contract with lower payments or would they rather just have the car back?

 

[ledfoot]

call chrysler lease (ask for a supervisor) and see what they say... the last thing they want is another car.

 

[rt/10stew]

My buddy is going through the same thing. a large monthly payment and now work is in the dumper so he called them to see if he could make a better arrangement (lower payments over a longer period of time) and will not do a thing for him. This is with Chrysler Financial Canada.

 

[CitySnake]

Sorry to be negative, but I would doubt you'll see any relief. If you have any equity in your residence you might consider a home line of credit to buy your car which will have far lower payments. But then you'll still be faced with negotiating a price.

You may be forced to ride out the lease and look to save on some renewal

 

[DodgeViper01]

Adam:

Chances are they are not going to help you because if the car gets repoed or defaulted, they make a ton more! Although they do not want this to happen, if it does, they make a killing. This just happened to a friend of mine on her BMW 5 Series. Payments were too high so they took the car and now there is a $20K judgement against her because they made it IMPOSSIBLE to get the car back and pay off the lease. They wanted her to default and once she did they sold it at auction and she is liable for the difference from what it sold for vs. MSRP!

 

[Chrissss]

Chrysler will absolutely not redo the terms of the contract. Your only options are to either sell the car by having someone take over your payments, or refinance with your bank or a finance company. There is no incentive whatsoever for Chrysler to lower the terms for you. While they don't necessarily want the car back, they will take it.

 

[adamlotus]

i called they said they will take the car,i can make the payments it just doesnt make sense anymore to make 2k a month in payments for this car.things just look like there going worse than stable or better.i should of listened to a friend of mine early last year before i leased this vehicle,oh well lesson learned

 

[ledfoot]

wow, the economy sure does ****......did they mention what what the consequences of walking would be ?

 

[BlknBlu]

I am leasing to, but paid in advance for 2 year(only way to afford an 08). i was hoping for relief too when the lease is up. I will owe *** amount and hope to maybe get it cheaper than that. Any thoughts on this scenario.

Bruce

 

[TAXIMAN1]

Chrysler will absolutely not redo the terms of the contract. Your only options are to either sell the car by having someone take over your payments, or refinance with your bank or a finance company. There is no incentive whatsoever for Chrysler to lower the terms for you. While they don't necessarily want the car back, they will take it.

above is correct.. And I'm guessing your balance owed on the car is not even close to current market value. (upside down)

I would see if a lending institution will refinance, and give you a long term note. You CAN buy the car out NOW/early.. You'll have to pay residual tax, and a penalty though. Try JJ Best, Capital One, Woodside Credit. They might give you an 84-96 month option. Not a great option. But one that may keep a repo. off your credit...

If you can make payments, continue to do so.. There is no way to get out of a lease early, short of paying the full balance off. They will repo. the car... Leases are determined by sale price-residual+money factor divided by term of lease.. Once a lease is executed, its just like a sale to all parties involved. Only the bank agree's to buy the car back for "X" after the lease term is over..

 

[ledfoot]

hemi, once your obligation is up on your lease, the lease company ,may/should negotiate on the payoff if market value is lower---otherwise they eat it

 

[2006red/whitecoupe]

Chrysler Financial cut the cord some time ago with Chrysler Corp so they no longer have the same objectives; your lease may well have been securitized and sold off with a pool of other leases....in other words there is zero chance you can negotiate a change in the terms. You can list it on lease trader.com and see if someone will take over the lease but they would have to be approved by Chrysler Financial. [ in other words have a high credit rating] Good luck.

 

[adamlotus]

im thinking about it,2k a month is alot in todays econmy,i love the car and probably will end up keeping it but many people tell me to dump it and save ur cash will be a tough year and 2010 will be even rougher,just thinking of the long term.if anyone here wants a 08 ssg vert with silver stripes and take over payments through chrysler or another bank let me know,it has 4k miles,like new.

 

[Bobpantax]

i called they said they will take the car,i can make the payments it just doesnt make sense anymore to make 2k a month in payments for this car.things just look like there going worse than stable or better.i should of listened to a friend of mine early last year before i leased this vehicle,oh well lesson learned

Hi Adam. What does the highlighted phrase above mean? They ( and who is "they"?)will take the car and do what for you? Be careful. Frequently, the underlying lease paper or note, if it is a purchase, is sold to "a holder in due course". Before you take any action of any kind, get the proposal in writing and make sure that the entity and person issuing the proposal has the legal authority to do so. Did you list your car in the classifieds? Since it is an SSG convertible, perhaps someone will assume your lease. My guess is that the residual value used at your time of leasing actually may have provided better lease terms than might now be available - assuming it is possible at all to lease the car in the current economic environment. See if your lease allows an assumption by a qualified person. Also look to see if consent to the assignment can or cannot be withheld. If it can be withheld based on conditions, what are the conditions? This is just some friendly advice. For more detailed advice you should check with a lawyer that is familiar with the applicable law under the lease agreement and your state.

Good luck!

 

[eucharistos]

im thinking about it,2k a month is alot in todays econmy,i love the car and probably will end up keeping it but many people tell me to dump it and save ur cash will be a tough year and 2010 will be even rougher,just thinking of the long term.if anyone here wants a 08 ssg vert with silver stripes and take over payments through chrysler or another bank let me know,it has 4k miles,like new.

this sad post was #666 for you

 

[TAXIMAN1]

Hi Adam. What does the highlighted phrase above mean? They ( and who is "they"?)will take the car and do what for you? Be careful. Frequently, the underlying lease paper or note, if it is a purchase, is sold to "a holder in due course". Before you take any action of any kind, get the proposal in writing and make sure that the entity and person issuing the proposal has the legal authority to do so. Did you list your car in the classifieds? Since it is an SSG convertible, perhaps someone will assume your lease. My guess is that the residual value used at your time of leasing actually may have provided better lease terms than might now be available - assuming it is possible at all to lease the car in the current economic environment. See if your lease allows an assumption by a qualified person. Also look to see if consent to the assignment can or cannot be withheld. If it can be withheld based on conditions, what are the conditions? This is just some friendly advice. For more detailed advice you should check with a lawyer that is familiar with the applicable law under the lease agreement and your state.

Good luck!

I thought about the above as well... But he mentioned 2k being his lease payment.. A good lease payment on a viper would be 800-1100/mo..(max.). Anything above, and it won't sell or transfer.

I was going to suggest leasetrader and/or swap-a-lease.. But it would need to be competitive terms, to gain interest..

I think what he meant by "they will come get the car". Is, that they will repo. it, if he fails to pay...


Be careful is right.... They will tell you, that with a fee. You can drive it into a dealer and hand them they keys if you wish. BEWARE!!! This is considered a voluntary repo., and virtually the same and them towing if from your driveway. They will take the car to auction, and sue for the (most definately) negative equity. AND, your credit will be shot to boot.. Not a good option...

KEEP THE CAR... Either try to refinance the note, long term OR have someone assume the lease, if it's competitive.. Check other vipers on leasetrader and swapalease to see what the payments are.. You might need to add an incentive.

Good Luck, PM me if you have any questions..

 

[Sellshomesdrivesviper]

Wow, $2k a month, it would need to include 3-bedrooms and 2-baths to be competitive in todays market.

 

[adamlotus]

Wow, $2k a month, it would need to include 3-bedrooms and 2-baths to be competitive in todays market.

thats what im thinking ,what was i thinking when i leased the car

 

[big-n-italian]

Wow, $2k a month, it would need to include 3-bedrooms and 2-baths to be competitive in todays market.

ok, so its not just me then. i have never leased a car, but $2000/mo seemed awfully high.

 

[adamlotus]

the car was 92k i did a 3 year 32000 mile lease for 1898 a month with taxes.end of lease theres a buy out at apprix 55k .i have hadother car payments much higher than this one ,those were good days and hoping the economy will see some sunshine in a year or two.im going to keep the car for the time being and see if i can do an early buy out at fair market value.in the future no more big car payments for me,i will pay cash as i have before,i have a diablo,vette and other cars i paid for cash this one was a mistake at the time .

 

[Chrissss]

this sad post was #666 for you

668.......

 

[Chrissss]

Maybe I missed it but you didn't say what year the car is. I assume since you are trying to get out of the 3 year lease that it is an 08. At 2k a month lease payments it's true, you are very unlikely to get anyone to assume that loan. I do believe that's the highest lease payment I have ever heard for a Viper. You can lease a Ferrari for that.

You may consider just trying to sell it outright. Most leases allow for this. Find out what the payoff is and what the sale price doesn't cover you will have to pay. You would have to pay some money but it would be cheaper than 2+ more years of 2k per month. I actually did this one time with a BMW lease. At minimum, I would at least try to refinance it through a credit union.

A previous adviser was correct. Just turning the car in is considered a voluntary repossession and pretty much demolishes your credit. If your credit is bad anyway then well.......Seems to me it's best just to keep it and refinance or sell it.

 

[adamlotus]

thanks for all your feebbak and inputs shame on me for doing that,i should of kept my 06 vert .my credit is good but if i turn in oh well ,thats an extra 24k plus a year and insurance in savings.

 

[TAXIMAN1]

ok, so its not just me then. i have never leased a car, but $2000/mo seemed awfully high.

Not really, Not once you get into the big ticket stuff.. Its all numbers.. He bought the car for $92k+tax,fee's,etc.(lets say $97k cap cost), and I'm guessing the residual is around low $40's... So thats $57000 depreciated + money factor, divided over 36 months.. $1800-1900's is about right...

Go into your Mercedes dealer and ask for a lease on a new CL65... You'll lose your mind.... Its about double, per month. The numbers we are talking here..

But again... If you can handle the payments, keep making them...... Any by all means ENJOY IT, use every single mile up.............. Thats the best part about leasing..

I lease an E55, and love it... I'm not worried about every little rock chip, or nick in the car. Because I just hand the keys in after 36mo., only 18 left..

 

[eucharistos]

But again... If you can handle the payments, keep making them...... Any by all means ENJOY IT, use every single mile up.............. Thats the best part about leasing..

I lease an E55, and love it... I'm not worried about every little rock chip, or nick in the car. Because I just hand the keys in after 36mo., only 18 left..

good advice....daily drive every mile

 

[adamlotus]

yes i agree today i put 300 miles on the car and enjoyed each mile thanks guys

 

[Lawrenzo]

the car was 92k i did a 3 year 32000 mile lease for 1898 a month with taxes.end of lease theres a buy out at apprix 55k .i have hadother car payments much higher than this one ,those were good days and hoping the economy will see some sunshine in a year or two.im going to keep the car for the time being and see if i can do an early buy out at fair market value.in the future no more big car payments for me,i will pay cash as i have before,i have a diablo,vette and other cars i paid for cash this one was a mistake at the time .

WOW That's darn near a .005 Money Factor. Nearly twice the going rate. You must have really wanted that SSG If you've paid for a year, your payoff will still be around $80k so you'd take maybe a $10k hit(but it would have to go through a dealer- not private party).

You'd have to give about a $15-20k incentive on leasetrader in order to get someone to bite though so it's virtually a toss up.

 

[Paul Hawker]

Your lease may turn out to be a deal. The rating agencies that determine residual values that the leases depend on have just lowered their residual values on most GM and Chrysler vehicles. That will make new leases more expensive.

Leases tend to be more expensive than cash or finance purchases, but with residuals dropping it might just turn out in your favor. (i.e. At buy out, your car may not be worth $55k and you can just turn it in and walk.

 

[adamlotus]

i think buy out at end of lease is 54k .

 

[Dom426h]

There is one obvious solution that i am surprized no-one has mentioned:
Sell the diablo and/or vette, Keep the viper.







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