Dodge is offering something interesting ahead of the debut of its refreshed Charger and Challenger models at the upcoming New York auto show—the Dodge Double-Up.
What is the Dodge Double-Up? It is basically the opportunity to get the outgoing models of the aforementioned nameplates now and upgrade to the incoming models in one year.
Dodge Double-Up is the name of the novel lease program where customers can lease a 2014 Charger or Challenger for 12 months and trade up to a new 2015 Charger or Challenger model while still paying the same lease amount.
Dodge said in a press release that under the program, eligible customers can enter into a 12-month lease for a 2014 Charger or a 2014 Challenger. They will leave the dealership with the guarantee that when the 12-month lease is up and they follow program rules, they can enter into a 36-month lease on select 2015 Charger or Challenger models.
What makes the deal most attractive is that the customers will pay the same lease amount for the 36-month lease and need not offer an additional down payment.
If the customer decides to buy the 2015 model rather than enter into a 36-month lease, Dodge will give him or her a $1,000 incentive.
Unfortunately, not all Charger and Challenger models are included in the Double-Up program. The SRT versions, as well as the Charger SE models, are excluded from the deal.
To be eligible for the program, customers must use the same dealership for the two transactions and must have Chrysler Capital as their lender. They also have to follow program rules.
According to Automotive News, leases of 15,000 miles begin at $329 a month with $2,999 due at signing. The 2015 model’s sticker price must also “be within $1,500 of the 2014 model sticker for payment terms to carry over.”
The Dodge Double-Up program starts on Thursday, April 17th, and runs through the end of August.
Tim Kuniskis, Dodge Brand President, noted that this innovative program is the brand’s way of showing gratitude to customers. “This is our way of thanking our loyal Charger and Challenger customers, and extending this offer to any new customers longing to get into one of these iconic muscle cars,” he said in a statement.
The program is bound to result in an influx of 2014 Charger and Challenger models, which is why Dodge signed a deal with Enterprise Holdings. Enterprise Holdings, which manages the Enterprise, Alamo and National rental brands, agreed to buy all the vehicles from the short-term leases.
Kuniskis said that the agreement between Dodge and Enterprise was a way to prevent the 2014 models from going to auction and reducing the residuals (or the future off-lease value) of the 2015 models. Higher residuals offer Dodge the opportunity to lower the monthly lease amount.
Dodge surely presented a unique way of saying goodbye to outgoing models while introducing the forthcoming ones to the public. However, many speculate that this offer is also the brand’s way of improving its lackluster sales. As per Chrysler sales figures, Charger and Challenger sales dropped in the first quarter of this year. Charger sales declined 4 percent to 24,956 units through March, while Challenger sales slipped 24 percent to just 11,034 units in the same period.
Photo credit: dodge.com