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2013 and earlier Jeep Grand Cherokee Lease Questions

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  • I had an ep discount, 3500 rebate, 500 Bonus bucks. Selling price was around 35000. Interest rate was 2.4%. Lease is for 27 months 15,000 miles a year. Go to Motoralley.com. They have car ads from the sunday papers. I went to the dealer with an ad from the detroit paper, and told them to match it. ALWAYS READ THE FINE PRINT ON THE BOTTOM OF THE ADS THOUGH. Is there a way to eliminate the rent charge by paying the lease in one lump sum? If you have anymore questions just reply.
  • mf15mf15 Posts: 158
    AS a matter of fact I just got a letter today, for a 5 month pull ahead program valid through april 2nd. This is for my 04 GC, which is off lease in August. They did not offer me any special deals like they did last time. After driving a GC since 1996 this is my fourth one I think I need a change. Besides the 13 MPG I get going to work on back roads is not making me too happy with the jeep, but otherwise it is a great vehicle. Old Mike
  • I was quoted the following from a "friend" of the family in NJ :) I was printed out a document with all these numbers on it so I'm posting them all. I spec'd a Jeep Cherokee Limited 27 month lease and was quoted $529.72 for it and $519.72 for 39 months. I am getting 15k/yr for mileage. I am turning in my 39 month lease 2004 Jeep Cherokee with 1 month left on it which they said they would pick up, how nice. Can someone tell me if this is a ripoff or a decent deal? I have to check out other places quickly before my lease runs up.

    Original MSRP: $41,595.00
    Residual Value: (46.00%) $19,133.70
    Discount/Buy Rate: 0.002110
    Adjusted/Sell Rate: 0.002110
    Dealer Cost: $38,396.00
    Selling Price: $38,096.00
    Total Cap. Cost: $34,951.94
    Down Payment: $3,844.06
    Down Payment Tax: $269.08
    Adjustment Fee: $700.00
    Up-Front Tax @ 7.00% See Inception Fees
    Vehicle Mark-up: -$300.00
    Customer Cash/Rebate: $7,000
    Inception Fees: $2,886.86
    Excess Cash/Rebate/Equity: $4,113.14

    Thanks
  • maradagmaradag Posts: 85
    'Morning everyone.

    I just discovered I can do this so I'm going with it; I'm about to extend my current lease (which is up on Monday). Talk about just in the nic of time. I wasn't having any good experiences with any salespeople.

    A few questions before I dive though:

    Is there a better time of the year for leasing and a better time to purchase. I was under the impression that the end of the year or at least the second half of the year would be the best time to do either but after some reading, I've found conflicting information.

    If I extend my lease for an additional 6 months and then find a good lease deal in the 3rd month, can I still get into it (assuming the dealer will make my last 3 payments)?? What happens to the car? It should still work as if I were in the original term of my lease, right?

    Your 2cents would be greatly appreciated. Thanks.
    Mara
  • mf15mf15 Posts: 158
    My GC lease is up in august and I was thinking about this also, I am trying to wait for the 08 Accord to come out and I think it wont come out until after august. What I think I will do is to turn in the GC and rent a car for a month or two. I should be able to find a rental deal where the monthly payment is not more than my normal lease payment. This way I have good flexibility. Also a problem with extending the lease is that after 36 months the warranty is over, so if anything would go wrong it would not be covered. Old Mike
  • kindzcarkindzcar Posts: 29
    I am also in NJ. I leased a 2007 JGC Limited with Hemi fully loaded DVD, NAV etc 15k per year JAN 07. Dealer paid 1 1/2 of my remaining 3 months of my old JGC. All I paid upfront was 800 incl first payment. My lease payment is $499 per month for 27 months. Also the MSRP on the car was $44k

    Hope this helps. Doesnt seem like you are getting any favors.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi emerine25. The banks that offer pre-paid leases still charge interest on them, they do provide a reduction in the money factor that is used to calculate the interest cost of pre-paid leases though. I am not sure of the exact money factor reduction that Chrysler Financial offers.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi granto3k. I believe that DaimlerChrysler's current lease pull ahead program only allows current Chrysler Financial lessees out of their deals at no charge up to five months prior to their scheduled end dates. If you elect to take advantage of this program you would have to pay for any months above that out of your own pocket.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello ineedacar2. A base 2007 Jeep Grand Cherokee Limited 4WD has a spread of over $3,300 between its full MSRP and its dealer invoice price. Plus there currently is $3,500 lease cash PLUS $1,000 bonus cash PLUS $1,000 owner loyalty cash on this truck. If I was in the market for one, I personally would shoot for a discount of $8,500 from MSRP.

    The money factor that you were quoted is right in line with Chrysler Financial's current buy rate for this model.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Good morning Mara. Right now is a very good time to lease vehicles. The next couple of months should be. When we get towards the very end of the model year leasing tends to begin to become less attractive. Vehicles' residual values gradually fall as the model year progresses, making them more expensive to lease without an equivalent increase in lease support. At some point late in the model year, the exact time varies from year to year but is generally around October or November, manufacturers decide that it has become too provide attractive lease payments on leftover vehicles any longer and they pull the plug on their special lease programs.

    Many banks will allow lessees who extend their deals to go month to month. See if Chrysler Financial will let you do so. That would be better than locking yourself into a firm six month extension. The last thing that you want to do is get out of your lease before its scheduled end date and waste a couple of payments. Even if the dealer that you are working with says that they are picking them up for you, they will hamper your ability to get the best possible deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey Old Mike. I am not sure when the 2008 Honda Accord will begin to arrive at dealers, but there is a good chance that it will be after August. There may be information on the timing of its arrival in the following discussion: "2008 Honda Accord Coupe and Sedan".

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  • mf15mf15 Posts: 158
    Thanks carman I have read all the boards. It the new accord comes after august I believe I will turn in the Jeep GC and rent for as long as it takes. Info from a accord dealer on another site,indicates that they have been told that they can only order 07 accords one more time and that time is now. Something they call build out.
    My problem with driving a car again as opposed to a Jeep is I like sitting up high, I have been driving Jeep GC's since 1996 and this might be a difficult transition for me. But I am tired of the 13MPG on back roads going to work.
    Old Mike
  • vincap28vincap28 Posts: 4
    What dealer did you use? I went to baker jeep in princeton and they wanted $477, 3yr with $1,900 up front. This was a fully loaded laredo with 4.7 v8 MSRP was arounf $36,000. I have 5 payments left on my current GC which chrysler said that would take care of. I walked out as my previous conversation with the dealer he quoted me $395 with $1,700 up front.
  • firekatfirekat Posts: 1
    I'm considering a lease in Illinois on Grand Cherokee Laredo 4x4 with the following and would appreciate any input you might have.

    List $30,655
    Inv $28,775
    Cash back $4,000
    money factor .00157
    Residual 44%
    39 months
    12,000 miles
    $520 down is 1st payment and plates
    $399.99 mo.

    What do you think??
  • mf15mf15 Posts: 158
    I dont know what is going on today with these leases but my 04 basic 4x4 GC 12000 mile 3 year lease payment is 281 plus tax. I put nothing down for cap reduction. These payments are way out of hand. No wonder they cant move these. Old Mike
  • I used a couple different places... Warnock in E. Hanover and Morristown location. Last place I checked was in Tenafly and they quoted me originally like $502-508 and now I go there and he says the price went up to $528 now which is high. I'm still currently looking for a good deal on it for like $499.
  • crepituscrepitus Posts: 5
    i would like to know this as well. my wife has a lease of an 04 GC with leather, sunroof and Bose system for 320 a month with 15k a year. no way would i be paying 400 a month for a jeep.
  • My current lease for an '04 GC Limited was $390/month 39 months and $1k down and 15k a year. I guess I need to just low ball some people and see if they are willing to take it without insulting them ;) SO hard to find the exact one I want and people don't seem to care anymore, I don't even get callbacks and I have yet to lowball anyone yet. It's as if they don't even want to sell people a car.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're welcome Old Mike. I don't blame you about being sick of getting such poor gas mileage. I recently picked up a vehicle that gets better gas mileage so that I don't have to commute to work in my truck all the time. Gas prices are going to be very, very high this summer. Oil prices are fairly high, but the main problem is the refiners cannot keep up with the demand for gasoline. I suspect that we're going to have a national average of well over $3.00 per gallon before the summer's over.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi firekat. Are you saying that your selling price for this truck is dealer invoice minus the $4,000 in incentives? If so, you are getting a very good deal. Just make sure that the dealer you are working with uses Chrysler Financial's current buy rate lease money factor of .00135 (39 months for a Grand Cherokee Laredo 4WD) to calculate your truck's monthly payment and you're in business.

    Car_man
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