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2013 and earlier Jeep Grand Cherokee Lease Questions

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  • ejv207ejv207 Posts: 12
    Hi Car_Man,

    My 05 JGC Rocky Mountain lease is up at the beginning of August. Would you please provide me with the current Money Factors and Residuals for a Jeep Grand Cherokee Laredo V6 with the X Package, and a Jeep Grand Cherokee Limited V8 Hemi for a 36 Month Lease for 12000 and 15000 Miles. The lease incentives for the Jeeps in New Jersey are $6250 and $7250, respectively. At the End of June, I was quoted a V6 Laredo with the X package, MSRP: $35105, Selling Price: $32,928. The MF was .00043 and the Residual for 36 Month Lease for 12000 miles was 44%. $5250 in incentives, $3000 down, $359 per month with Tax, Title, fees included. This quote seemed way too high, and I decided to hold out since no one is buying. I'd like to know what the deals will be like this month. Thanks !
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here's the information that you're looking for, 03qx. Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Jeep Grand Cherokee Overland Diesel 4WD with 15,000 miles per year are .00002 and 50%, respectively. The numbers for an otherwise identical 36 month lease are .00083 and 43%.

    The numbers for otherwise identical leases of an '08 Grand Cherokee Limited Diesel 4WD are .00012 / 52% and .00066 / 43%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ejv207. Chrysler's lease program on the non-diesel Grand Cherokee varies by region. I need you to tell me what state you are in to be able to give you an accurate idea of what its current program is like.

    Car_man
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  • ejv207ejv207 Posts: 12
    Car_man as I stated in my earlier post, I am in New Jersey. Thanks again!
  • stmssstmss Posts: 206
    I was looking for a SUV that can tow a bit and decided to take a look at the 08 GC diesel. After test driving I find the Canadian lease rates on these are currently 12.2%. (0.005 MF?). No, this is not a typo. What is Chrysler thinking? The salesman says they want to discourage leasing - no kidding! I read this as Chrysler does not want the SUVs back. What confidence in their vehicle!

    Anyone have any insight on what they are up to? Something is wrong when I can lease a MB 320CDI for less than a GC Limited?
  • gtylersgtylers Posts: 10
    I'm looking for a the numbers on a gas engine, Grand Cherokee Limited in NE Ohio. I want 15k for 24 and 36mos. Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Oh thanks for pointing that out, ejv207. here's the information that you're looking for. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Jeep Grand Cherokee Laredo V6 4WD with 15,000 miles per year in its Northeast region are .00043 and 42%, respectively. The residual value for an otherwise identical lease with 12,000 miles per year would be 2% higher. When negotiating your lease on this truck, make sure to take advantage of the whopping $5,500 lease cash that Chrysler is currently providing on it in your region.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi gtylers. I have not seen Chrysler's specific lease program for the Ohio area, but it is likely fairly similar to the one for its Northeast region...which I have seen. There Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Jeep Grand Cherokee Limited 4WD with 15,000 miles per year are .00033 and 49%, respectively. The numbers for an otherwise identical 36 month lease are .00014 and 42%.

    Car_man
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  • ejv207ejv207 Posts: 12
    Thanks for the help Car_man, this forum has been helpful in negotiating prices. I ended up Leasing a 2008 Jeep Grand Cherokee Limited HEMI with MyGIG and Navigation. I know I probably could have done better, but with Chrysler Financial ending their leasing programs August 1st, I didn't want to lose the rebates, and that Money Factor which amounts to around 1%. Here are the terms:

    In NJ:
    MSRP $41,860.00
    Selling Price $40,323.04
    Rebates: $8250.00 total ($6,500 lease cash, $1,000 bonus cash, and $750.00 in lease loyalty)
    MF: .00043
    Residual: 44%
    36 Months/12,000 miles per year.
    Tax Title and License included in payment
    ($1600.00 Sales Tax, $290 Reg Fees, $7.50Tire Fees, [$700 acquisition fee, $160.50 Supplemental Title Fee (Read Dealer Profit)]
    $3379 Down, (includes 1st month), Monthly Payments $379. (I prefer lower payments)
    Total Payments: $16,665.00

    When I did the calculations, the bottom line payments I got were around $341 with tax included but not other inception fees. I was shooting for $355.00, but looking to just close the deal we finished it up. I know I could have done better, (probably could have knocked another $20 bucks off the $379 monthly payment by getting a selling price closer to invoice, but at this point, I'm just glad to be done after spending the last month at dealerships. The Jeep is loaded, and I am satisfied with the terms and love with the HEMI. The total out of pocket from my 05 Jeep GC was $15,700 which was valued at around 33k. For $1,000 more in payments, I'm into a loaded $42k automobile.

    Hopefully, this info will help someone get a better deal by Aug 1st. Some other finance companies will almost surely offer leases in Chrysler Financial's place, but I doubt they will be this generous with the incentives. Good luck to all!
  • barrierbarrier Posts: 1
    Just leased a 2008 Grand Cherokee here in NY. The model is the Limited with the Hemi, Navigation ,Limited slip, skid plates and Chrome Wheels. List was $42,040, after the various discounts it came to $34,040. I got the 36 month lease 10,500 per year.Total up front taxes and fees came to $3600 and $305. per month which I think is a pretty good deal although the structure with regards to Taxes bothered me. I was charged Tax on all Discounts, total of $1700, I am not sure that is legal I know rebates from Factory are Taxed, but I thought Dealer Discounts were not, anybody know?
    The Dealer did hit me with the HARDEST SELL I have ever had for their Maintenance Package even going so far as saying No One could Service the vehicle Correctly. The Hemi required special additives and reduced mileage service. They even prefaced this by saying ALL Lease programs will end August 1, 2008 ( I guess that was to insure I would not back out after the Hard Sell) They said the Warranty would end up being VOIDED if the service was not done by their Department and with their special fluids.
    Maintenance they were giving consisted of usual Oil and Filter plus other Fluid changes as well as Tire Rotation and a Zillion Checks at a cost of 1k plus.
    I turned the Package down but it was a fight, I almost canceled the whole deal but since there are many other Dealers close by service is not a problem.
    What do other Forum members Think of the Deal and the Dealer Hard sell?
    Barrier
  • turbanskiturbanski Posts: 85
    I think you did very well. (See my previous post #461). I also received the hard sell for maintenance. However, I negotiated it down to $550 and paid for it separately so it was not part of the lease. My maintenance agreement includes everything that you mentioned plus tire and wheel replacement for road hazards, towing up to 100 miles and rental of a replacement vehicle for up to 7 days. It works out to about $30 per visit and no warranty hassles. If it is true about Chrysler ending their lease programs; then what will become of this particular forum? I received a lot of help and encouragement here.
  • turbanskiturbanski Posts: 85
    I just received a email from Chrysler Financial. It confirmed press releases that they will no longer offer leases on Chrysler vehicles and that there would be no effect on my current lease. However, it also alluded to alternative financing programs that would result in monthly payments similar to a lease. Interestingly, the email letterhead used the old 70's pentastar logo.
  • ejv207ejv207 Posts: 12
    I know that NY, NJ and CT charge sales tax on the rebates, as for the dealer discount, I believe they charged taxes on the total out amount out of pocket and the rebates, so the amount sounds about right at 8.25%. I wouldn't put it past them to try and make extra money on the collection of taxes, but there can be serious consequences for overcharging on a purchase, so I would think they would try to fudge numbers elsewhere on the lease. I'm guessing dealer discounts totaled anywhere from $1000 to $2500? Your talking about $80 to $204 tops, which works out to $2 to $5 more a month. Considering the great deal you got, I wouldn't worry about it too much. They didn't charge you tax on the whole truck, which I've read they try to do.

    As for the service contract, that sounds like a load of cowpies that the warranty is voided if you don't do the service with them. The required maintenance for your vehicle is listed in the owners manual and you can get your Jeep serviced wherever you want. They are looking to make a buck by tacking on a premium on the CSC service contract. Go to the Jeep website and then the 'For Owners' Page, you will see a link to Service Contracts. Give them a call about a maintenance package, as you can buy that direct from Chrysler. Ask CSC how much the price is for scheduled maintenance for the term of your lease, I think they offer 3000, 3500, and 5000 service intervals. I'd love to know what the difference is between the two. One thing though, if you purchase the contract, you are required to have it serviced at one specific dealer (usually the one where you purchased it, but you can get the contract with whichever Jeep dealer you like).

    Even with the 3000 mile service schedule, you will need at most 10 oil changes, and a set of spark plugs at 30k miles, maybe some new wipers, and tire rotations. $1,000.00 is waaay to much for all that. Then they will charge you obscene amounts for things like fog lamp bulbs and brake pads which aren't covered under the scheduled maintenance. I got charged $60 by the dealer for a fog lamp bulb (I couldn't find the bulb at any store), then wised up and bought the other bulb on the internet: Autozone for $10. I'm a DIY type when it comes to oil changes, but had a maintenance contract for my last Jeep for the convenience and plan to do the same with my HEMI as well. I think they are well worth it if you have a busy schedule, but I'd make sure to buy direct from Chrysler.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome, ejv207. I'm glad that you have found this forum so helpful. Thank for taking the time to let us all know how everything turned out. Make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience. Enjoy your new ride :shades: .

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Yep, turbanski, Chrysler no longer offers leases on new vehicles. The fact that they are trying to claim that they will offer financing that has similar payments to what a lease would provide is laughable. In most instances, finance payments are much higher than lease payments. I have a feeling that the lack of leasing is going to be a big problem for Chrysler. Traditionally, it has had the highest lease penetration rate of the "Big 3" manufacturers. We certainly are living in interesting times.

    Car_man
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  • stmssstmss Posts: 206
    The fact that they are trying to claim that they will offer financing that has similar payments to what a lease would provide is laughable

    My local GM dealer is saying the same thing to financing. Not sure if they are trying to convince me or convince themselves. You just need to run the numbers. Maybe financing at 0% for 72-84 months you may get close to the same payment as leasing.
  • misterepmisterep Posts: 52
    The fact that they are trying to claim that they will offer financing that has similar payments to what a lease would provide is laughable.

    Without the lease subsidy these car deals are a joke. When sales plummet in august and they can't move the year-end models Chrysler will crater and offer leasing. Just wait them out... If you can wait a couple months it will be time well spent. It is laughable...but after all they are car dealers. [non-permissible content removed]clowns at a picnic.
  • evedderevedder Posts: 4
    I am in the process of negotiating for a 2008 JGC, 4x4 Limited with NAV and MyGig/rearview camera/Bluetooth. MSRP is 40,020, sticker is approx 37,700, after all rebates and negotiating the cost is 28,700, they are offering me the following:

    36 month lease, 20K miles per year (I need the miles)
    $568/month with $908 down.
    Total payment will be: $21,356

    First time leaser, let me know if this is any good please.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi evedder. Chrysler is no longer offering leasing on any of its vehicles, so the lease that you were quoted must be through an independent bank. I am surprised that there are any independent banks that are willing to step up to the plate and offer leases on this truck. Its residual values are absolutely terrible. If I was in the market for a new SUV and I wanted to lease, I definitely would not go with a Chrysler product. You will be able to get much better deal on a lease if you go with a Ford, Honda, or Toyota at this time.

    Car_man
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  • evedderevedder Posts: 4
    Thanks Car man, yes, it is through a local bank, with that said, is this a good deal? Honestly, I don't know, it seems reasonable to me, but again, sort of new at this game. Looked at the other cars and not a big fan.

    thanks
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