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2013 and earlier Jeep Grand Cherokee Lease Questions

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  • justdrewjustdrew Posts: 1
    I've entered into the world of lease analysis for the first time after "feeling" like I've received good deals in the past.

    Was wondering if you could provide some guidance on a lease offer for a 2013 Grand Cherokee X:

    MSRP: 38,910
    Selling Price: 35,653
    Taxes and Fees: 3,395.28

    Cash Due: $500, 36 month lease at $462.

    Thanks for any help!
  • jaisonjjaisonj Posts: 1
    Hi,
    Im from NY and would like to know the deal u got for the lease.
    I would like to get the jeep grand cherokee limited.
    What was the total upfront cost?
    Monthly?
    Which jeep dealer?
    Thanks man
  • tracy0130tracy0130 Posts: 4
    edited March 2013
    dewarsandsoda,

    Thanks for replying! The monthly payments were slightly adjusted to $465.38 (no big deal) and they increased the lease to 39 months (that's fine). The residual value is $26,314.50. I'm not certain what the MF for the lease is. I can purchase the car at the end of the lease for $28,814.50. Total monthly payments equal $18,149.82. They add $7,138.50 (capitalized cost) to get a total of $25,288.32 at the end of the lease. They state the agreed upon cost of the car is $46,025. They add tax and tags and get $48,214.50. The adjusted capitalized cost is $41,076. Do you see anything that I should discuss with them? Is the residual inflated? It seems that if I chose to buy the vehicle at the end of the lease, the total I would have paid for the car would be $51,602.82, nearly $2,000 over original sticker price ($49,650) on a car that was discounted to $43,162. I guess that's pretty much the tax etc. So, I've would be paying sticker price, instead of $45, 500 or so. I've signed the contract, so I may be out of luck. Would you know the legalities of contract negotiations in MD, basically how long I have to change the contract before I'm bound to it? Was this a decent deal after all?

    Thanks for your help. It's very much appreciated! I'm so sorry I missed your reply. I had the contract for a couple of days and just turned it in last night.

    Thanks again,

    Tracy
  • Okay, looks like I was a little mixed up. I called the dealership and received some answers. The $48,214.50 is the price of the vehicle minus destination or whatever. Some of the rebates that took the car to $43,162 do not apply. So, basically is $465.38/month for this 2013 Overland with 10k/yr a good deal (considering the following factors)? The lease term is 39 months. The trade in money after they pay off the vehicle is $3,638.50. The residual value is $26,314.50. Tax and tags are included in the price. The finance person wasn't there at the moment, but I can speak to him later today. He would be able to tell me the MF for the lease.

    Thanks again
  • Hi Tracy0130,
    Assuming your lease is with Ally, I believe the acquisition fee is $795 although some dealers mark it up for additional profit. Based on your numbers, I calculate a RV=54%. Generally, RV is fixed as its set by Ally based on your lease term and miles.

    I have sense of the cap cost, $40,248, as I assume that they treated your trade as a downpayment or cap cost reduction.

    The interest or MF is the key unknown. There is a buy rate MF which is set by Ally, but dealers often mark it up as an additional source of profit. So, I don't know if the MF that you were offered is indeed the buy rate or something higher.

    Nonetheless, it appears that you signed your contract, so enjoy your truck. I have an Overland 4x4 which I love. The lease comes due at the end of the year, so I'm debating whether to get the diesel variant or switch to the Durango as we could use the extra seats.

    Cheers!
  • stang678stang678 Posts: 5
    Good evening. After reading some of the previous posts I'm not so sure how great my deal was...

    Down payment $2,200 total - taxes, fees etc
    $423 per month
    39 months
    Ally bank
    sticker $42k
    Limited with 20's, no trailer package.

    Atlantic Jeep - the old previously Herbee Dodge dealer.
  • Dewarsandsoda,

    Thanks for the information! I did sign, so I 'm not sure if I can do anything about numbers that don't seem right. The salesperson said that if something is off they will fix the issue. Should the buyout price be a couple of thousand dollars more than the residual? I know generally leasing and then buying the vehicle isn't a great decision. Still, I would like to think if I choose to buy it, I would not be paying more than I should.

    The Jeep Overland is wonderful. I've heard about the diesel version, but don't know much about it. I'm hoping it offers better gas mileage, because I'd go that route next time. As for the Durango, I don't know anything about it, but I guess if you need the seating, then you have to go for it. Best of luck and enjoy your future purchase!
  • prolificprolific Posts: 1
    It baffles me why so many people are in the lease forum rather than the buy. I'm interested in buying as I plan to keep it at least 5 years, is it worth while to use the negotiated prices from this lease forum when making my buying decision or is it totally out of whack? Also can anyone make a case for me to lease if I plan on 5+ years?
  • Car Man,

    Do you have the April lease residual and money factor for a 2014 Overland 4x4 for 36 months with 15000 miles? I believe Jeep is still set up with Ally but I have heard that they are switching primary banks so do you also know if one bank is more adventageous than the other?

    Thanks,
    Tom
  • I have been to 5 dealers on Long Island, Priced as high as $572.43

    Here is what I am looking at.
    39 month lease, 15,000 miles.
    Down Payment only first month pay, bank fee and dmv plate charge.
    2014 Grand Cherokee Limited with Sunroof, Nav etc... Sticker price $40,775

    I got them down to $474.65 , AND they are paying the last FOUR months of my BMW payment of $623 to get me out of the BMW and into the Jeep.

    Is this a good deal or should I aim for lower?
  • nnocunnocu Posts: 2
    Car Man, if you could also provide for 10k/year lease that would be appreciated.

    Thanks,
  • Car_Man,

    Is it possible to get the lease rates for the new 2014 Jeep SRT? It looks like Jeep.com finally listed the "lease" deals for the rig on jeep.com but was hoping to get the actual 36 month MF and Residuals.

    Thanks,

    B
  • junjgujunjgu Posts: 3
    @botrnewmusic
    I have been doing research on this car ( NY area) . Best price for:
    39 month, 12K, limited Nav + sunroof, is $419 before tax, due at signing 1st mon + bank fee $695 + DMV. So 15K miles will be around $430 before tax.
    No sure how much the 4 BMW payments add to it, you can ask them the payment without the take over lease, if that's higher than $430 then you may have a little room. I think $475 is very decent.
  • Hello,

    I am in the Los Angeles area and currently being offered this deal on a 2013 Grand Cherokee Laredo lease. Can you please tell me if this sounds like a decent deal or if I should try negotiating more. The sales person said he is using US Bank instead of Ally because their money factor is lower. I did not qualify for some of the special rebates currently being offered.

    MSRP $30,800
    Invoice $29,437
    Selling Price $29,150 - $1,000 rebate = $28,150
    Drive off/Down - $1380
    Payment - $323.84 + LA tax = $355.86


    Please advise, Thanks
  • Car_Man - I am a newly registered on Edmunds but have been reading many forum topics in the past few months. I am looking to lease a 2014 Jeep GC Limited in the next few weeks. We have visited a dealer and been quoted the following offer below. Could you provide the money factor and residual % for both Ally and US Bank so I can validate the offer? Much appreciated!

    2014 Jeep GC limited 4wd
    MSRP: $39,885
    Selling Price: $36,800 (includes 1k conquest lease cash)
    12k/yr
    36month term
    $2k total due at lease signing
    Location: Michigan (yes possible National Champs as I'm typing :)
    Quoted: $405/mo including Michigan 6% tax

    Your information will prove extremely helpful in our decision making, so thank you again!
  • ruby59ruby59 Posts: 1
    I live in the Buffalo, NY, area and am recently interested in leasing a JGC. I currently own a 2007 Hummer H3X which I still owe approximately $17,000. I leased a 2006 and a 2008 Hummer previously, but bought the 2007 when I couldn't lease them any more. As much as I've always loved the Hummer, I would now like to lower my monthly payments and get out of this one, so leasing seems to be the better option for me. The vehicle I'm interested in has a sticker of $36,680. I haven't gone to the dealer just yet for any negotiating, but I'm more curious as to how the loan factor will play out. Has anyone gone through this? Any thoughts or advice? Thanks!
  • Hi prolific,
    I perceive that you may use the negotiated sales prices associated with leases as a proxy for purchase with either cash or conventional financing. You may be able to get additional discount with cash as the dealer doesn't need to worry about your purchase qualfication. From the dealer's perspective, either removes the truck from inventory.

    I don't believe there's rationale to lease beyond 5 years or even 3+ years for that matter. Leases are best for 2-3 years of ownership as depreciation is considerable after 3 years. One is better off purchasing and potentially capitalizing on low interest rates if one needs to finance all or part of the purchase.

    Cheers!
  • spg900nyspg900ny Posts: 1
    Looking at leasing a 2014 Grand Cherokee Limited with only Nav ($795 option) and sunroof ($995 option). With $1K out the door, taxes financed, local dealer (good reputation) is telling me $439/month. I think that sounds good but wanted to double-check. It's 39 months, 12K/year.
  • Hi spg900ny,

    To assess your deal, we need to know the following info.
    - What's the RV?
    - What's the MF? And is it the buy rate MF?
    - What's the final sales price (or cap cost, assuming no money down)?

    Cheers!
  • edcard61edcard61 Posts: 5
    edited April 2013
    Car_Man,

    Would you please post the money factor and residual for leasing a 2014 JGC Summit, 4x4 and with the V8 Hemi engine?

    I'm interested in a 36 or 39-month lease, with 10K miles per year.

    Thanks in advance,

    Ed
  • ken954ken954 Posts: 13
    edited April 2013
    Just took delivery on a 2014 Overland v6, used US Bank for lease. Money Factor was better than what Ally offered.

    39 Months 10K Miles / Year
    Money Factor = .0001
    Residual = 51%

    Per the Dealer, 36 Months increased Residual to 53%

    12,000 Miles / Year reduced residual by 3% for each term (36 months = 50%, 39 months = 48%)

    Residuals are stronger for Limited and Laredo, but I couldn't pass on the extra features on the Overland.

    Thought you all might find this useful as I haven't seen new factors posted recently.
  • stang678stang678 Posts: 5
    Hey all -
    MSRP $44 - GC LTD HEMI, 20's, TOW, NAV, no roof

    $439 per month, 39 months
    10k / yr
    $2100 down plus 1st month and dmv.

    What do you all think?
  • Carman, thanks for all of this valuable information!

    I am considering leasing a SRT8 and am trying to do some calculations before I go to the dealer. They have one 2012 SRT8 left and are offering upwards of a $8500 match rebate. The caveat is that I need to put $8500 down in order to get their free $8500.

    Anyway, do you have the MF and residual for the 2012 SRT8 grand cherokee for a 36 month lease?

    Thanks again,
    Jeremy
  • vnzufvnzuf Posts: 1
    Hi,

    Wondering on feedback on the below deal. I can't get to their number...

    I am looking at the limited model with a package ($4k) that includes upgraded front lights, leather, larger moon roof etc.

    $44,285 MSFP
    $39, 499 - selling price
    39 months
    15k per year
    told me the residual is $23,028 (52%)
    .65 for money factor which I think is .00166
    $2k down

    I live in MA so there is tax of 6.25%

    Monthly payment of $439

    Does all seem right, I can't get to $439 with the above numbers. Also, does the MF & Residual Value seem correct?

    Any help would be greatly appreciated! :)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    edited April 2013
    Hey Tom. What you heard is correct. One can still lease a Jeep through Ally in April, but starting in May Chrysler is switching to its own captive finance company (well in partnership with another bank anyhow) Chrysler Capital. I don't think that there will be much of a difference between leasing with one or the other.

    Chrysler Capital's April buy rate lease money factor and residual value for a 36-month lease of a 2014 Jeep Grand Cherokee Overland 4WD with 15,000 miles per year are .00010 and 50% for consumers who qualify for its top credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Nnocu, the residual value for a lease with 10,000 miles per year would be 3% higher.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi zims27302730. Chrysler is not currently providing any lease support on leases of the 2014 Grand Cherokee SRT. That means if you were to lease one through Chrysler Capital right now, you would have to use its standard lease program. Its current buy rate standard lease money factor is .00183 for consumers who qualify for its top credit tier.

    The 36-month, 15,000 mile per year residual value for this truck is 44%.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    edited April 2013
    Hi needalease. Ally's April base lease rate and residual value for a 36-month lease of a 2014 Jeep Grand Cherokee Limited 4WD with 12,000 miles per year are 0.65% and 56%.

    I have not seen the lease program for US Bank.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello Ed. Ally's April base lease rate and residual value for a 36-month lease of a 2014 Jeep Grand Cherokee Summit 4WD with 10,000 miles per year are 1.25% and 51%.

    The numbers for an otherwise identical 39-month lease are 1.25% and 49%.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Jeremy. That matching incentive that you mentioned sounds like a dealer gimmick to me. I haven't seen any official Chrysler incentive on this model that's along those lines.

    Ally's current base lease rate for a 2012 Grand Cherokee SRT8 is 2.04%. I'm not sure what the residual value is, but I can find out for you. It doesn't matter as much as the lease rate anyhow because dealers do not have the authority to alter banks' published residual values.

    Car_man
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This discussion has been closed.