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2013 and earlier Jeep Grand Cherokee Lease Questions

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Comments

  • KeerockKeerock Posts: 8
    edited March 2013
    What was your final negotiated price?

    Are there any issues like return fees or high excess per mile costs?

    What state (if New York/CA great deal, if a lower tax state not so much)?

    How many months?

    Your total cost at pickup was $2k, that's pretty good but it depends on how much off MSRP you negotiated. I can't extrapolate your rates and residuals but it seems for 2014 that seems good.
  • stang678stang678 Posts: 5
    39k negotiated down to.
    8.625 sales tax rate - NY
    12k would've been 10$ more per month but I won't be close to 10k

    Through ally bank.
  • calli74calli74 Posts: 5
    I just got off the phone with a dealer here in Mass. The MSRP on the 2014 Limited V6 w/20" wheels is $41,675. He is willing to sell me the Jeep for $38,999.

    He priced out a (first payment) $0 down lease, 39 month, 12k per year. $504 with all taxes & fees included in the lease. Sales tax in MA is 6.25%

    Is this a good deal? I also just got a thing in the mail from Jeep which is $500 Jeep cash - he said he could use that as a rebate and the payment will go down some.
  • lulu1234lulu1234 Posts: 1
    This sounds like a good deal. I am looking at the same car and my deal is a little better but I have a leased car to turn in and I am paying fees up front. Are all your fees being rolled in?

    What dealership is this?
  • tracy0130tracy0130 Posts: 4
    edited March 2013
    I made a lease deal on a 2013 Overland originally priced at $49,650. The price was reduced to approximately $43,162. I've yet to sign the papers. For a 36 month lease at 10K a year with approximately $4,000 to $5,000 down (I'm returning a jeep before the financing is up, and they are paying the 12K remaining to the finance company and giving me $4,000 or $5,000 additional toward the lease). They quote the lease price at $465/month. Is this a good price? I thought it was when I left, but I'm no longer certain. Thanks very much for any advice you can offer.

    I'm assuming that the deal on the vehicle I'm returning is a good one. It's a 2007 Limited with HEMI, fully loaded, originally just under $44,000. The interior is in perfect condition, like new. The exterior needs paint on the corner of one bumper to cover scratches, no body work. The tires need to be replaced. The car has just about 44,000 miles. Any advice is very welcomed. Thanks!
  • calli74calli74 Posts: 5
    Actually, that quote didn't include the 20's. I'm waiting to hear back from Kelly Jeep. The dealer that quoted me this is Lawless in Woburn. Everything is rolled in to my monthly payment. I only sign and give them 1st payment up front.
  • Hi everyone,

    New to the forum and very slow :-) I've went over the specs for the Laredo and Laredo E and I can't find any difference between the models except for the fact the the Laredo E allows for a number of options to be added to it. Am I missing something here or are the pretty much the same model.

    Also, with that said I am no going to please lease ignorance and ask someone to calculate me a 3 year 10k mile lease on a 2014 stock Laredo, No Money Down.

    Thanks in advance everyone, I'm hope you can help me out.
  • Hi Tracy0130,

    A few questions for you.
    - What is the buy rate MF for the lease? Is the dealer offering you the buy rate?
    - What is the RV for the lease?
    - Are any incentives such as loyalty cash included in the negotiated sales price of 43,162?

    Knowing the above will help evaluate your deal.

    Cheers!
  • Hi Greenwell39,
    A lease is not very daunting as its only based on three variables: Negotiated sales price; Residual Value (RV); and Money Factor (MF).

    RV is a fixed percentage set by the bank (e.g., Ally) that's doing the lease. There is a base rate MF that is suggested by the bank as well but dealers have the latitude to mark it up as another source of profit. Both RV and MF are based on your model, lease term, and mileage per year. Ask Carman on this forum to give you the RV and MF for your 3 year/10K lease on the Laredo.

    With the above numbers in hand, the calculations would be as follows,
    Monthly Depreciation = (Cap Cost - (RV*MSRP))/Lease Term
    Monthly Interest Charges = (Cap Cost + RV*MSRP)*MF
    Monthly Lease (pre tax) = Monthly Depreciation + Monthly Interest Charges
    *N.B.: Cap Cost assumes Negotiated Sales Price + Acquisition fee only (i.e., no cap cost reduction or $0 down)

    Cheers!
  • KeerockKeerock Posts: 8
    I think it might help to note that many leases include the sales tax (price paid x tax rate spread over monthly term) and may include fees and other add-ons rolled into the payments AFTER your negotiated selling price. Sometimes people don't check the numbers to make sure that the actual monthly all adds up. I've been surprised in some negotiations to find numbers in the monthly that we're not part of price/rate/residual.
  • 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?
This discussion has been closed.