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2013 and earlier Jeep Grand Cherokee Lease Questions

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Comments

  • justdrewjustdrew Member Posts: 2
    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 Member 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 Member 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
  • tracy0130tracy0130 Member Posts: 4
    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
  • dewarsandsodadewarsandsoda Member Posts: 207
    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 Member 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.
  • tracy0130tracy0130 Member Posts: 4
    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 Member 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?
  • daytonguy21daytonguy21 Member Posts: 2
    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
  • botrnewmusicbotrnewmusic Member Posts: 4
    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 Member Posts: 2
    Car Man, if you could also provide for 10k/year lease that would be appreciated.

    Thanks,
  • zims27302730zims27302730 Member Posts: 2
    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 Member 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.
  • ceramacist99ceramacist99 Member Posts: 1
    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
  • needaleaseneedalease Member Posts: 4
    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 Member 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!
  • dewarsandsodadewarsandsoda Member Posts: 207
    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 Member 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.
  • dewarsandsodadewarsandsoda Member Posts: 207
    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 Member 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 Member 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 Member 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?
  • jeremymahonjeremymahon Member Posts: 3
    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 Member 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 Member Posts: 38,514
    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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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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 Member Posts: 38,514
    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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • edcard61edcard61 Member Posts: 5
    Thanks, Car_man. I ended up not leasing but with a regular auto loan. Love the Jeep!
  • needaleaseneedalease Member Posts: 4
    Car_man - thank you for answering the questions, very helpful! One last item - could you tell me what the MF and Residual is for a 24mo lease with 12k/yr? I think we may go this route. THANKYOU!
  • cennis1cennis1 Member Posts: 31
    I'm quite possibly in the market for a JGC. I have seen reference earlier to the fact that Ally doesn't use money factors like most leasing company's, and Car_mans posts above seem to confirm that. As a finance guy, I always have a lease spreadsheet open in front of me as I negotiate deals and usually get within a few pennies of the final payment that the dealer's software comes up with.

    So - my question is if I can just take the Ally rates quoted above and divide by 24 to get to a rough MF to use in running my calculations. For instance, would I take the 0.65% rate quoted in msg # 1102 above and divide by 24 to get a MF of ~ .000271? I figure the payment calculations have to work pretty much the same, but please let me know if that isn't the case.

    Either way, it seems like they offer some really cheap money on their leases, even on the newly-introduced 2014s. Is that pretty typical on JGC leases in people's experience.

    Hopefully the question makes sense, and thanks in advance for any feedback.
  • dewarsandsodadewarsandsoda Member Posts: 207
    Hi cennis1,

    You are correct with your calculations.
    Comparable interest rate = MF * 24

    So in your case, MF = .000271 (=.0065/24)

    American auto makers do offer quite low MF's vs. European brands. When I leased my 2011 GC Ltd 4x4, my MF was even lower.

    Cheers!
  • dajeepdajeep Member Posts: 4
    Been using this site - hope this helps. Just leased a 2014 Grand Cherokee Overland for $585/month. First month down, everything rolled into the lease. This was for 15K/year and 39months.
  • asd302asd302 Member Posts: 65
    Hey Car_Man

    You have always been a tremendous help with my vehicle purchases, I need your help again.

    Can you help with the Res and MF for 24mo and 36mo, 12k and 15k, for a 2014 GC Limited and Overland if they differ? I also haven't seen any updated rebate info for May yet. Also Chrysler Financial has apparently been reborn as of May 1st. So I guess I need their numbers and Ally if they are still involved. I am also considering a RAM 1500 so I will be posting the same question over in that forum as well.

    Thank you so much!
  • acha1acha1 Member Posts: 1
    Being offered deal as follows:
    2014 overland 4 by 4 v8 engine lease for 701 a month for 39 months, 10 k miles per year. Or 596$ per month with 3000$ down. Does this seam like a reasonable deal?
    Also wondering if service is included in leases like with BMW and Audi which I've recently leased.
    Thanks.
  • yideng23yideng23 Member Posts: 2
    Hi Car_Man!!!

    Thank you for helping me with lease figures on JX. Just leased for my wife last month.

    I'm looking to lease 2014 Grand Cherokee Limited in NJ.

    Can you tell me the numbers for 12K miles for May??

    Thank you!!!
  • jovanijovani Member Posts: 14
    Can anyone confirm the May lease rate/residual for the 2014 Jeep Grand Cherokee Limited?
  • insidecarbuyinsidecarbuy Member Posts: 95
    Just did this lease for someone today. Its got the 23H package with sunroof, Uconnect navigation and single CD player. MSRP is $40,775 and I was able to get a selling price of $37,793 plus $1,000 for the conquest rebate. Seems Chrysler Capital has the best rates with a 56% residual and .00027 money factor for 36 months. They are also waiving bank fee this month again.

    CUSTOMER DISCLOSURE
    Customer Name: Inside Car Buying, LLC WD Deal ID: 98341
    Sale Vehicle: New 2014 JEEP GRAND CHEROKEE 4WD WKJP74 4dr Wgn Limited w/AC , Automatic , Odom: 0


    Payment Details
    Term 36
    Base Payment 403.85
    Total Payment 403.85
    Purchase Option 23,184.00
    MSRP 40,775.00
    Est. Miles Per Year 12,000
    Termination Fee 495.00
    Disposition Fee 395.00
    Excess Mileage Charge 0.25



    Amount Due at Signing

    1st Month Payment 403.85
    Fees & Insurance 365.00
    Upfront Taxes 1,151.50
    Total Inception Fees 1,920.35
    Rebate as Cap Reduction 1,000.00
    Total Drive Off 2,920.35

    Total Cash Required on Delivery 1,920.35


    Tax Information
    Customer State: New York Customer County: WESTCHESTER
    Type Amount Rate Paid
    Cashdown Tax 79.28 7.3750 Upfront
    Upfront Tax 1,072.22 7.3750 Upfront

    Fee Information
    Description Amount Paid
    Reg 267.50 Upfront
    Insp 10.00 Upfront
    Title 12.50 Upfront
    DocFee 75.00 Upfront
  • kwteng2kwteng2 Member Posts: 12
    I am also in NY and looking to lease a Limited. I have about $5,000 in equity from my returned lease. How would that chnage the payments on this deal. I would use the equity as down payment and to pay upfront costs.
  • insidecarbuyinsidecarbuy Member Posts: 95
    The drive off on the lease I did was $1,920 includuing new plates. With another $3,080 due at signing its going to lower the payment by about $79 per month. Looks like $324 per month! What are you coming out of that has so much equity?
  • kwteng2kwteng2 Member Posts: 12
    Thank For The Info. I'm returning a 2011 Laredo with low mileage
  • cvanslykecvanslyke Member Posts: 11
    insidecarbuy thanks so much for the numbers i am in cny looking to lease a limited with tow packed only. im looking to stay under 400 with taxes rolled in,how much do you think the res and money factor will change for a 15k or 16k lease? thx so much
  • asd302asd302 Member Posts: 65
    Hey Car_Man

    You have always been a tremendous help with my vehicle purchases, I need your help again.

    Can you help with the Res and MF for 24mo and 36mo, 12k and 15k, for a 2014 GC Limited and Overland if they differ? I also haven't seen any updated rebate info for May yet. Also Chrysler Financial has apparently been reborn as of May 1st. So I guess I need their numbers and Ally if they are still involved. I am also considering a RAM 1500 so I will be posting the same question over in that forum as well.

    Thank you so much!
  • greenwell39greenwell39 Member Posts: 11
    Hello Car Guy,

    Just negotiated the following lease on a base 2014 Jeep Grand Cherokee Limited. I feel this is a good deal, can you please confirm?

    MSRP: $39,185.00
    Discounts and Rebates: ($3,000.00)
    Lease conquest rebate (Subaru): ($1,000.00)
    Sales price: $35,185.00

    36 month lease
    10K miles/year
    $0 cash down
    $383/month + Tax (w/ documentation fee, registration fee, and first payment all due at signing)

    Residual: 57%
    Money Factor: 0.00027

    He’s at $406.94 a month, but my calculation comes out to $395.74, both including 6.25% MA sales tax. We’ve decided to meet in the middle at $400 even including tax. You an amazing resource carman. Do you like this deal?
  • denisem776denisem776 Member Posts: 4
    edited May 2013
    insidecarbuy - I need to come see you. I am in Westchester County, NY and these numbers are much better than what I'm currently getting. I am looking at the Limited, same config as you mentioned except I don't need the NAV and I want to roll the taxes in. The money factor I'm being quoted is .00130 - ridiculous compared to yours.

    Can you get me a similar deal???
  • tv_wiztv_wiz Member Posts: 1
    Hello all,

    I'm long overdue for a new vehicle. I'm currently driving a 2006 Scion Xa which I bought brand new. It has about 185,000 miles and honestly still runs great... I just need something bigger and much cooler. Here's what I'm looking to lease:

    2014 Jeep Grand Cherokee Limited
    Black
    Hemi
    20" Wheels
    Sunroof
    (Maybe Nav)

    The best deal I've found so far was at Seaview Jeep in Ocean, NJ. The exact truck listed above minus the Hemi (They only had the V6 in stock). After having driven a tiny car with 106 horsepower for the last 7 years, lets just say I really really want the HEMI!

    $3000.00 down and $438 a month
    39 month lease w/ 12,000 miles a year.

    They would have to order one with the HEMI and are supposed to call me tomorrow with the price.

    Not sure how much I should expect to pay or what the current deals are right now. Any advice would be very much appreciated. Thanks!

    -David
  • geox19geox19 Member Posts: 2
    what options did you get v8?
  • geox19geox19 Member Posts: 2
    looking into leasing a Jeep Grand Cherokee overland think the msrp is 50,880 could someone plz inform me of MF and Residual. Also I have never bought a chrysler product so I'm not sure who they use for their leasing company if they use more than one company which is the best to go with? I have tier 1 credit what should i expect to pay monthly with no out of pocket cash or just first months payment? thanks in advance live in San Francisco CA.
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