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2013 and earlier Jeep Grand Cherokee Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi groundhog6. A base 2007 Jeep Grand Cherokee Overland has a spread of around $3,500 between its full MSRP and its dealer invoice price. On top of that, DaimlerChrysler is providing $3,500 lease cash. That means there is a total of $7,000 to play with. You were quoted a discount of $3,350 on the truck that you are interested in. If this price is after the lease cash is taken into account it is too high. If you are able to have the lease cash subtracted from this number, you're in good shape. Make sure that the dealer uses Chrysler Financial's current .00172 36 month money factor to calculate your truck's monthly payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings crepitus. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    I can give you an idea of what this truck's lease payment would be like, but in order for me to do so I need you to tell me exactly what model you want, i.e. a Laredo 4WD, a Limited 2WD, etc..., and what mileage allowance you need.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi minn55441. If you are interested in getting out of your lease early, DaimlerChrysler frequently runs early lease termination programs that allow Chrysler Financial lessees out of their deals up to three months early at no charge. You may or may not receive an offer in the mail describing this program to you, but it usually exists. It does not batter whether you finance or lease your new DaimlerChrysler vehicle, but you have to do one of the two through Chrysler Financial to qualify for it. I am not sure if Chrysler Financial still allows you your vehicle's full mileage limit or an adjusted one for the three months that you are not paying for if you take advantage of this program. You will have to check with them or your dealer to find out for certain. Unfortunately, consumers who are significantly under their vehicles' mileage allowances do not receive any credit for unused miles.

    Car_man
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  • fsledjeskifsledjeski Member Posts: 8
    We test drove the CGL w/Hemi today. My dealer, who I tend to trust priced out the truck with nav and dvd as follows (rough):

    42k msrp
    said invoice was about 3.5 k off msrp
    gave me 4k incentive off
    1.5 k i have to pay for my current lease
    so selling aroun 39.5
    he told me out the door for about 550 a month. Is this in the ballpark?

    also, is the hemi worth the extra 1k?

    thanks,
    frank
  • stogie613stogie613 Member Posts: 1
    Car man, do you know the current money factor, residual #s, and incentives for a 2007 Laredo with either a:

    27 / 36 months lease
    12k / 15k miles

    Thanks
  • fsledjeskifsledjeski Member Posts: 8
    Does anyone know when the March lease deals get released?

    -Frank
  • kindzcarkindzcar Member Posts: 29
    Frank,
    I dont think you are getting that great of a deal. I leased a Limited with Hemi a month ago. Car was fully loaded including Nav, DVD, U connect everything possible except the tow package. MSRP was 44,000. I paid $800 at signing total and my lease is $499 a month 27 months with 15k per year in miles.

    Hope this helps
  • fsledjeskifsledjeski Member Posts: 8
    kindzcar,

    what dealership did you go to if you don't mind me asking? also what was you factor and rebates
  • mf15mf15 Member Posts: 158
    I have leased 4 GC's since 1996.
    I am currently driving a 04 base 4wd GC, the lease is up in August. Anyhow what I want to say is that on my 02 they had a 6 month pull ahead program and I got the 04, nothing down,no bank fee 0 out of pocket, 289 a month plus 9%pa tax.
    They must have been even more desperate to move these back then.
    To me some of these lease payments look high, but of course I have the base model 4wd no extras. They will have to give me an even better deal to lease another, 13 MPG going to work on back roads does not cut it with these gas prices, and when it was over 3.25 a gallon I was really not happy. That being said I love driving it. Old Mike
  • minn55441minn55441 Member Posts: 7
    Thanks for the info Mike. I'm interested in your 6 month pull ahead from a few years ago. How did they treat your mileage at the time? Where you about where you needed to be with 6 months left on your lease? After 24 months on a 39 month lease, I'm about 1,500 miles (one month)over where I should be. It won't be hard to cut back and drive our other vehicle, I'm just wonder how hard I should work at cutting back the miles if they are just going to forgive the excess miles at the time of trade-in anyway.
  • mf15mf15 Member Posts: 158
    Minn: I was way under my miless only had about 22000 on it and the dealer bought it. I do not believe that they will forgive excess mileage, if you would go the full lease term.
    But if you pulled ahead 3 months then you may be under the allowed miles, just dont go over what you are allowed or you will be charged. This is a guess. Old Mike
  • notsofast1notsofast1 Member Posts: 1
    I am looking into leasing a Jeep Grand Cherokee, Limited 4WD. I need only 10,500 or 12,000 miles per year, with a 24,27 or 36 month lease term. I am interested in getting an idea of what the monthly payment will be as well as, how this varies with the lease term, considering that it is half way through the model year.

    I also have a vehicle for trade-in, that I own outright, that I will get approximately $2,000 per KBB. Is it worth trading in to the dealer and applying it to MSRP of the new lease? Or would I do better selling individually and putting the cash to use to pay my monthly payments?

    I am a first timer, so any advice or recomendations would be very helpful. Thanks all.
  • friggenhammerfriggenhammer Member Posts: 6
    i looking to lease a GC laredo 4wd base with 12k miles for 24/27mos.. i am currently leasing a wrangler, so with the incentives, how much do you think i am looking at paying per month? thank you
  • avmbaavmba Member Posts: 27
    Car_Man, I would appreciate your advice.

    I am considering leasing a JGC Limited 2WD with Hemi, Nav, wheels, etc. Details Below:

    OPTIONAL EQUIPMENT
    Customer Preferred Package 25H
    Navigation/Rear Back-Up Camera Group $ 1,890
    ParkView(TM) Rear Back-Up Camera
    DVD-based GPS Navigation System with 6-CD/MP3 Chngr
    ParkSense(TM)Rear Park Assist System
    5.7-Liter HEMI(R) Multi Displacement Engine $ 845
    Dana 44/226MM Rear Axle
    SIRIUS(R) Satellite Digital Radio
    UConnect(R) Hands-Free Communication $ 275
    P245/65R17 OWL All Terrain Tires $ 190
    17" x 7.5" Aluminum Chrome Clad Wheels $ 820


    DESTINATION CHARGE $ 695


    TOTAL PRICE:* $ 39,445



    I want to lease for 36 months. I can get employee pricing on this vehicle (don't have the exact figure for this one as I haveh't seen the invoice, but it should be about $30500.

    Can you confirm what the money factor and residual would be for this vehicle (though 2/28) and the rough payment?

    Thank you!
  • avmbaavmba Member Posts: 27
    I am also interested in the 27 month #s. Looks like purchase price would be $30384 and payments would be $403 plus the tax (it's 8.1% here in Phoenix). Rough drive off costs are being quoted as $1400.
  • dpeck1dpeck1 Member Posts: 51
    What dealer? I am in NY
  • dpeck1dpeck1 Member Posts: 51
    I am looking at a grand cherokke limited:
    MSRP: 38,435
    Buy: 31,935

    I am looking to do a 27 month lease, 15K per year. I am in the NY area.

    What should the payments be with the correct residual and money factor? THanks.
  • rp1rp1 Member Posts: 1
    I live in Southern California and I'm looking at leasing a 2007 Grand Cherokee Laredo 4x2 w/Sun and Sound package

    MSRP is $29,385 The dealer said they'd give me the car for $23,200(after rebates and incentives)

    36mon/12k per with 2,200 out of pocket covers all fees(1st payment etc.) for $358 a month. Just wondering if this is a good price. 358.00(tax included) a month seems a little high for that car.

    I really need help asap!

    Thanks in advance,

    RP1
  • avmbaavmba Member Posts: 27
    That sounds high to me.

    I just leased a JGC Overland with a negotiated price of $30400 (I had employee pricing, $3500 in rebates, $500 in dealer coupons, and some other negotiating).

    For a 27 month lease with a money factor of 0.00097 and residual of 52% and about $1400 in cash (to cover first pymt, acquisition, and license) I was at $430 a month.

    Have you used a lease calculator to make sure you know exactly how much you are paying?

    I would use one (here is the one I like: LeaseGuide Calculator. Make sure you ask them what the money factor is and how it compares to the Chrysler one. You should be able to get something close to my MF (it may have changed a bit since February) and then run all the calculations yourself. If everything doesn't match up, go to another dealer. I bet the dealership you first used will call you with new #s.

    I bet you can get that payment lower with a little investigation (or possibly shorten the lease term if it improves the residual).

    Good luck!
  • dpeck1dpeck1 Member Posts: 51
    What was the MSRP of the overland you leased? thanks
  • avmbaavmba Member Posts: 27
    MSRP was $39,950 (incl dest).

    FYI - overlands now have $4500 rebates (don't know about lease incentives) for March...
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, stogie613. Chrysler Financial's current 36 month buy rate lease money factor and residual value for a 2007 Jeep Grand Cherokee Laredo 4WD with 15,000 miles per year are .00124 and 43%, respectively. The money factor for an otherwise identical lease with only 12,000 miles per year would be the same, but the residual value would be 2% higher. When negotiating your lease on this truck, make sure to take advantage of the $3,500 lease cash and $500 bonus cash ($4,000 total) that are currently available on it. These incentives will help you to negotiate an attractive capitalized cost.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings notsofast1. You never mentioned the selling price or MSRP of the Grand Cherokee that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a couple of sample lease payments on the vehicle that you are interested in for you if you let me know what these numbers are.

    There's nothing wrong with trading in your current vehicle when leasing a new one, however it would be in your best interest to have the dealer that you trade it in to cut you a check for any equity that you have in it rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making down payments on leased vehicles. Those who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered. You will probably be able to get the most money for your current vehicle by selling it on your own rather than trading it in.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello friggenhammer. You never mentioned the selling price or MSRP of the Grand Cherokee that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the exact model that you are interested in for you if you let me know what these numbers are.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi avmba. It's great that you will be able to purchase, or in this instance lease, this truck through DaimlerChrysler's employee purchase program. It ensures that you will get it for a good price without having to haggle. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Jeep Grand Cherokee Limited 2WD with 15,000 miles per year are .00194 and 45%, respectively. For March, this truck's cash incentives on leases were enhanced to $3,500 lease cash + $1,000 bonus cash ($4,500 total).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dpeck1. I haven't seen this truck's 27 month lease program, but I can work up a 24 month lease payment on it for you. According to my calculations, if you were to lease a 2007 Jeep Grand Cherokee Limited 4WD that has an MSRP of $38,435 and a selling price of $31,935 through Chrysler Financial right now for 24 months with 15,000 miles per year your zero down, pre-tax monthly payment should be around $526. The payment for an otherwise identical 36 month lease should be around $488.

    Car_man
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  • mpritchmpritch Member Posts: 5
    i leased a 2006 grand Cherokee limited, 5.7 fully loaded - chrome wheels, dvd, rear entertainment, navigation, bluetooth etc. It has every option. 488 per month / 12k year/no money down. the lease was for 27 months. You could also trade in after 20 months for a brand new one and assume the same payments if you choose. All scheduled maintenance is also included in the price. The dealer started in the high 5s..
  • emerine25emerine25 Member Posts: 3
    I just leased a 2007 grand cherokee limited for 450 a month, nothing down. If I decide to pay my 27 month lease by making a one time payment, do I still have to pay the rent charge?
  • lsperalspera Member Posts: 1
    Emerine: How about some more details? That's an amazing deal. What's the term/mileage/selling price, etc?
  • granto3kgranto3k Member Posts: 1
    Does anybody know what kind of lease pull-ahead program Chrysler is offering right now? I have about 12 months left on my '05 Grand Cherokee lease and want to see if I can get out early and lease either another Grand Cherokee or a Charger.
  • emerine25emerine25 Member Posts: 3
    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 Member 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
  • ineedacar2ineedacar2 Member Posts: 23
    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 Member 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 Member 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 Member 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 Member Posts: 38,514
    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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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 Member Posts: 38,514
    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".

    Car_man
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  • mf15mf15 Member 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 Member 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 Member 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 Member 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
  • ineedacar2ineedacar2 Member Posts: 23
    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 Member 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.
  • ineedacar2ineedacar2 Member Posts: 23
    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 Member Posts: 38,514
    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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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