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2013 and earlier Jeep Grand Cherokee Lease Questions

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  • mwagmwag Member Posts: 6
    It is a Grand Cherokee V8, Tow Groups IV and 28W package. MSRP $34,340. Cap cost $26454. The car was less than invoice and had $3,500 of additional incentives. Money factor in December was almost 0. 36mos 10.5k. residual $16,483
  • turbanskiturbanski Member Posts: 85
    Very interesting. I also leased a 2008 JGC 4.7 V8 in December. Here are the specifics.

    MSRP: $34,195 (28E package)
    Dealer Selling Price: $32,675.81
    Residual Value: $16,071.65 (47%)
    Annual Miles: 10,500
    Money Factor: .00062
    Total Rebates: $5,000
    Cash Down: $3,000
    Adj. Cap Cost after all fees, sales tax, title, first payment, etc.: $27,435.
    Monthly PMT: $340 (36 months)

    My adj. cap cost includes NYS & local sales tax @ 8.75% or over $2,800. The sales tax alone amounts to almost $80/month. Ouch!, I felt better before I figured that out.
  • ksmith76ksmith76 Member Posts: 4
    hytek -

    be careful on the $4K incentive... in some regions, it's only $3500 if you lease... (check out the website).

    - K
  • nolealum05nolealum05 Member Posts: 5
    Does anyone know what the MFs and residuals are for 24 and 36 month leases with 15K miles? Also, can anyone confirm if the $3,500 customer cash and $400 marketing support can be combined?

    Thanks
  • naft2717naft2717 Member Posts: 3
    Can someone let me know what lease numbers I should be expecting for a 2008 JGC Lardedo 4x4 w/ the 26x package and uconnect in NJ? Please price with nothing out of pocket. Thanks much.
  • gonzoegonzoe Member Posts: 5
    I still have 1 year left on my 2006 Overland lease but I'm wondering if anyone knows if Jep will rengotiate my buy out? My current Buy Out price on the contract is for $28,000 on my 36 month lease. Edmunds my book Value is currently at $18,000. In 1 Year, I estimate it will be closer to $15k. I have to believe that Jeep would rather negotiate with than sit with my car in inventory. Any thoughts or experiences is appreciated.
  • f1freakf1freak Member Posts: 4
    Car Man,
    I am in the process of negotiating for a 2008 GC Overland for 10K, 36 month lease. Do you have the money factor and residual for April?

    Thank you
  • friggenhammerfriggenhammer Member Posts: 6
    My lease is up on my wrangler the end of this month and i'm looking to get a GC laredo 4x4 E package. also looking at 10k miles for 36months. between all the cash jeep is giving me, it's going to be 5k off. if msrp is 31,220, can you help me figure out what kind of payments i should be seeing. i'm not sure what the money factor is or the residual. thank you in advance. i'm in NJ.
  • turbanskiturbanski Member Posts: 85
    Without knowing the money factor, residual amount, dealer discount, down payment amount, etc. no one can really give you a number. For a ballpark number go to the Jeep webbsite or a dealer website, find a vehicle similar to what you want to lease and then use the payment calculator to obtain an approximate monthly payment for your zip code. Please note that the lease payment calculator assumes a 10% down payment an reflects the applicable incentives and discounts from Jeep. Any dealer discounts are not included and are negotiated separately by you. My guess is that you could receive an additional 5% off MSRP just for walking in the door. You might get more if you are good at haggling. Most dealerships have sales targets (quotas) for each month and it affects their flexibility. Good Luck.
  • friggenhammerfriggenhammer Member Posts: 6
    Hi, I got some more info, thank you for the help.
    MSRP - 32250
    cap - 25945
    residual - 14835
    money factor - .00030
    NJ tax - 7%

    i only want to pay the first month out of pocket.
  • turbanskiturbanski Member Posts: 85
    I have a similar lease (36 mo. 10.5K mi. per year) and a ACC of $27,400. Lease payments are $340 per month. With the information you already have, you probably have a firm quote by now. Your ACC and MF are lower than mine.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi nolealum05. Here's the information that you're looking for. Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Jeep Grand Cherokee Laredo 4WD with 15,000 miles per year are .00011 and 48%, respectively. The numbers for an otherwise identical 36 month lease are .00030 and 43%. Chrysler is currently providing a $3,500 cash incentive on leases of this truck in most areas (a little more than this in select regions). Make sure to take advantage of this cash when negotiating the capitalized cost for your lease.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi naft2717. This truck's lease payment will depend upon a number of variables, including its MSRP, selling price, how long you want to lease it for, what mileage allowance you need. I will have to make a number of assumptions to estimate a payment for you. For now I will assume that you are interested in a 36 month lease of a 2008 Jeep Grand Cherokee Laredo 4WD that has an MSRP of $35,415 and a selling price of $29,418 ($500 over invoice - $3,500 lease cash + $500) with 15,000 miles per year. Let me know if you want something different. According to my calculations, the zero down, pre-tax monthly payment for this lease would be around $408.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gonzoe. while some banks will occasionally negotiate the end-of-term purchase prices of leased vehicles, it seems that they are becoming increasingly less interested in lowering vehicles prices. the main reason behind this trend is that many banks insure their leased vehicles to protect them from residual value exposure. With the insurance in place, they do not have any need to lower vehicles' prices. I don't know what Chrysler Financial's specific policy is on this matter. If you are considering purchasing your Jeep at lease-end definitely give them a call. You don't have anything to lose by trying to negotiate. If you wouldn't mind, I would love it if you report back on what they tell you when you call.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello f1freak. 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 Overland 4WD with 10,000 miles per year are .00024 and 43%, respectively. When negotiating your lease on this truck, make sure to take the $3,500 lease cash that is currently available on it into account.

    Car_man
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  • sspanosspano Member Posts: 1
    Hi Carman,

    I am negotiating a lease on a JGC Limited with a MSRP of $40,280.

    The deal is as follows:

    $0 down
    Taxes rolled in
    12k per year
    they are paying my last 2 payments on my current vehicle which equals $980.

    Lease Payment is $469 per month

    Does this seem to good to be true? I am also allowing them to take my current GMC lease and turn it in. Is there anything I need to watch out for?

    Thanks.
  • 80srockgod80srockgod Member Posts: 15
    Can someone please tell me the DCX employee discount?

    Some people have told me it's a dollar amount under invoice.. some people said it's 3% under invoice... some 6% under invoice...

    Is the reason I've heard differeng stories is because it changes with time? Changes depending on make//model?

    The last person I believed said it was 6% below invoice across the board for any chrysler product....

    What is right?

    Thanks!
  • gonzoegonzoe Member Posts: 5
    Thanks I have several months left on my lease and I will certainly report back when I have more details. Its interesting because I checked Chrysler Financial's Owners page and requested a buy out price. They came back with $100 under the buyout on the lease contract which is $28k. The book on my 06 Overland is closer to $19k right now with 10 mos. left. We shall what happens. I'll check back.
  • jf7227jf7227 Member Posts: 14
    Just leased a 2008 Jeep Grand Cherokee 4X4 Limited:

    4.7L
    HID Headlamps
    My Gig Navi.
    18" Chrome Wheels
    M.S.R.P. $41, 680.00

    36months/15,000 miles a year
    $499.00 a month/ $0 down, Sign and Drive (includes NJ 7% sales tax and various fees)

    Thought I made a pretty good deal. Hope this helps.
    BTW, had a '06 limited, the '08 has a much better interior and the HID lights are a must have! Beautiful car for the money!
  • jeepman7jeepman7 Member Posts: 1
    Do anyone know the new lease numbers (Residual rate, MF, incentives) for May?

    I was shopping today and was offered '08 Overland 4WD with VES for $569 month, 0 down and pull ahead of 2 payments ($1100 total). Would like to know if this is good deal.
  • lfranco1lfranco1 Member Posts: 3
    jf7227,

    You got an amazing deal I think. I am trying to get a base model Overland with no additional options and I cant get any dealers out of the mid 500s on a sign and drive lease. From what I have been told, the money factor right now is .00127 and the residual on 10,500 is 45% 12,000 44%. Does anyone have any information to confirm these numbers? How much should I be paying on a sign and drive lease on a base model overland that has MSRP of $39,835 and an invoice price of $36,358? Any help would be greatly appreciated.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sspano. You never mentioned the selling price of the Grand Cherokee that you are interested in leasing. This is an important number 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 the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of the vehicle that they want to lease is that it is necessary to calculate its lease payment. I am sure that either myself or another community member will be more than happy to give you our opinion of this deal if you let us know what its selling price is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new Grand Cherokee, jf7227. Thanks for taking the time to stop in and share the details of your lease with everyone. Real world examples like this are always helpful to other community members who are in the market for similar vehicles. Make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others as well. Enjoy your new ride.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jeepman7. Here's the information that you're looking for. Chrysler's lease program for this truck varies by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Jeep Grand Cherokee Overland 4WD with 15,000 miles per year are .00087 and 42%, respectively. In certain regions, this truck's money factor is lower than this.

    Car_man
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  • merekmerek Member Posts: 1
    I would like to get out of my loaded 2008 Jeep Grand Cherokee. I have 34 months remaining on the lease. I'm open to suggestions on a good exit strategy.
    thanks,
    Meredith
  • avmbaavmba Member Posts: 27
    Hi Meredith,

    Unfortunately, the only way to get out without taking a credit hit (by not paying and having it reposessed) is to find someone to take over the lease.

    Your best bet is to post it on a web site like swapalease and offer an incentive (cover transfer fee, offer some cash down to reduce the monthly payment, etc.)

    Note that in many states you will still be liable for the condition of the car at return - be sure to review your lease terms and ensure you can pass it off to someone else without maintaining liability.
  • jcf4jcf4 Member Posts: 44
    Jeep Ch Laredo w/15k per year for 27 months
    MSRP $38,850
    dealer discount down to $35,100
    less $4000 in rebates $31,100
    less$1000 cash down =

    $475 Good Deal???
    incl NYS 8.25%
  • 03qx03qx Member Posts: 91
    Car Man, could you please post the Rates/Residuals for a 2008 Grand Cherokee 4WD Diesel Overland & Limited Model. 24 & 36 Mos with 15,000 Miles.
  • liebeliebe Member Posts: 1
    My 36 month lease is up in Sept 08, will have 50,000 miles; a little over the 15k/year estimate. How do I negotiate a better buy-out than the 16,500 in my 2005 lease? Given price of fuel and SUVs not hot/not selling as previous, I called Chrysler Financial and the told we "We don't negotiate" ... take it or leave it! They will simply sell it at auction. I think a win-win price would be $2,000 less!? Any ideas/ help out there?

    Many thanx.
  • turbanskiturbanski Member Posts: 85
    You are correct, they will not negotiate the end of lease residual because your lease payments for the past three years have been based in part, on that value. It would appear that you have two choices, 1.turn in the vehicle and pay for excess milage (not recommended) or 2. lease a new 2008 JGC. Chrysler is currently offering huge incentives, $5,250 for returning lessees in my zip code, on top of generous dealer discounts. You might even ask about a lease pull-ahead program at this time and lower your lease payment at the same time. Good luck. Let me know how it works out.
  • ejv207ejv207 Member Posts: 15
    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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member Posts: 15
    Car_man as I stated in my earlier post, I am in New Jersey. Thanks again!
  • stmssstmss Member 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 Member 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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member Posts: 15
    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 Member 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 Member 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 Member 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 Member Posts: 15
    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 Member Posts: 38,514
    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 Member Posts: 38,514
    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 Member 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 Member 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. A$$clowns at a picnic.
  • evedderevedder Member 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 Member Posts: 38,514
    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 Member 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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