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Jeep Liberty Lease Questions

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  • lindamarie3023lindamarie3023 Member Posts: 2
    Hi - my name is Linda and I just have a quick question. I have a car that has "negative equity" - quite alot as I bought it thru JD Byrider (I will NEVER do that again). Anyway, I was looking to trade it in, but my credit isn't strong at all (550) and I called a car dealer and she said that I owe too much and since my credit isn't that strong, it wouldn't work. She said that I could possibly lease a car and that the Jeep Liberty has a big rebate to absorb some of the costs. I know nothing about leasing..can anyone help me or offer any suggestions? Thank you so much
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings lindamarie3023. Your least expensive option would be to continue driving your current vehicle until you are less upside down on it. Not only will you save money by doing so, but you also will give yourself time to repair your damaged credit.

    If you absolutely have to get a new car now, you need to learn exactly how leasing works prior to negotiating with dealers to keep from being taken advantage of. 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.

    Check out these articles and let me know if you have any specific questions.

    Car_man
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  • vezeuvezeu Member Posts: 1
    I am negotiating a lease for the Jeep Liberty and the dealer told me that besides the monthly fee that I calculated using the Edmunds.com method, I need to pay:
    "bank fee" about $700"motor vehicle" fees (registration?) about $340"dealership costs" about $270
    Is this normal?
  • smo1345smo1345 Member Posts: 2
    Does any one know what the residual on a 27 month lease (2k per year currently is for a Jeep Liberty Limited (MSRP 30k)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi vezeu. Chrysler Financial Charges a $700 acquisition fee on every vehicle that it leases. Individual dealers do not have the authority to waive this charge. A motor vehicle / registration fee is a normal charge as well. The "dealership costs" charge is a different matter. I personally like to look at vehicles' out-the-door prices when negotiating deals. The out-the-door price is the price that the dealer is charging for the truck that you want, including all fees like the $270 doc fee. If the total price that you are quoted for the truck that you want is less at this dealer than it would be elsewhere it doesn't matter how the price breaks down. However, if you feel as though you may be able to beat the total price it may be in your best interest to comparison shop a little bit.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi smo1345. Chrysler Financial's current 30 month (I haven't seen the 27 month number), 15,000 mile per year buy rate lease money factor and residual value for the 2007 Jeep Liberty Limited 4WD are .00306 and 43%, respectively.

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  • drechelledrechelle Member Posts: 1
    Hi Car_man,

    Can you tell me what Chrysler Financial's current 36 & 48 month, 12k mile/year, buy rate lease money factor and residual value is for the 2007 Liberty Limited 2WD is?

    Thanks! :)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi drechelle. Chrysler Financial's buy rate lease money factor and residual value for a 36 month lease of a 2007 Jeep Liberty Limited 2WD with 12,000 miles per year are .00302 and 40%, respectively. The numbers for an otherwise identical 48 month lease are .00382 and 35%. As you can see this truck's lease program is not very attractive right now. If I was in the market for one, I personally would finance it using the special offer of 0% for 5 years plus $1,000 bonus cash instead of leasing it.

    Car_man
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  • clairenmasonclairenmason Member Posts: 2
    I am new to leasing but feel like I have researched the process well. However, I don't understand why/how there are "lease specials" advertised presenting a Jeep Liberty, 2500 down, 24 mos, at 49/mo. Negotiating the down payment and adding to the monthly rate would still be way BELOW standard calculations. Is this all just a ploy to get one to call the dealer and/or be interested in a vehicle they would not otherwise consider? Please explain.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome clairenmason. 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.

    It sounds like you are talking about a teaser lease payment that a specific dealership in your area is advertising. Dealers offer advertise unrealistically low monthly payments on vehicles to suck consumers through the door. Chrysler's official advertised lease payment is currently $$309 per month for a 36 month lease of a 2007 Liberty Sport 2WD with $0 down and 10,500 miles per year. The payment for an otherwise identical lease of a 2008 model is $329 per month. These payments will give you a much more realistic idea of how much you will have to pay to lease a Liberty right now. You may be able to beat them by a little if you negotiate an excellent selling price.

    Car_man
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  • kvoightkvoight Member Posts: 8
    CarMan: I am looking at leasing a 2008 Jeep Liberty 4x2 fo 36 months or less. The MSRP on the car is $27,800. What should I be looking for with a MF and residual. What I have seen posted so far looks pretty bad. Thanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kvoight. Let's take a look at this truck's current lease program. Chrysler Financial's November buy rate lease money factor and residual value for a 36 month lease of a 2008 Jeep Liberty Sport 2WD with 15,000 miles per year are .00217 and 53%, respectively. When negotiating your lease on this truck, make sure to take the $1,000 lease cash and $1,000 Chrysler Financial bonus cash that are currently available on it into account.

    Car_man
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  • chigirlintexaschigirlintexas Member Posts: 73
    Hey Car_Man,

    Do you have residual values for the '08 Liberty Limited? 15K miles, not sure if I will get the 2WD or 4WD version, but will get the Premium II pkg and nav, for sure. I assume the money factor would be the same as the one you quoted earlier.

    Thanks,
    ChiGirl
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey ChiGirl. Here's the info 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 Liberty Limited 2WD with 15,000 miles per year are .00220 and 51%, respectively. The numbers for an otherwise identical lease of an '08 Liberty Limited 4WD are .00223 and 51%. When negotiating your lease on this truck, make sure to take advantage of the $1,000 lease cash and $1,,000 Chrysler Financial bonus cash ($2,000) total that are available on it. They will help you to negotiate an attractive capitalized cost.

    Car_man
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  • slackjawslackjaw Member Posts: 32
    Car Man -

    Can you help with an otherwise identical lease on the one above except for 12K and even 10K if they have it and it's a 4x4. So

    Liberty Limited 4x4
    36 month
    low mileage 10K or 12K

    Thanks!!!
  • uofmrapperuofmrapper Member Posts: 4
    Hi Car_man -

    I am looking for residuals and money factors for a lease on an 08 Dodge Nitro, 4x4 SXT, MSRP $24,690 with 12,000 miles for 36 months. I also qualify for Daimler Chrysler Affiliate Rewards Preferred Pricing. Looking to go to dealer tomorrow so advice needed asap!

    There is no Dodge Nitro forum so I am posting here and also in the Dodge Caliber forum.

    Thanks.
  • princetrodprincetrod Member Posts: 1
    2008 liberty limited editon 4x4
    msrp 26500
    with the package the car comes to 29650
    999 down
    tax, title, license expense have to be paid separately for around 2,000
    375 a month for 36 months at 12,000 miles a year
  • mbklynmbklyn Member Posts: 1
    i have no idea about leasing i'm putting down 3000 on a 2008 jeep liberty sport 4x4 the sticker says 24500 now i seethat there's 3000 in rebates including my lease loyalty i was given a price of 260 a month for 36 months w/ 12000 miles a year can i do better please help
  • jabellajabella Member Posts: 1
    2008 limited 4 x 4 with almost all of the options. window sticker is approximately 31k, and i would need 15k miles a year for 36 months.

    does anyone know the residuals or money factors for a similar configuration?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi princetrod. You never mentioned the selling price of the Liberty that you are interested in. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If I was in the market for a 2008 Jeep Liberty right now, I personally would shoot for a selling price of around $500 over invoice, after the $1,500 lease cash and whatever bonus cash is available in your region is taken into account. You can look up the exact invoice price of the truck that you are interested in by visiting the New Vehicle Pricing section of Edmunds.com.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mbklyn. 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 see that you are considering making a $3,000 down payment on the truck that you want to lease. I always advise consumers against making large down payments on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be better off going with a zero down lease.

    You never mentioned the selling price of the Liberty 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 car 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 would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings jabella. Here's the info 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 Liberty Limited 4WD with 15,000 miles per year are .00205 and 53%, respectively. When negotiating your lease on this truck, don't forget to take the $1,500 lease cash that is available on it into account. Chrysler is providing additional bonus cash on this model in select regions.

    Car_man
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  • dondon2dondon2 Member Posts: 1
    I was offered today:

    $339 per month with a downpayment of $1000 ($1700 inc fees/taxes) on a 08 Liberty Sport 4x4 mrsp around 23000. Lease for 36 mnths and 12000 miles a year.
  • rnicholson07rnicholson07 Member Posts: 1
    Hi. I just leased a 2008 Jeep Liberty 4x4 Limited, with all the options. I am not hear to discuss price or anything but just had some questions. I am having a lot of problems with the Liberty, and I am not completely satisfied now. One thing is a vibration the Jeep does, and I am told its on all of them, and Jeep is working on it, i have also had some other problems, and have been to the service dept twice already. Do you know how soon you can get out of a lease, or if you can end the lease if you are not happy with the car.
  • vspvsp Member Posts: 3
    I wish I had seen this forum before I signed the lease. Today I signed a 27 month lease for 2008 Liberty Sport (4 x 2), MSRP $22800 and the lease amount is $214/Month. I was charged $850 for Documentation + tax + tags etc. The surprise came to me at the end of signing all the documents. They added $425 as vehicle turn in fee. They did not disclose this item initially. I was not sure at that point, and as being first timer in leasing, I went along with it. After thinking over, I feel I was cheated. Is it common to add this fees in the leases? Also any advise on how to turn in the vehicle with out any issues, ie., do I have to worry about small scratches etc.
  • jplanetjplanet Member Posts: 1
    It's almost time to bring in my 2005 Liberty after a 27 month lease. That was $270/month, but I really need to cut costs this year. Is there any Liberty that I could possibly get for under $250, perhaps if I can find a 2007 still on the lot?
  • tschnitzlertschnitzler Member Posts: 1
    jeep and all major car companys started this 2005 and i agree it sucks i have 2005 grand cherokee.
  • chazsheenchazsheen Member Posts: 1
    Hello. I'm looking at possibly leasing a 2008 Jeep Liberty 4x4 Limited Edition and was wondering what the current money factor and residuals were on 36, 39, and 48 month leases for 15k miles a year. Thanks!
  • capcostreductcapcostreduct Member Posts: 1
    Car_man,

    Could you tell me what the money factor looks like for a 2008 Jeep Liberty Sport & what the approximate residual value would be (36 months/31,500 miles)?

    Thank you
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello chazsheen. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Jeep Liberty Limited 4WD with 15,000 miles per year are .00205 and 52%, respectively. The numbers for an otherwise identical 39 month lease are .00258 and 51%. The numbers for a 48 month lease are .00271 and 41%. When negotiating your lease on this truck, make sure to take advantage of the $1,500 lease cash that is currently available on it. There is additional bonus cash on top of this in select regions.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi capcostreduct. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Jeep Liberty Sport 4WD with 10,500 miles per year are .00199 and 57%, respectively. When negotiating your lease on this truck, make sure to take advantage of the $1,500 lease cash and regional bonus cash that are currently available on it.

    Car_man
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  • jen_bjen_b Member Posts: 7
    Hi Car_man!

    My current Jeep Liberty lease is coming to an end in July and I am looking at possibly leasing the new 2008 Jeep Liberty 4x4 Limited Edition, loaded, not sure if that matters?? Could you please provide me with the current money factor and residuals on a 27, 30 & 36 month lease at 15,000 miles/year. Thanks :)

    Also...does anyone happen to have any insight on the new Liberty incentives? The current ones expire on June 2nd, I'm sure this is pretty sensitive/secure info, but thought I would ask, just in case someone had any advanced info.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, Jen. Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Jeep Liberty Limited 4WD with 15,000 miles per year are .00240 and 57%, respectively. The numbers for an otherwise identical 30 month lease are .00219 and 54%. The 36 month numbers are .00219 and 51%. Chrysler is currently providing a $1,500 cash incentive on leases of this truck. It has additional bonus cash on top of this in certain regions.

    Car_man
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  • jen_bjen_b Member Posts: 7
    We are going to turn in our jeep liberty lease tomorrow and hopefully sign the contract to lease a 2008 liberty, but some things are not lining up as far as the payment is concerned. If I plug in the EXACT numbers the dealer gave me into the edmunds.com lease calculator, it gives me a payment of $30 less per month. I'm concerned that there are some hidden fees being added into the dealers calculations. For them to be $30 higher per month is quite a difference. Any thoughts???

    Also, I was looking over my current contract and I dont fully understand the RENT CHARGE, it is an amount on top of the depreciation that my monthly payments are based on. Could someone please explain what that amount all includes, Im assuming the interest is included in that figure, anything else? Thanks!!
  • kyfdxkyfdx Moderator Posts: 236,681
    The rent charge is the interest or finance charge... That's it..

    Depreciation + finance charge + tax = Payment..

    regards,
    kyfdx

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  • jen_bjen_b Member Posts: 7
    Thanks for clearing that up! Mine seems awfully high on my current lease, and I am determined to get the best deal this time around.

    The depreciation amount on my current lease is $9758.40 and the rent charge is $4331.52, that seems outrageous to me, I'm wondering if that also includes the extra miles we purchased, we paid for 15,000 miles/year? How would I figure what the interest rate is, based on these figures?
  • jen_bjen_b Member Posts: 7
    btw, this was a 48 month lease.
  • kyfdxkyfdx Moderator Posts: 236,681
    Take your rent charge... $4331
    Divide by the term.. 48 months.
    Result: $90.23/month

    Add your net cap cost and your residual amount. Just as an example.. $20K + $11K = $31,000

    Divide $90.23 by $31,000 = .0029.. This is your money factor

    Multiply .0029 X 2400 = approx. 6.96%.. This is the equivalent APR of your lease, assuming your CAP and residual are the same as above..

    regards,
    kyfdx

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  • jen_bjen_b Member Posts: 7
    Thanks, my mind is turning to mush trying to calculate all this at the last minute. I calculated my current lease by your instruction at 6.48% APR, not as high as I was expecting.

    We are currently being quoted a money factor of .00259/6.2% for an 08 Liberty Limited, I think that seems high based on the fact that we qualify at their top tier level. Do you think this seems high? We could probably find a better rate, but then we would have to give up some of the incentives, so...

    Thanks for all your help. :))
  • kyfdxkyfdx Moderator Posts: 236,681
    I'm not well-versed in Jeep lease programs.. This is actually Car-man's gig over here in lease questions.. He has all of the inside information on the actual numbers.. I'm just familiar with the math.. :)

    He will roll through here periodically to answer money factor and residual questions..

    regards,
    kyfdx
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  • cbamcbam Member Posts: 1
    I have three payments left on my 06 Liberty, I want to come out of the lease now. Will I just have to pay the 3 months payments, plus the $300 early lease termination fee or will I have other penalties?

    Thank you
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi cbam. As long as you make your final three payments, I don't see why you would have to pay any penalties.

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  • vspvsp Member Posts: 3
    Hi: I was under the impression that once we signed the lease, the monthly lease payment includes any taxes. This month I got a bill, which they charged me extra $300 for the property tax. Is it common? or I misled about it. Since actual owner is leasing company, I thought they are supposed to be responsible for the property taxes, Well being the first time lease holder learning along the way.
  • citivascitivas Member Posts: 144
    Repeated your post here to make it easier to follow my reply...

    Take your rent charge... $4331
    Divide by the term.. 48 months.
    Result: $90.23/month

    Add your net cap cost and your residual amount. Just as an example.. $20K + $11K = $31,000

    Divide $90.23 by $31,000 = .0029.. This is your money factor

    Multiply .0029 X 2400 = approx. 6.96%.. This is the equivalent APR of your lease, assuming your CAP and residual are the same as above..

    regards,
    kyfdx

    What I want to understand in your example is what is the 6.96% applied against? In other words, what value exactly are you being computed the equivilent of interest against? II would have thought you should owe interest on the part of the car you are buying, or the depreaciation and amortization (i.e. the adjusted cap cost MINUS the residual value).

    But in your example, for instance, that would be 20K-11K = 9K, But if I use a compound interest calculator against 9K over 48 months the monthly interest payment should be less than $30/month of the total payment, far less than the $90.23. So the "interest" must be calculated against something far larger than the amount being the equivilent of "borrowed" or used. The interest is larger even than if applied to the residual amount, but smaller than if applied to the entire value of the new vehicle.

    Your help is appreciated.
  • kyfdxkyfdx Moderator Posts: 236,681
    It's $20K + $11K

    The amount that is financed is an average of those two numbers.. You start out borrowing $20K (the cap cost), and end up owing the residual amount (which is satisfied by giving the car back).

    You owe interest on the whole car.. because, after all, you can't borrow just the part you use... you have to borrow the whole car... then, give back the part you didn't use.. Since you pay for the car as you use it, that amount gradually drops to the residual over the life of the lease.

    So, technically, it is ($20K + $11K) divided by two.. But, the division calculation is accounted for in the money factor..

    Hope that helps,
    kyfdx

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  • stargazer534stargazer534 Member Posts: 5
    I'm looking for the MF & RV for a 2010 Jeep Liberty 4x2 Limited, 36mo lease, 10,000 mi/year. I'm looking to buy within the next few days so your timely reply is SO greatly appreciated!

    What would we do without you guys??
  • jkelly555jkelly555 Member Posts: 1
    Hey Car_Man, I had similar question to previous post. I'd like to get the Chrysler Financial MF & RV for a 2010 Jeep Liberty 4x4, 36mo, 10K miles/yr. Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey jkelly555. Here you go. GMAC's current base lease rate and residual value for a 36 month lease of a 2010 Jeep Liberty Limited 4WD with 10,000 miles per year are 3.54% and an ugly 40%, respectively.

    As you can see, GMAC publishes lease rates instead of money factors for Jeep vehicles. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. So, a lease rate of 3.54% is equivalent to a money factor of around .00148.

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