2014 Jeep Cherokee Lease Question

jeepstevejeepsteve Member Posts: 4
edited July 2014 in Jeep

I was able to negotiate what I thought was an attractive cap cost for a 2014 Jeep Cherokee at the local dealership. But the estimated monthly payment that was provided to me seemed much higher (~$25/month) than what any lease calculator provides for the same inputs. Can anyone help me understand what I might be missing here?

Base MSRP: $31,775

  • Rebate: $500
  • Negotiated Discount: $1,775
    = Adjusted Price: $29,500

  • Dealer Processing Fee: $399

  • Sales Tax: $1,231.16 (apparently Virginia requires lessees to pay sales tax as if they were purchasing the car; this sales tax figure is based on 4.05% * $30,399, which is the adjusted price + rebate + processing fee)

= Net Cap Cost: $31,247.91

Residual Value: $17,158.50 (54% which matches quoted July numbers)
Money Factor: .00022 (matches quoted July numbers)

36 months / 12,000 miles / 0 cash down or trade-in allowance

Every calculator I use suggests the monthly payment should be $402, but the dealership is quoting me $428? Any idea what is going on or what I might be missing?

Answers

  • kyfdxkyfdx Moderator Posts: 207,889

    Did they give you the net CAP cost, or is that just your calculation? (when I add up the figures, I get $31,130, not $31,247). Using your figures, I get $402/mo, as well.

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  • jeepstevejeepsteve Member Posts: 4

    Good catch. The net cap cost listed is what they provided. I forgot to include $117.75 in non-tax fees (registration, etc.), which makes up the difference.

  • selwa27selwa27 Member Posts: 2

    Interested in leasing jeep Cherokee 2014 and see deals for $198 a month, but they are only 10,000 miles. Heading to dealership this week. Any advice? What price ranges has everyone signed for this car recently?

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