2015 Jeep Grand Cherokee Altitude lease questions

gccars8888

Keep in mind this is the 2015, jeep grand Cherokee altitude. It has been a very hard to find this car, there is limited stock nation wide. Every time one pops up, it's gone before I get to the dealer.
 

 The car I found is 2 hours away and have preliminary deal with deposit, made over the phone. I am going to finalize it tomorrow. The msrp is 40k, negotiated to 38, has the sunroof, speakers, and backup cam.


The terms we discussed over the phone was, 2995 up front, covers all fees and taxes, and little towards the car. Monthly lease payment was 399$. He wasn't able to give me the buy out over the phone but said he expects it to be around 20-21. Obviously a big factor.

 I had talked a lease with a few others and they were basically balloning the lease payment waiting for someone to pay it or buy it full price. I had received over 500 for the same deal from another dealer..


Thoughts?

gccars8888

Sorry not familiar with the formatting on this site. 

kyfdx

gccars8888 said:

Keep in mind this is the 2015, jeep grand Cherokee altitude. It has been a very hard to find this car, there is limited stock nation wide. Every time one pops up, it's gone before I get to the dealer.
 

 The car I found is 2 hours away and have preliminary deal with deposit, made over the phone. I am going to finalize it tomorrow. The msrp is 40k, negotiated to 38, has the sunroof, speakers, and backup cam.


The terms we discussed over the phone was, 2995 up front, covers all fees and taxes, and little towards the car.

Monthly lease payment was 399$.

He wasn't able to give me the buy out over the phone but said he expects it to be around 20-21. Obviously a big factor.

 I had talked a lease with a few others and they were basically balloning the lease payment waiting for someone to pay it or buy it full price. I had received over 500 for the same deal from another dealer..


Thoughts?

If it's AWD: .00005 MF and 47% residual for 36mo, 15K/yr (you don't mention the term or mileage).

No idea if that selling price is a good deal, but that looks like a good lease payment. Of course, I don't know your term, mileage or state/tax rate, so not too much on specifics

gccars8888

It is AWD, the lease is for 10k. I know that is low however I don't drive much. 39 months. I live in NJ so 7% tax. 

Mf and residual I haven't been told yet. I am just holding the car and will finalize tomorrow. 

gccars8888

I found this quick equation on the net, my deal scores a 118 after all costs. So sounds like an average deal, factor the stock problems on this car...

What you need to do is figure out your monthly cost per $10,000 worth of vehicle for a 36 month lease.

By doing this, you can compare any two lease deals no matter what car you're looking at or how much price difference there is.

Any lease that costs less than $135 per month per $10,000 worth of vehicle is a good lease deal.

If you get an average 5 year car loan and sell the vehicle after 3 years, your monthly cost per $10K usually comes out to between $175 and $200 including interest and depreciation.

With this simple method, you can not only compare lease deals, you can also determine whether it's better to lease or buy a vehicle.

For example, if the lease payment is $200 per month with no money down for 36 months on a vehicle worth $15,000, your monthly cost per $10k would come out to $133 ($200 divided by 1.5). This would be considered a good lease deal since it falls under $135 per month per $10K worth of vehicle.

kyfdx

gccars8888 said:

It is AWD, the lease is for 10k. I know that is low however I don't drive much. 39 months. I live in NJ so 7% tax. 

Mf and residual I haven't been told yet. I am just holding the car and will finalize tomorrow. 

.00005 MF and 46% residual for 39/10.

If using Chrysler Capital, the 36 month term is better.

kyfdx

gccars8888 said:

I found this quick equation on the net, my deal scores a 118 after all costs. So sounds like an average deal, factor the stock problems on this car...

What you need to do is figure out your monthly cost per $10,000 worth of vehicle for a 36 month lease.

By doing this, you can compare any two lease deals no matter what car you're looking at or how much price difference there is.

Any lease that costs less than $135 per month per $10,000 worth of vehicle is a good lease deal.

If you get an average 5 year car loan and sell the vehicle after 3 years, your monthly cost per $10K usually comes out to between $175 and $200 including interest and depreciation.

With this simple method, you can not only compare lease deals, you can also determine whether it's better to lease or buy a vehicle.

For example, if the lease payment is $200 per month with no money down for 36 months on a vehicle worth $15,000, your monthly cost per $10k would come out to $133 ($200 divided by 1.5). This would be considered a good lease deal since it falls under $135 per month per $10K worth of vehicle.

That's a very simplified rule of thumb. What constitutes $10,000 worth? MSRP or actual selling price? Also, what is a good deal for 36mo, 15K/yr might not be a good deal for 36mo, 10K/yr.

Leasing can be advantageous in some circumstances, but it needs to fit your lifestyle and driving needs.

rockinroller

I've been comparing the Limited vs. Altitude for a few days, and am pulling the trigger today on a 2015 Altitude, Billet Silver, sunroof, 506 watt amplifier & sub, and the backup camera. The 23Z Altitude pkg is pretty extensive. Vehicle MSRP's for just under $41K. The Limited I had identified had a $44K list, and frankly the difference in what the Ltd. had over the Altitude was negligible, at least for me: Limited had GPS, the passenger seat was power, heated steering wheel, and the seats were "all" leather (instead of leather trimmed, with suede inserts). Delivered price cash for the Altitude is just under $35K.

Personally the appearance of the Altitude appealed to me more than the Limited. I think in summary, if you want a "luxury" GC, get the Limited. For a "sport", the Altitude.

gccars8888

I went with the altitude 2015, billet silver (granite crystal may of been my top choice). We are in a house hold where we only need one car at a time because I take public transportation to work. So 10k a year suits us. 

Like someone said above. We switched to the 36 month lease money factor was. 00005 and the buy out is 19k and change. Which I am pleased with. Very confident this car will be worth more than that in 3 years.

Paid 399, a month, it's an on the border deal but there is literally not one of these cars in my area. I just went for it and love it. Car is a beauty and drives amazing. 

Michaell

gccars8888 said:

I went with the altitude 2015, billet silver (granite crystal may of been my top choice). We are in a house hold where we only need one car at a time because I take public transportation to work. So 10k a year suits us. 

Like someone said above. We switched to the 36 month lease money factor was. 00005 and the buy out is 19k and change. Which I am pleased with. Very confident this car will be worth more than that in 3 years.

Paid 399, a month, it's an on the border deal but there is literally not one of these cars in my area. I just went for it and love it. Car is a beauty and drives amazing. 

Congrats on the new Jeep!

Michaell

mdubdroid2 said:

any updated numbers for March? 94598, 36/10k & 12kmiles, FWD, thanks.

.00009 and 46% for 36/12. Add 1% for 10K