2017 Jeep Cherokee lease deal

fernie27

Hi there. I keep asking myself if I'm paying way too much for my lease. Here's the story: I had a jeep compass with 16 months to go on the lease. I was at 36 k miles and has 0 miles left. That's when I started looking to get out of the lease earlier. I had about 5,600 dollars left to pay in that car. When I went to the jeep dealer they said best way to go was to lease a new car (of course) otherwise I'd owe a lot for over mileage. (Which is true, I do about 1500 miles a month) anyways I picked a car I liked: 2017 cherokee latitude with sticker price of 37,000. (Sounds high but has a couple cool features) I gave 1,500 down and leased for 48 months. My payment is 520 a month. Is that really bad ???

kyfdx

fernie27 said:

Hi there.
I keep asking myself if I'm paying way too much for my lease.

Here's the story: I had a jeep compass with 16 months to go on the lease. I was at 36 k miles and has 0 miles left. That's when I started looking to get out of the lease earlier. I had about 5,600 dollars left to pay in that car.
When I went to the jeep dealer they said best way to go was to lease a new car (of course) otherwise I'd owe a lot for over mileage. (Which is true, I do about 1500 miles a month) anyways I picked a car I liked: 2017 cherokee latitude with sticker price of 37,000. (Sounds high but has a couple cool features) I gave 1,500 down and leased for 48 months.
My payment is 520 a month. Is that really bad ???

It's hard to know, without knowing the negative equity on the Compass. I agree with the dealer. 24,000 extra miles on the Compass was going to kill you at lease end.

But, my question is this. If you do 1500 miles per month, won't you go over mileage on this lease, as well?

fernie27

kyfdx said:

Hi there. I keep asking myself if I'm paying way too much for my lease. Here's the story: I had a jeep compass with 16 months to go on the lease. I was at 36 k miles and has 0 miles left. That's when I started looking to get out of the lease earlier. I had about 5,600 dollars left to pay in that car. When I went to the jeep dealer they said best way to go was to lease a new car (of course) otherwise I'd owe a lot for over mileage. (Which is true, I do about 1500 miles a month) anyways I picked a car I liked: 2017 cherokee latitude with sticker price of 37,000. (Sounds high but has a couple cool features) I gave 1,500 down and leased for 48 months. My payment is 520 a month. Is that really bad ???

It's hard to know, without knowing the negative equity on the Compass. I agree with the dealer. 24,000 extra miles on the Compass was going to kill you at lease end. But, my question is this. If you do 1500 miles per month, won't you go over mileage on this lease, as well?

I think it was 5 thousand or something like that. They sent me a check for 5,700 to pay the bank. Do you think that was a good deal? Thanks again!! 

fernie27

Oh and yes, I'm planning on buying the car at the end of the lease. Not sure if I should've financed.  The price at the end is like 14k (after 4 year lease) im new at this and after a long day at the dealer I wasn't thinking straight anymore.

saratogasteve

fernie27 said:

Hi there.
I keep asking myself if I'm paying way too much for my lease.

Here's the story: I had a jeep compass with 16 months to go on the lease. I was at 36 k miles and has 0 miles left. That's when I started looking to get out of the lease earlier. I had about 5,600 dollars left to pay in that car.
When I went to the jeep dealer they said best way to go was to lease a new car (of course) otherwise I'd owe a lot for over mileage. (Which is true, I do about 1500 miles a month) anyways I picked a car I liked: 2017 cherokee latitude with sticker price of 37,000. (Sounds high but has a couple cool features) I gave 1,500 down and leased for 48 months.
My payment is 520 a month. Is that really bad ???

did the dealer capitalize your car at MSRP? These cars are regularly discounted 20% or more where I live.

buckey1948

Locally they are $8000 or more off msrp.2017 Jeep Cherokee Latitude 4x4 SUV
MSRP$32,365 Sale Price$23,278

Michaell

buckey1948 said:

Locally they are $8000 or more off msrp.2017 Jeep Cherokee Latitude 4x4 SUV
MSRP$32,365 Sale Price$23,278

Be advised that the sale price may include incentives only valid if you purchase, not lease.

buckey1948

Do not know, they show and even lower price if you qualify for incentives. Mfg have $5500 off msrp on Cherokee.
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