Lease options

modymody Member Posts: 6
edited May 9 in Jeep
Hello, I am looking to lease a Grand Cherokee 2022 Limited. The dealers are not offering any incentives, and a 66% residual on a 36 month lease. Couple of questions:

1. Does it make sense to put down any money?
2. What is a good money factor for this vehicle?

Also, my ZIP is 02215.

Thanks,

Mody

Comments

  • modymody Member Posts: 6
    Also, my zip is 02215.
  • MichaellMichaell ColoradoModerator Posts: 207,988
    mody said:

    Hello, I am looking to lease a Grand Cherokee 2022 Limited. The dealers are not offering any incentives, and a 66% residual on a 36 month lease. Couple of questions:

    1. Does it make sense to put down any money?
    2. What is a good money factor for this vehicle?

    Also, my ZIP is 02215.

    Thanks,

    Mody

    1. We recommend no money down on a lease
    2. 2 row or 3 row? WK or WL? 4x2 or 4x4?

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  • modymody Member Posts: 6
    2 row, WL, 4X4. Thanks.
  • MichaellMichaell ColoradoModerator Posts: 207,988
    mody said:

    Hello, I am looking to lease a Grand Cherokee 2022 Limited. The dealers are not offering any incentives, and a 66% residual on a 36 month lease. Couple of questions:

    1. Does it make sense to put down any money?
    2. What is a good money factor for this vehicle?

    Also, my ZIP is 02215.

    Thanks,

    Mody

    mody said:

    Also, my zip is 02215.

    mody said:

    2 row, WL, 4X4. Thanks.

    Standard MF and 57% for 36/15

    We do not recommend putting any money down on a lease.

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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • modymody Member Posts: 6
    edited May 10
    I am getting the following two deals on the Jeep Grand Cherokee WL Limited 4X4 (2 row):

    Deal 1:

    12K miles for 36 months
    Sticker price: $50940
    Residual: $32815.50 (65%)
    Sign and drive monthly payment (no down): $725

    Deal 2:
    12K miles for 36 months
    Sticker price: $51350
    Residual: $33,377.50 (65%)
    Sign and drive monthly payment (no down): $716

    They both seem very similar to me.

    1. Not sure if one is better than the other, and
    2. If I can negotiate with either for a better deal.

    Thanks for the advice.

  • kyfdxkyfdx Moderator Posts: 208,974
    mody said:

    I am getting the following two deals on the Jeep Grand Cherokee WL Limited 4X4 (2 row):

    Deal 1:

    12K miles for 36 months
    Sticker price: $50940
    Residual: $32815.50 (65%)
    Sign and drive monthly payment (no down): $725

    Deal 2:
    12K miles for 36 months
    Sticker price: $51350
    Residual: $33,377.50 (65%)
    Sign and drive monthly payment (no down): $716

    They both seem very similar to me.

    1. Not sure if one is better than the other, and
    2. If I can negotiate with either for a better deal.

    Thanks for the advice.

    The higher priced model for a lower payment is obviously a better deal. We don't know if you can negotiate a better deal, either.

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  • modymody Member Posts: 6

    Thank you, sorry, I should have mentioned there are some intangibles here. The higher priced car is a black color, which we prefer to the lower priced white. Also the dealership and service center is closer for the higher priced model, so just some smaller intangibles in play.

    By negotiating, what I meant is that dealers don’t seem to offer any incentives right now given the shortage of cars in the market. Is that a common experience for others too?

    Thank you again.

  • MichaellMichaell ColoradoModerator Posts: 207,988
    mody said:

    I am getting the following two deals on the Jeep Grand Cherokee WL Limited 4X4 (2 row):

    Deal 1:

    12K miles for 36 months
    Sticker price: $50940
    Residual: $32815.50 (65%)
    Sign and drive monthly payment (no down): $725

    Deal 2:
    12K miles for 36 months
    Sticker price: $51350
    Residual: $33,377.50 (65%)
    Sign and drive monthly payment (no down): $716

    They both seem very similar to me.

    1. Not sure if one is better than the other, and
    2. If I can negotiate with either for a better deal.

    Thanks for the advice.

    The second deal has a higher MSRP for a slightly lower payment.

    All else being equal, that would be the deal to take.

    Can't help you with how low you can get the price; use the price checker link, below.

    Edmunds Price Checker
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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • modymody Member Posts: 6
    Thank you for all the info.

    The dealer has agreed to come down to a $675 payment for Deal 2, but for 39 months. On the face of it, it seems like a "better" deal, since I get to use the car for 3 months more for only $225 more than the total I pay for Deal 1.

    But, since are there any issues with a 39 month lease that I should be aware of. I know the Jeep Basic Warranty is only for 3 years, so that would be an added 3 months without the manufacturer warranty. Is that dangerous when I return the vehicle? Will they add any hidden charges for those extra 3 months that they will make me pay saying that they are not covered by warranty?
  • MichaellMichaell ColoradoModerator Posts: 207,988
    mody said:

    Thank you for all the info.

    The dealer has agreed to come down to a $675 payment for Deal 2, but for 39 months. On the face of it, it seems like a "better" deal, since I get to use the car for 3 months more for only $225 more than the total I pay for Deal 1.

    But, since are there any issues with a 39 month lease that I should be aware of. I know the Jeep Basic Warranty is only for 3 years, so that would be an added 3 months without the manufacturer warranty. Is that dangerous when I return the vehicle? Will they add any hidden charges for those extra 3 months that they will make me pay saying that they are not covered by warranty?

    I've not had a Jeep, so I can't speak to the reliability in months 37-39. But, it's still an almost new car; what's the worst that could happen?

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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