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2013 and earlier Jeep Grand Cherokee Lease Questions

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  • eam_queenseam_queens Member Posts: 1
    Hello - I am new to this forum. I am looking to lease a Grand Cherokee Laredo X 4x4 w/ Panoramic Sunroof in next few days in the New York City/Tri-State area - am wanting to put min. down w/ lowest monthly payment for 36month term and 12K mi/year. I believe the MSRP on for this package is 38,710. Can anyone advise as on what a reasonable deal might be based on your experiences.

    Also, if you're aware of a dealer in NYC area that is offering a good deal and is easy to work with (i.e.: without much typical car dealer hassle), I'd be very appreciative to hear.

    Thanks.
  • tywebb1973tywebb1973 Member Posts: 115
    I am curious if the residuals and MFs are out for December. There was a rumor that the residuals were going to jump a bit from their Nov numbers of 54% for the Laredo, 50% for the Limited and 49% for the Overland (12000 miles per year).
  • chiefvbchiefvb Member Posts: 7
    What are the lease factors for December on a 4WD Jeep Grand Cherokee Larado V6 with and without Quick Order Package 26X? Also any incentives?

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    edited December 2011
    Hi edcard61. Unfortunately unlike the other Grand Cherokee trim levels, Chrysler is not currently providing lease support on the SRT8.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi tywebb1973. According to what I've heard, the lease program for the Grand Cherokee is basically the same in December as it was in November.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi chiefvb. Ally's current base lease money factor and residual value for a 36-month lease of a 2012 Jeep Grand Cherokee Laredo 4WD with 15,000 miles per year are 0.4% and 52%, respectively for consumers who qualify for its top credit tier.

    Chrysler is currently providing a $1,000 cash incentive on leases of this truck.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • jayman201jayman201 Member Posts: 4
    Car Man,

    Can you please provide me the lease rate and Residual on an Overland 4x4 w/ 15k miles/yr.

    Also, is there any difference on a Limited 4x4?

    Any additional rebates available? Does it make sense to wait until the end of the year or early January, does the "year end" make any difference for dealers to move their inventory?

    Thanks in advance!
    Jason
  • amric1amric1 Member Posts: 2
    edited December 2011
    Car Man,

    Are there any additional rebates or incentives available for the 2011 model - and are the lease rates the same for the '11 and the '12?

    Also, can you confirm the money factor for the Grand Cherokee posted in your reply to chiefvb?

    Thanks!
  • damightyzdamightyz Member Posts: 1
    Please Advise:

    MSRP: $43,820
    Negotiated Price: $40,500
    $4000 Trade-In
    $0 Out of Pocket
    36-month Lease
    15k Miles
    $463/month

    Does this seem like a good deal???

    Thank you!
    Jason
  • tywebb1973tywebb1973 Member Posts: 115
    Jason,

    Does that monthly payment include tax?

    It seems like a decent deal. Was that $40500 negotiated price including any rebates? Or did they quote you $40500 and then apply the available rebates ($1000 cash rebate and $1000 conquest or loyalty) after that negotiated price?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings Jason. According to the latest information that I have seen, Ally's current base lease rate and residual value for a 36-month lease of a 2012 Jeep Grand Cherokee Overland 4WD with 15,000 miles per year are 0.42% and 47%, respectively.

    The numbers for an otherwise identical lease of a Limited 4WD are 0.3% and 48%.

    Chrysler is currently providing a $1,000 cash incentive on leases of this truck.

    If I was in the market for this truck, I personally would try to finalize a deal before the end of the year. Dealers and manufacturers are usually eager to close as many deals as they can before year-end.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello amric1. Chrysler is not providing lease support on 2011 models any longer.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • ytsam007ytsam007 Member Posts: 4
    Hi,

    I picked up a new 2012 JGC yesterday at Merrick Dodge. I think I got screwed. This is a 36/ 12k a year lease. The MSRP for the car was $37515. It it a brillant blue 26x package. I received $2,000 in rebates. I also was trading in a car and owed 17, 097 for a 10 day payoff and they gave me $17,500. I negotioted with the salesman for a price of $33,426. I did not want anything out of pocket and I wanted all tax rolled in. The salesman gives me a monthly price of $427 with a residual of $20,680. Anyway I went to three dealers and all prices were comparable. I went back to Merrick and I received a final price of $403 and the only out of pocket expense was $904 which included first months payment and dmv fees, etc. I come home with the lease ticket and all the prices were changed on the agreement.

    The amount agreed upon which is $35,026.00
    Price with taxes- $36971.97

    Now the reason why I think I got screwed is because I asked the salesman 5 times is there a fee at the end if I dont buy the car. He said no and there is-395.00

    And second-the residual value that was used to calculate my payment is different from the purchase option at the end of the lease. They used $20,258.10 to calculate my payment and the purchase option at the end is $20,608.10. Is there anything I can do? I definitely got screwed with the negotiated price of the car but If I am right with my calculations, they owe me about $350.00 or 10 less a month from the $403.01. Is this a fair price? or should I pusue my losses?

    I called to complain today and they bs me.
  • jeep_loverjeep_lover Member Posts: 6
    I had a deal with Merrick Dodge of a 2010 x package - I'm glad it fell through - Got a better deal from a better dealership (Westbury).

    Sorry for your troubles -
  • kimmiserkimmiser Member Posts: 1
    I think the dealer is trying to screw with the money factor & residual on the lease I am trying to work out.

    Here are the numbers I have...

    2012 JGC Laredo X RWD V6

    MSRP $36,960
    Neg Price $32,220
    $1,000 Cust Incentive ($765 drive off costs w/rest going as down pmt)
    $795 Lender Fee
    Adjusted Cap Cost $32,780
    Residual 48%
    Money Factor 0.800% (this is where we think the issue lies)
    36 month / 12k miles
    Tier B credit (681 score)
    Ally Bank

    From what I've read it seems the base Ally money factor is 0.41% for tier A buyers...what should the MF be for tier B?
  • sallypeppassallypeppas Member Posts: 1
    question i live in ny, was trying to figure out what state you are in. i got a deal for a 2012 jeep overland, for 36 mnths with 15,000 miles at 580 a month with 2800 down. im pretty sure im getting gypt by 2grand should be at about 520.

    was wondering if you are from ny what dealer did you go if you dont mind me asking, thanks
  • ytsam007ytsam007 Member Posts: 4
    Yes I am from NY. The dealership is Merrick Dodge of Wantagh.
  • beltfedbeltfed Member Posts: 3
    Greetings, would it be possible for you to post the Ally January rates/residuals for an Overland Summit?

    36 months, 15k miles.

    Thank you much!
  • iamakimmeriamakimmer Member Posts: 1
    anyone know the MF/residual for a 2012 jeep grand cherokee 4x4 laredo? the last i have is:

    54% residual
    .00018 MF
  • stuartjgcstuartjgc Member Posts: 2
    I am new to the forum and to leasing but have tried to do my homework and take advice from this forum.

    Got the dealer to give me this info (exactly as he presented to me). Is this a good lease deal

    I live in CT.

    2012 Jeep Grand Cherokee Laredo 26x package 4x4 - 6cyl True Blue with the NAV system and dual Pane Sunroof - in True Blue

    Msrp: $38,710.00
    Price: $36,493.00
    Rebates: $2,500.00
    Money down: $4,500.00 (all inclusive, title, tax tags reg etc..)
    Cap cost: $31,664.00
    Rate: .25%
    Residual: @ 50% is $19,355.00
    Term is 36 months 15,000 miles per yer
    Payment: $346.75 plus tax of 6.35% = $368.77

    Thanks, the help is very much appreciated.
  • stuartjgcstuartjgc Member Posts: 2
    To add more detail, I would qualify as Tier 1 and the breakdown of the 4500 is as follows

    Reg $188.00, first month pay 368.77, tax $395.99, bank fee $870.00, Dealer Proc fee $329.00. = $2151.76

    Thanks
  • turbot22turbot22 Member Posts: 1
    Does 2012 Laredo 4x4 with e group for 320 all in sound ok.
    Taxes and bank fee included. Just pay tags

    Sticker is 31,820
  • its2loudits2loud Member Posts: 8
    How are you guys negotiating such low monthly payments for this package? Every time I do the lease calculator, the monthly payment comes above $500 with all of the above numbers entered in. I'm looking to lease a 2012 Laredo 4x2 MSRP 27,999. Currently, in my area, Jeep has a $309/month lease promotion for the base model Laredo. Am I better off just negotiated the purchase price of the car and then telling the dealer I want to lease?

    Thanks for any help. I'm new to leasing. Don't want to get screwed.
  • dewarsandsodadewarsandsoda Member Posts: 207
    Hi its2loud,

    Please remember that a lease is based on three variables: Negotiated sales price; Residual Value (RV); and Money Factor (MF). In a monthly lease payment, the RV determines the monthly depreciation component while the MF determines the monthly interest charges. Then, in most states but not all, your tax is assessed on the monthly payment.

    RV is a fixed percentage set by the financial institution who will underwrite the lease. There is a base rate MF that is suggested by the financial institution as well but dealers have the lattitude to mark it up as another source of profit. Both RV and MF are based on your model, lease term, and mileage per year

    My unsolicited advice is,
    - Ask Carman on this forum for the RV and MF for the lease term of interest so you have that in your backpocket and can compare to the numbers the dealer suggests
    - Negotiate your best sales price on the truck
    - Pay $0 down (cap cost reduction) and only pay 1st month's payment and any DMV fees

    My apologies for being pedantic as I'm simply trying to help.

    Cheers!
  • its2loudits2loud Member Posts: 8
    Thanks so much for this info. It's all very helpful and appreciated. I would like to get a gauge on what the MF and RV for a lease are so I know what I'm dealing with when I go into the dealer. I just don't want to go in blind because then I know I'll get taken.

    Thanks!
  • its2loudits2loud Member Posts: 8
    Car_Man,

    Can you tell me what the RV and MF are for a 2012 Jeep Grand Cherokee 2x4 26E package. 3 year term @ 12,000 mpy? Thanks so much.
  • gotgt3gotgt3 Member Posts: 114
    Hi Car Man!
    Could you provide the MF and residuals on the jeep grand cherokee laredo X as well as the JGC Limited?
    I'm getting such crazy numbers that what the dealer is saying/calculating does not make ANY sense!
    Many thanks!
  • gotgt3gotgt3 Member Posts: 114
    Hi Dewarsandsoda,
    Quick question about your post. If the lease is determined base on the negotiated sales price - why is it that the NSP can be 32K but the cap cost is 37k (ie barely below MSRP?
    Shouldnt the significant decrease in negotiated SP make the capitalized amt also lower?
  • ccarlinoccarlino Member Posts: 1
    Car_Man,

    I am looking for the residual value on a 2012 Jeep Grand Cherokee Laredo 4x4 with 26X package and panoramic sunroof @ 10k miles and 12k miles on a 39 month lease.

    Also looking for the money factor and rebates currently being offered.

    Thanks for your help!
  • dewarsandsodadewarsandsoda Member Posts: 207
    Hi gotgt3,

    Hmmm...the dealer is obviously screwing with you as the best way to think of this is to look at the calculations which would be as follows,

    Monthly Depreciation = (Negotiated Sales Price - (RV*MSRP))/Lease Term
    Monthly Interest Charges = (Cap Cost + RV*MSRP)*MF
    Monthly Lease (pre tax) = Monthly Depreciation + Monthly Interest Charges
    *N.B.: Cap Cost assumes Negotiated Sales Price + Acquisition fee only (i.e., no cap cost reduction or $0 down)

    Hence, the Cap Cost should be slightly above the Negotiated Sales Price, assuming that all that is added is the acquisition fee. It definitely isnt' 5K more like your example. The dealer is likely adding other extraneous items, so you should ask for the itemized lease. Do the math with the dealer as then he will know that you are an educated consumer.

    Additionally, make sure to include any incentives as part of your Negotiated Sales Price.

    Cheers!
  • chwtomchwtom Member Posts: 46
    edited January 2012
    I am looking to lease a 2012 Overland Jeep 4x4 for 3 years and 15k miles/year. Can you please provide the residual and money factor?

    The dealer told me the following. The money factor equates to a 4% interest rate, the residual is 45%, and Ally bank charges a $795 acquisition fee. That fee seems crazy--is this real? And is Ally who does the lease support for the Jeeps? The MF seems higher than I'd expect, and the residual a little lower.

    Using those numbers the lease payment comes out about the same as the finance payment. I've never seen that before.

    Please help!!!
  • dewarsandsodadewarsandsoda Member Posts: 207
    Hi chwtom,
    Jeep does use Ally financial for leasing. We leased a GC Ltd 4x4 (20's and towing pkg) for 36/15, and the variables were as follows,
    RV=46%
    MF=0.00046 (=1.1% interest)
    Acq Fee = $695

    Given your query, everything seems reasonable with the exception of MF. You may want to reconfirm the MF with Carman. Alternatively, you may want to check with your dealer to see if there are ways to reduce the MF like most european brands. For example, one pay option or multiple security deposits. The latter, if available, is quite nice as you can pay deposits which are fully refundable as they are returned to you at the end of the lease term, and you 'buy down' the interest charge.

    Additionally, when we leased, the Overland had a 1 pt reduction in RV. We got such a great deal on the sales price on the in stock Ltd, that we ran with it.

    Cheers!
  • gotgt3gotgt3 Member Posts: 114
    Thanks dewarsandsoda! I'll recalc and ask him for specific #s to see if it jives - likely wont - but heck worth a try.

    Re your suggestion about security deposits to buy down the interest rate...
    1. does it apply to leases?
    2. how should one word it?
    3. what are the increments sec deps are usually done in?
    4. how should said sec deps appear on the lease paperwork (I am preparing myself for them saying yes it's on there...mixed in with XYZ - a ploy to later deny there was a security deposit at all).
    5. any amounts "put down" as "security deps" are fully refundable at the end of the lease term 100% guaranteed? Any caveats or fine print related to this? What if you trade in the vehicle with say 3 or 2 payments left to get into a different make/model atogether? Does the sec dep require the car be left on the lot where you purchased?

    Sorry about all the questions thanks in advance!
  • ms5498ms5498 Member Posts: 1
    Here are some numbers I got over the weekend after some haggling, before I walked out.

    Laredo X w/ E package

    MSRP - 35,114

    Total price- 33,295
    Acq Fee -795.00
    Tax & Fees - 686.25

    Cash -2102.84
    Rebate - 1500.00

    Net Cap - 31173.41

    Residual .53
    Money Factor .38

    $387.41 per month 10k/yr

    I wasn't happy with it. They called me back after and I got them to 360 a month with tax, but they still want 1500 down. My goal is to get it at 1500 down + first month 12k/year, 350 a month with tax, which brings the cap cost to 3100 with acq fee + taxes.
  • dewarsandsodadewarsandsoda Member Posts: 207
    Hi gotgt3,

    Again, I do not know if Jeep/Ally Financial offer Multiple Security Deposits (MSD) as a mechanism to reduce MF. I'm familiar with the approach as its offered by several European manufacturers, and we've used in connection with leasing Mercedes vehicles. As a result, I would simply ask Jeep finance if they offer MSD as they can educate you on the deposit amounts and MF reduction per deposit as I can only relay info on Mercedes MSD program.

    Cheers!
  • larrys8larrys8 Member Posts: 36
    Hello all- thinking about leasing a GC Overland 4x4 with saddle leather and adaptive cruise control and advanced warning package. 36 month/15k per year. I would love to hear your thoughts. Here is where I am at:

    MSRP: $45,490
    Discount to: $42,050 with $1500 lease cash brings it to $40,550 selling price with a residual of $20,470 at lease end.

    They are going way over bluebook on my trade in which is giving me $6408 to "put down", monthly payments including 9% tax is $459.01. Sounds like a pretty good deal....any thoughts??
  • chwtomchwtom Member Posts: 46
    That's a good deal. I wouldn't pay much for the cruise control package, as I think you'll have trouble getting anything for it when you re-sell. It's probably a nice feature for people that do a lot of long-distance driving, but there probably aren't a lot of people who do a lot of long-distance driving AND want the off-road capability Jeep has.

    But you are getting a solid price for the truck. Also, a friend who works in new car sales told me that most dealers don't go by bluebook for trades. They go by auction values, which are typically 10% or more lower. They usually only hold used cars for 3 or 4 months, and if they don't sell, they send them to auction. So they usually don't like to pay more than auction value since they don't want to lose money.

    So if you are getting OVER blue book, AND you are getting a good price on the truck, you should take it. The Overlands are getting hard to find, particularly with the saddle interior.
  • chwtomchwtom Member Posts: 46
    Just noticed you are leasing. It is NEVER a good idea to put a big down payment on a lease.

    If you are putting that much money down, and you are getting that good of a price on the truck and trade, you'd be better off taking the 1.9% financing and just selling it in 3 years. If you wreck your truck with that much of a down payment on a lease you are screwed.
  • larrys8larrys8 Member Posts: 36
    Thanks for your thoughts, I agree with you 100%, if it wasnt just equity in our current car I would never put that down, I didnt want to try and sell on my own and they are giving us 1500 over good condition for blue book....the one we wanted didnt come with the advance cruise package, but wanted stone white with saddle brown and thats what they had on the lot, so they essentially just thew that in....I looked all over and couldnt find one simiarly equipped and for that price....Thanks!!!
  • nyccarguynyccarguy Member Posts: 16,417
    If you are happy with the "trade-in price" for your current vehicle & still want to lease, have the dealership cut you a check for that $6K & change. Then use that $6K towards making your monthly lease payments. But PLEASE, DO NOT PUT THAT MONEY "down" as a capitalized cost reduction.

    2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD

  • gotgt3gotgt3 Member Posts: 114
    Why? I thought that's what's supposed to be done? Use the trade in value to reduce the capitalized cost so that you dont have to put any additional "down". Am I wrong? And what did you mean in the earlier post about the other guy being screwed if something went wrong?
  • nyccarguynyccarguy Member Posts: 16,417
    Because of what the poster above said. If your car is stolen or totaled during the lease, that money is GONE.

    2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD

  • gotgt3gotgt3 Member Posts: 114
    Yeah but it's gone either way (sunk cost). Even if it weren't stolen or totalled - you never get the money you paid "down" back.
  • chwtomchwtom Member Posts: 46
    Please trust me, you don't want to put money down.

    The dealership doesn't care whether you put the money into the lease or get a check. They are making the same money either way.

    For you, your choices are getting a check for $6000 and having a higher payment, or putting $6000 in and having a lower payment.

    These numbers aren't real, just for illustration. Let's say your options are to put 6 grand down and have 400 dollar payments, or get a check for 6 grand and have 600 dollar payments.

    6 months after you get the car your car is either totalled or stolen. If you kept the check, you'd have 3600 into the car, and you'd get none of it back. But you would still have the check for 6 grand.

    If you had put the 6 grand as a down payment, you'd have put 60 grand PLUS 6 payments of 400 (total of $8,400) into the car, and you'd get NONE of that back.

    When you total a car or it's stolen during a lease, anything you put in is gone forever. So the rule of thumb is you always want to put as little as possible into the lease on the front end. You'll pay the same amount at the end, but you are putting less of your money at risk if you don't put anything down.

    For what it's worth, this isn't just my opinion, this is pretty much a universally accepted truth in leasing.

    You got a good deal, and you'd in no way be jeopardizing it by keeping your equity rather than rolling it in. The dealer shouldn't care, they are getting the same amount of money either way.
  • gotgt3gotgt3 Member Posts: 114
    ok I ran some numbers and here's what I get...based on diff dealer not the 5k markup one.

    When you said to "include incentives as part of negotiated sales price (NSP) does that mean the NSP should be ###-incentives? It seems like dealers are keeping those rebates separate from the "sales price" and this is likely inflating the monthly payment.

    40.5K MSRP, res % 49, term 36mo, SP 38.3k, acq fee 695
    I get about 516/mo give or take a bit for rounding sake...
    Money factor .0001

    I still feel this is inflated though.
  • dewarsandsodadewarsandsoda Member Posts: 207
    I echo chwtom's sentiment as you want to put $0 or as little down as possible when leasing as you should not be deceived by a resulting reduced monthly payment. You would be better served to treat the trade in as a separate transaction and invest the money you receive on the car and/or use it towards paying your monthly lease payments. Please remember that a lease is an 'extended' rental so you have no ownership of the vehicle, and as chwtom notes, if the car is stolen or totaled, your downpayment is gone.

    Cheers!
  • dewarsandsodadewarsandsoda Member Posts: 207
    Hi gotgt3,
    You are correct. My assumption is that the negotiated sales price includes all the applicable discounts (i.e., what you negotiate + any incentives, dealer cash, etc.)

    A MF of 0.0001 (0.24% interest) is quite good. While you likely can do better on the negotiated sales price, the fundamental problem with the GC is the low RV. And, that's out of your control.

    You may want to consider a 2012 ML350 Bluetech as that is built on the same platform as the GC. While the MSRP maybe higher than the GC, the RV on Bluetech is significantly higher (~15-20%), and you can likely use MSD to reduce the MF. As a result, for a modest increase in monthly payment, you will get a much more expensive SUV. Unfortunately for me, the 2012 ML350 Bluetech wasn't available when we needed an SUV, so we went with the Jeep. We still love the GC, but from a monthly payment standpoint, I will likely consider the Mercedes when my lease expires.

    My two rupees.

    Cheers!
  • redealmakerredealmaker Member Posts: 2
    Carman I am looking for the Feb lease rates and MF for an Overland Summit with 12k and 36 months. I also heard there is $2,500 in dealer cash for leases?
  • natalie02lenatalie02le Member Posts: 19
    I am investigating the $319 advertised deal. If you look on the right margin of this page, the advertisement is probably there. It is for a basic 4x4 laredo $28,995 plus uconnect/bluetooth $495 plus destination $825 = $30,315. (Note 1: destination has increased to $925. Note 2: I live in west central FL.). If you click on the "Legal>" area of the bottom right corner of the advertisement you will note it's a 12k mile/yr lease, and the $2499 down payment includes first month's payment. "Tax, title & license extra". Finally getting to my question - is a $795 "acquisition fee" extra? - included in $2499? - typical? The legalese does not mention acquisition fee at all, although it does say "Dealer's actual terms may vary". I do understand that the residual is 52% and the mf is .00068 (equal to 1.632%). I've done the calculations and it appears that invoice less the $1,500 lease incentive less $2,180 down payment ($2,499 less first month's payment of $319) does get you to about $319/mo. But...is the acquisition fee extra or could it be part of the "dealer contribution" (meaning the sales price is invoice less incentive less acquisition fee)? Not sure if that all makes sense. If anybody out there got the $319 deal - did you pay acquisition fee on top of the $2,499 or no? Thanks for help car_man, kyfdx, or anyone else out there.
  • jg92663jg92663 Member Posts: 1
    edited February 2012
    hi all.
    so i already signed a lease and am driving my car, but i figured i would post what i paid to see if this was a decent deal...

    i am located in Long Beach, CA.

    first off the vehicle
    4x2 laredo X
    3.6
    26X package
    E group
    trailer tow group
    power single pane sunroof
    430N media center
    msrp on sticker with destination charge (925) - $37,060

    total agreed sales cost - $34,000
    theft code 3 year replace - $350
    service/theft insurance -$674
    GMAC administrative fee - $795
    - gross capitalized cost -- $35819

    i signed a 3 year 36000 mile lease
    with $3000 cash down and $1500 cash rebate, my monthly payments are $411.54 including tax and the theft/service insurance...this is for 35 payments as my $3000 up front included the 1st months payment.

    my buyout price after the 3 years is $21,400

    does this sound like a good deal?
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