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Jeep Liberty Lease Questions
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If you absolutely have to get a new car now, you need to learn exactly how leasing works prior to negotiating with dealers to keep from being taken advantage of. You definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
Check out these articles and let me know if you have any specific questions.
Car_man
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"bank fee" about $700"motor vehicle" fees (registration?) about $340"dealership costs" about $270
Is this normal?
Car_man
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Car_man
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Can you tell me what Chrysler Financial's current 36 & 48 month, 12k mile/year, buy rate lease money factor and residual value is for the 2007 Liberty Limited 2WD is?
Thanks!
Car_man
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Thanks
It sounds like you are talking about a teaser lease payment that a specific dealership in your area is advertising. Dealers offer advertise unrealistically low monthly payments on vehicles to suck consumers through the door. Chrysler's official advertised lease payment is currently $$309 per month for a 36 month lease of a 2007 Liberty Sport 2WD with $0 down and 10,500 miles per year. The payment for an otherwise identical lease of a 2008 model is $329 per month. These payments will give you a much more realistic idea of how much you will have to pay to lease a Liberty right now. You may be able to beat them by a little if you negotiate an excellent selling price.
Car_man
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Car_man
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Do you have residual values for the '08 Liberty Limited? 15K miles, not sure if I will get the 2WD or 4WD version, but will get the Premium II pkg and nav, for sure. I assume the money factor would be the same as the one you quoted earlier.
Thanks,
ChiGirl
Car_man
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Can you help with an otherwise identical lease on the one above except for 12K and even 10K if they have it and it's a 4x4. So
Liberty Limited 4x4
36 month
low mileage 10K or 12K
Thanks!!!
I am looking for residuals and money factors for a lease on an 08 Dodge Nitro, 4x4 SXT, MSRP $24,690 with 12,000 miles for 36 months. I also qualify for Daimler Chrysler Affiliate Rewards Preferred Pricing. Looking to go to dealer tomorrow so advice needed asap!
There is no Dodge Nitro forum so I am posting here and also in the Dodge Caliber forum.
Thanks.
msrp 26500
with the package the car comes to 29650
999 down
tax, title, license expense have to be paid separately for around 2,000
375 a month for 36 months at 12,000 miles a year
does anyone know the residuals or money factors for a similar configuration?
Car_man
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I see that you are considering making a $3,000 down payment on the truck that you want to lease. I always advise consumers against making large down payments on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be better off going with a zero down lease.
You never mentioned the selling price of the Liberty that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of the vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.
Car_man
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Car_man
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$339 per month with a downpayment of $1000 ($1700 inc fees/taxes) on a 08 Liberty Sport 4x4 mrsp around 23000. Lease for 36 mnths and 12000 miles a year.
Could you tell me what the money factor looks like for a 2008 Jeep Liberty Sport & what the approximate residual value would be (36 months/31,500 miles)?
Thank you
Car_man
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Car_man
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My current Jeep Liberty lease is coming to an end in July and I am looking at possibly leasing the new 2008 Jeep Liberty 4x4 Limited Edition, loaded, not sure if that matters?? Could you please provide me with the current money factor and residuals on a 27, 30 & 36 month lease at 15,000 miles/year. Thanks
Also...does anyone happen to have any insight on the new Liberty incentives? The current ones expire on June 2nd, I'm sure this is pretty sensitive/secure info, but thought I would ask, just in case someone had any advanced info.
Car_man
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Also, I was looking over my current contract and I dont fully understand the RENT CHARGE, it is an amount on top of the depreciation that my monthly payments are based on. Could someone please explain what that amount all includes, Im assuming the interest is included in that figure, anything else? Thanks!!
Depreciation + finance charge + tax = Payment..
regards,
kyfdx
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The depreciation amount on my current lease is $9758.40 and the rent charge is $4331.52, that seems outrageous to me, I'm wondering if that also includes the extra miles we purchased, we paid for 15,000 miles/year? How would I figure what the interest rate is, based on these figures?
Divide by the term.. 48 months.
Result: $90.23/month
Add your net cap cost and your residual amount. Just as an example.. $20K + $11K = $31,000
Divide $90.23 by $31,000 = .0029.. This is your money factor
Multiply .0029 X 2400 = approx. 6.96%.. This is the equivalent APR of your lease, assuming your CAP and residual are the same as above..
regards,
kyfdx
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We are currently being quoted a money factor of .00259/6.2% for an 08 Liberty Limited, I think that seems high based on the fact that we qualify at their top tier level. Do you think this seems high? We could probably find a better rate, but then we would have to give up some of the incentives, so...
Thanks for all your help. )
He will roll through here periodically to answer money factor and residual questions..
regards,
kyfdx
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Thank you
Car_man
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Take your rent charge... $4331
Divide by the term.. 48 months.
Result: $90.23/month
Add your net cap cost and your residual amount. Just as an example.. $20K + $11K = $31,000
Divide $90.23 by $31,000 = .0029.. This is your money factor
Multiply .0029 X 2400 = approx. 6.96%.. This is the equivalent APR of your lease, assuming your CAP and residual are the same as above..
regards,
kyfdx
What I want to understand in your example is what is the 6.96% applied against? In other words, what value exactly are you being computed the equivilent of interest against? II would have thought you should owe interest on the part of the car you are buying, or the depreaciation and amortization (i.e. the adjusted cap cost MINUS the residual value).
But in your example, for instance, that would be 20K-11K = 9K, But if I use a compound interest calculator against 9K over 48 months the monthly interest payment should be less than $30/month of the total payment, far less than the $90.23. So the "interest" must be calculated against something far larger than the amount being the equivilent of "borrowed" or used. The interest is larger even than if applied to the residual amount, but smaller than if applied to the entire value of the new vehicle.
Your help is appreciated.
The amount that is financed is an average of those two numbers.. You start out borrowing $20K (the cap cost), and end up owing the residual amount (which is satisfied by giving the car back).
You owe interest on the whole car.. because, after all, you can't borrow just the part you use... you have to borrow the whole car... then, give back the part you didn't use.. Since you pay for the car as you use it, that amount gradually drops to the residual over the life of the lease.
So, technically, it is ($20K + $11K) divided by two.. But, the division calculation is accounted for in the money factor..
Hope that helps,
kyfdx
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What would we do without you guys??
As you can see, GMAC publishes lease rates instead of money factors for Jeep vehicles. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. So, a lease rate of 3.54% is equivalent to a money factor of around .00148.
Car_man
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