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You are in the Prices Paid - Buying & Leasing Experiences
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Jeep Cherokee, Jeep Grand Cherokee, SUV
#339 of 893 is this a good deal??
Jan 17, 2007 (7:59 am)
I am in the process of obtaining a new jeep grand cherokee 2007 lease. Currently i have a 2004 Jeep grand cherokee freedom edition.the buyout at the end of the lease is 11982. im paying 325.00 a month and have six payments left.(1950) also i have 10,000 over my miles at .15 so 1500.$ in mile overages. i looking for the best option to get out of this and get into a new GC or refinance at lease end??
the dealer came back with this.
he will pay out the remaining 6 payments and milege and give me a 3500.00 check for it.
I will only be responsible for damamge.
my cap cost is 25,599.
i am giving 1300.00 down
they are paying all tax title ect.
bottom line 374 a month 39 months 12,000 a year.
#340 of 893 Re: is this a good deal?? [loppyd24]
by kyfdx@Edmunds HOST
Jan 17, 2007 (8:38 am)
This is what worries me about your deal...
The dealer isn't taking your old vehicle in trade... If he is giving you a check for $3500, then that means you could lease the new vehicle for that much less money, if the dealer didn't have to compensate you for your remaining lease costs. In other words, $3500/39mo., means the actual cost to lease that new Jeep is about $285/mo.. The rest of the payment is there to pay for that $3500 check.
The other part that worries me? Since he isn't taking your vehicle in trade, you'll be returning it to the bank (Chrysler Finance?). Turning a vehicle in early will sometimes generate higher costs than what you will incur at the end of the lease period. You should check with the bank to make sure you won't be on the hook for some open-ended amount. Most lease contracts don't allow for just paying the rest of the costs and turning the vehicle in early.
If your costs turn out to be exactly what you think, then this may be a decent deal for you... If you think it is, then I would ask the dealer to make the same deal, but take the vehicle in trade, so that you don't have to worry about any end of lease charges..
#341 of 893 Re: is this a good deal?? [kyfdx]
Jan 17, 2007 (9:02 am)
thank you for that valuable info!!! ok so when i go back to the dealer today, what should be my play. what should i say. what is my buyer beware flag to run out the door??
so in respect to the last post it is a good deal if chrysler has no early termination charges??
#342 of 893 Re: is this a good deal?? [loppyd24]
by kyfdx@Edmunds HOST
Jan 17, 2007 (9:12 am)
I don't really follow the prices, specifically... But, considering that they are giving you a check for $3500, then the lease deal looks pretty good.
Just tell the dealer that you are worried about excess charges because you are turning the vehicle in early, and ask them for the same deal, but with them taking the vehicle in trade. If they aren't willing to do that, call the leasing company, and tell them you want to turn in your vehicle early, and ask them what charges you will be liable for.
I'm guessing that they will tell you that they will send your vehicle to auction, and that you will be liable for the payoff difference between the amount realized and the amount of your payoff. (The open-ended amount that I referenced earlier). This could even be in addition to mileage charges. You can see how this could quickly get out of hand.
Your other alternative would be to keep your current vehicle in mothballs for the six months until it is time to turn it in. Of course, you would have to keep it insured.
You really want the dealer to take it in trade, if you can.. That is the best thing about trading out of a lease early... no extraneous charges.. If the dealer will pay the current payoff minus $3500, then you are home free on the same deal... no extra mileage charges or damages will apply.
#343 of 893 Any Input on this offer?
Jan 17, 2007 (8:02 pm)
In Northern California
Grand Cherokee Overland
MSRP - $44,775.00
Selling Price - $41,422
Money Factor - .00186
Residual - 48%
10.5k annual miles (my request)
$532/month + tax
Is there room to negotiate this selling price lower? I didn't get the rebate coupon and don't qualify for the loyalty cash.
#344 of 893 did I do alright
Jan 18, 2007 (11:08 am)
well i committed to this
i got a new grand cherokee $30,404 with 1300 down
39 months 389. a month.
they took my old jeep off me in trade 13825$ to terminate my lease early actually 8 months early. plus i had 12,000 in miles over. so i got out of the old one , dont have to pay for milege, damages ect.
new lease , money factor of .00191, net cap cost 26080.
they gave me 5000. in rebates. 39 month 389.00 month.
i guess i did alright no?
#345 of 893 Re: did I do alright [loppyd24]
by kyfdx@Edmunds HOST
Jan 18, 2007 (2:24 pm)
It sounds like you did okay.. If you kept driving the old Jeep, you would have been even farther over on mileage by the end of the lease...
Since they were willing to cut you a check for the $3500 before, you can bet that they had to take at least that big of a hit to take it on trade... Given that, your lease deal is pretty good.
Will you be able to stay under the miles on this one?
#346 of 893 Re: did I do alright [kyfdx]
Jan 23, 2007 (8:13 pm)
$40K Limited's are going for about $33K+. I just priced one.
Jan 26, 2007 (10:28 am)
just wondering, i got my jeep a new 2007 GC "E" package and it did not come with roof racks. i know the crossbars are an additional item but alls i have on the roof are two black runners no rail bars or anything. I though at least the rail bars came standard on this one... any suggestions?
#348 of 893 Interior Code: PLD5
Jan 29, 2007 (11:34 am)
Can someone please tell me what interior color is interior code PLD5.
Thanks in advance.