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Prices Paid: Buying & Leasing Experiences Jeep Grand Cherokee Lease Questions
512 messages, Last post on Aug 20, 2008 at 2:43 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: joejeep (Jan 02, 2008 8:09 pm) |
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Hi, Can someone give me the current money factor and residual for a 2008 Grand Cherokee Laredo 2x4, 10k miles, 36 months? Also, a question about that money factor. Is that the absolute lowest possible at a given time, or something else? One of my credit scores is 705 (I just found out there's a mistake on this one), and the other two are in the high 760's. I know what kind of loan rates I can get approved for, but the leasing money factor is still kind of confusing to me. Should I assume the lowest money factor when negotiating? I see the $3500 lease cash & $500 bonus cash on the Jeep site, are there any other offers to be aware of in the Los Angeles area? Thanks.
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Replying to: prettyvacant (Jan 07, 2008 1:33 pm) |
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Hi all I am new to the site as I have been happy with my 02 GC sport for a long time. I am looking to sell it now and use the cash for other purposes. So now that I live in a city I dont drive nearly as much and think a lease would work for me. I was scoping the model and extras below and if anyone out there can help me with targeting a good deal (cap cost/mf factor and lease payment) I would appreciate. The whole lease calculations I see here are great but no matter how many times I tried I cannot figure it out. I am in downtown st louis 08 GC limited Green color upgrade 5.7 hemi quarda drive 2 package trailer tow class 4 thanks alot for your help!!
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Replying to: jgriffs (Jan 08, 2008 9:26 am)
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Replying to: turbanski (Jan 08, 2008 8:39 pm) I think the Jeep (Chrysler-Dodge) dealerships in general are negotiating fairly well on the models with larger, gas-consuming engines. We were surprised at how much we were able to get off the MSRP of our JGC Overland, but of course, we had no trade to deal with (we sold it separately to CarMax, making it easier to negotiate our deal). The way the lease works is this: Find out what interest rate you think you qualify for (within what the manufacturer is offering) and the residual value of the vehicle you are looking at. Factors that impact this value are specifically the car trim level (ie Laredo vs Limited vs Overland vs SRT) as well as 2WD vs 4WD and the number of miles you will drive it over the lease (15K per year, 12K per year. etc). If you ask car_man for specific figures on the vehicle you are considering, he should be able to give them to you. He will know the current lease money factor (interest rate) and residual value percentage for the vehicle you want--they come from the manufacturer. You have to tell him how many miles you expect to drive, how many months your lease will be for and which trim level of your car you expect to buy. Figure the residual from the MSRP (sticker), but your capitalized cost should be what you negotiate the price down to (usually plus tax, title, license),,,,then you should be able to calculate your payment. As stated by others, you can put money down to reduce your payment. But remember that if, by chance, you car gets totatled or stolen, that money is gone forever. So most forum experts recommend putting as close to zero down as possible when leasing. Some cars have better lease support (ie lower interest rates and rebates) than others. I got my Jeep GC last month, and they were offering a decent money factor/interest rate and lots of incentives ($4500 plus what we negotiated off of MSRP). It all works toward a much lower lease payment. In fact, we were able to get the JGC at a lower lease payment than the Liberty, whose sticker was $10,000 lower but had no incentives, either rebate-wise or lease/money-factor. By the way, my credit score was only around 700, and I was still able to qualify for Chrysler's lowest money factor/interest rate available for my vehicle. Don't know if it's because we were existing Chrysler Financial customers or not.... I hope this info is helpful. Good Luck, and let us know how it works out!
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Does anyone have the current money factors and residuals for the Grand Cherokee Overland & Limited for a 36 month, 10.5K/year lease? Also, is the MyGig discount still available? Thanks!
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Replying to: chigirlintexas (Jan 09, 2008 9:13 am)
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Replying to: Car_man (Aug 31, 2005 4:19 am) |
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Replying to: jgriffs (Jan 09, 2008 1:07 pm) |
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