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You are in the Prices Paid - Buying & Leasing Experiences
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Jeep Grand Cherokee, Car Leasing, SUV
Jan 07, 2008 (12:33 pm)
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?
#399 of 1372 Re: January numbers [prettyvacant]
Jan 07, 2008 (6:48 pm)
I think the MF varies depending on your zip code and credit rating. Mine was .00062 or 1.488%. (divide MF by 2400) The residual was 47% of MSRP on my 4x4. There may be lease loyalty cash if you qualify.
#400 of 1372 leasing an 08 limited
Jan 08, 2008 (8:26 am)
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
quarda drive 2 package
trailer tow class 4
thanks alot for your help!!
#401 of 1372 Re: leasing an 08 limited [jgriffs]
Jan 08, 2008 (7:39 pm)
There are too many variables in the lease calculations to give you a resonably close estimate, such as local incentives, dealer cash,dealer discounts, down payment amount, credit rating, lease term,local and state sales taxes, etc. Try to find a similar vehicle in local dealer inventory and then use the payment calculator (lease option) to estimate a monthly payment for the lease term in months that you prefer. This will give you a high end estimate for your location. Any reduction below the estimate amount largely depends on your negotiating skills. Hope this helps.
#402 of 1372 Re: leasing an 08 limited [turbanski]
Jan 09, 2008 (8:13 am)
Turbanski is right. Payment amounts are very specific to the car you want (trim level), your interest rate, and how much your get off the MSRP. If your credit rating is poor, you may not qualify for the best "money factor" (interest rate), which will raise your payment. Also, you have to to have the chops to negotiate yourself a great deal.
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!
#403 of 1372 2008 Grand Cherokee Lease Rates & Residuals
Jan 09, 2008 (10:48 am)
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?
#404 of 1372 Re: leasing an 08 limited [chigirlintexas]
Jan 09, 2008 (12:07 pm)
thanks alot for your help. I will get the information you mentioned above and post it for carman. Thanks again
#405 of 1372 Re: Jeep Grand Cherokee: Lease Questions [Car_man]
Jan 09, 2008 (3:32 pm)
jeep if you are looking to lease a JEEP GC please test drive it 60-80 MPH if it vibrates DO NOT LEASE OR BUYT IT they have a major problem with vibration at this speed
#406 of 1372 Re: leasing an 08 limited [jgriffs]
Jan 09, 2008 (3:33 pm)
Major vibrations with GC 2007 DO NOT BUY OR LEASE
#407 of 1372 2007 GC limited 2007
Jan 09, 2008 (3:56 pm)
DOVER DODGE. rockaway NJ
I can't get the problem of vibration on my new 2007 GC limited
The service manager said he placed a call to Chrysler factory District manager about the major Vibration and the shifting into over drive 60+ MPH
If you live in NEW JERSEY and are looking to BUY a new jeep...............
make sure you drive it on rt#80 60-80 mph, If its vibrates at the speed........
DON'T BUY OR LEASE IT. I HAVE BEE WAITING 3 WEEKS for the Chrysler district manager to set an appointment to see why my NEW JEEP GC 5.7 Hemi
VIBRATES 60-85 MPH