Last post on Feb 10, 2010 at 9:11 AM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Jeep Liberty, Car Leasing, SUV
#37 of 105 Re: Current lease buy rate [Car_man]
Feb 22, 2007 (2:57 pm)
Hi my fiance just signed a lease for a 2007 jeep liberty sport 4x4 and I was hoping to get some feedback. She put 1279 down which included the first month's payment and her monthy payments are 279 a month for 15k miles per year. The buyout at the end of the 39 month lease was 10688. I don't have the contract in front of me so I don't know what the money factor was but I know she recieved 4.5k in rebates( 1k lease loyalty, 3k liberty promotion, 500 dealer Pres special=4.5k) Additionaly the MSRP was apx 25,500 and the agreed apon value was apx. 23,600. She is charged .15 cents a mile if she goes over.
First was this a good deal in todays market?
Second is the buyout at the end a fair price?
Thanks for your responses,
#38 of 105 Re: Current lease buy rate [fletcher3]
Feb 22, 2007 (8:26 pm)
Here are some more specific numbers from the contract:
38 monthly payments of 279.00
total monthly payments of 10881
Other Charges: 425 (vehicle turn in fee if I don't purchase)
16806 total payments
5492.51 due at lease signing
4500.00 total rebates and non-cash credits
1279.01 cash due at signing
Gross Capitalized cost:
23156.92 (agreed upon cost of vehicle)
25401.89 (any items payed over lease term)
adjusted capitalized cost 19909.38
residual value 10649.10
depriciation and amortized amounts: 9260.28
rent charge 1620.72
total of base monthly payments: 10881.00
lease payments: 39 (one paid in down payment)
total monthly payment= 279
Excessive wear and use: .15 per mile over 48750
Estimated official fees and taxes: 2158.77
Total cost of lease if you do not defualt and exercise the puchase offer at the end of the lease term 27455.11
Well sorry If I put in a lot of data you didn't neeed but I have never leased a vehicle before and I was curious to if we got a good deal and if not I want to know what to look for if I choose to lease in the future.
Thank you all for your time and consideration.
#40 of 105 Re: Current lease buy rate [fletcher3]
Feb 23, 2007 (1:30 am)
I just notice a mistake I made in the above the figures:
5492.51 due at lease signing
5779.01 total due at lease signing
(5492.51 +279 1st month + 7.50 misc.)
Here is a mistake I believe the dealership made on the contract:
I noticed that if I added up
box 1 5779.01 due at lease signing
box 2 10881.00 monthly payments over life of lease
box 3 turn in fee not applicable unless turned in
box 4 total payments is 16806.01
but shouldn't it be 16660 by adding box 1 & 2????
does the 146 dollar discrepency mean anything?
I pulled the paperwork from her old lease and box 1 & 2 added up to equal box 4.
Anyways just wanted to know if it was a clerical mistake or if I am missing something.
#41 of 105 Liberty Lease Evaluation, Help Please
Feb 23, 2007 (7:41 pm)
Hi, I am new to the forum and I mistakenly started my own thread under jakpenn's thread about lease to buy ratio. If anyone could please give me some info on the lease I talked about above I would greatly appriciate it.
(if a moderator could move my questions into this thread it would be great too!!)
#42 of 105 Re: Liberty Lease Evaluation, Help Please [fletcher3]
Feb 25, 2007 (2:01 am)
Alright, I could have m ade a mistake but given the formula I found on the web I think I calculated the money factor on the deal above to be .001359 (if I take that and multiply it by 2400 I get equivelant 3.2% interest rate) Right now they are giving out a 3.9 60 month interest rate on the Liberty so. . . it I think I did alright???
Anyways, if anyone can check my math and my numbers please let me know how we did on this lease.
It appears that my residual is low but I still don't know how to factor it. Do you go off the agreed purchase price, the MSRP or do you take the Gross Cap Cost minus the incentives you didn't pay for?
#43 of 105 Formulas I used in attempting to figure out my lease
Feb 25, 2007 (2:11 am)
here are the formulas I used:
Monthly Finance Fee = Lease Charge ÷ Term
Finance Fee = ( Net Cap Cost + Residual ) × Money Factor
Depreciation Fee = ( Net Cap Cost – Residual ) ÷ Term
$ fac = Lease Charge ÷ ( (Net Cap Cost + Residual) x Term )
Interest Rate = Money Factor x 2400
Total Monthly Payment = Depreciation Fee + Finance Fee
#44 of 105 Re: Formulas I used in attempting to figure out my lease [fletcher3]
Feb 25, 2007 (2:27 am)
Ok last post till I get a response (just kidding) After doing some reading it appears I should use the MSRP in computing the residual so:
I came up with 42% on a 39 month 15k a year lease ( I think)
seems low but .. .
I guess that is the least of all evils becuase from what I understand if you have equity at the end you can re-coup it with a trade-in or buyout/sell at the end of your lease.
Give me your thougts:
#46 of 105 Re: Formulas I used in attempting to figure out my lease [fletcher3]
Mar 07, 2007 (3:13 am)
man is anyone out there with some info?
I should mention the liberty was leased in nothern new jersey (nj)