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Prices Paid: Buying & Leasing Experiences Jeep Commander Lease Questions
187 messages, Last post on Aug 11, 2008 at 6:24 AM
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Hi. I have never leased before. I am thinking of leasing a 2007 Jeep Commander 4x2 limited with nav, dvd, bluetooth, etc in Birmingham, AL. The sticker MSRP is $41,660. There is currently a $2,500 cash rebate. The car is a dealer demo with 4,999 miles(too convenient??). I am not quite ready to make a decision on a car yet for a week or two. My new Pathfinder was totaled and the insurance is paying it off next week. I love the Pathfinder but I took this bad circumstance as a good opportunity to try another new car out and I would like a lower monthly payment. The salesman gave me a quick quote of $38,600 after demo reduction and $2,500 rebate. I did not want to sit down today and negotiate b/c it would waste there time b/c I will not be able to finanlize it today. The salesman is very understanding and basically said this $38,600 was still negotiable. Is this a fair price? How much should the discount be just for the demo miles? Can you tell me what I should expect for a 39 mo / 18k (if available) lease on this vehicle. I do not want to put much down (maybe 1k). What is the current money factor, residual, etc. that would be helpful to calculate all my options? I am a finance guy so I understand the calcs and the pros and cons of leasing but I need this info and some input from you to help me make a decision. Thanks!!!!! |
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I looked today at a limited loaded with a hemi navi backup camera sticker was just over 39k im swaping a pacifica lease (chrysler financial) so would probably be entitled to lease loyalty, if they're offering anything this month. id like to put down as little as possible. any idea where my payment should be for 36 months im willing to do shorter if there is a good program available. thxs
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msrp is $41025 (limited 4x2 with nav - saddle brown seats ...). They offered the car to me for what they claim to be invoice - $37961 - less 2500 cash less 1500 lease loyalty, since im currently a chrysler financial customer, plus tax tag and dealer fee 15k miles and said 39 mo was the best program currently with 1k at inception - monthly pay was $524.70 plus tax = $558.81 What do you think? seems a little high to me - my 06 durango stickered at 41k and im paying closer to $475/mo (same terms)
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said the residual was 49% and the money factor used to figure the payment was .00224
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Replying to: uffllaa (Feb 26, 2007 12:06 pm) They called me back and I just showed the business manager my calculations and told him that is what I would pay. My new proposed terms were 27mo/15k miles, MF of .0017, residual of 55% of MSRP. He said no one had ever approached him with the amount of detail I had and gave it to me for the "fair" price. Payments came out to $560/mo after tax. He even offered me a job because of how well I understood the process. I hope this helps and make sure that you know the correct numbers that should be used to calculate your lease payment. If you know what your payment should be and they come back with something different then they are using different numbers than you...simple as that. And they WILL do it if you do not point it out to them. Good luck! |
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Replying to: bamatide01 (Feb 26, 2007 12:44 pm) my deal was 1k down - payment with tax 558
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Replying to: uffllaa (Feb 26, 2007 12:57 pm) |
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Replying to: bamatide01 (Feb 26, 2007 12:44 pm) I'm being offered a 39mo lease on a 2007 Commander Limited 4x4 (I live in Minnesota)... Following features: V8 Flexfuel Engine Automatic Transmission Regular Wheels Premium Sound Sirius Radio UConnect hands free Navagation system Dealer says MSRP of 41605 - I'll get 1% below list + $75 (Friends and Family purchase), so 38191, less todays rebate of 2500 for a purchase price of 35691... Residual = 21218.55, payments of 607.04/mo - includes MN sales tax and registration.
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Replying to: tiallen (Feb 27, 2007 11:22 am) How much up front cash (down payment, first payment, tax on down payment, etc.)? How many miles/year are you getting? The residual you quoted is about 51% of MSRP which is pretty fair on a 39mo lease. What is the money factor Chrysler is giving you? Assuming everything you've told me and assuming zero down payment then a lease payment of $609 would equal to a money factor of about .0032 or 7.68% APR(multiply by 2400 to get APR) which is a little high depending on your credit history. If you have decent credit I would try to shoot for a money factor of .0022 or 5.28% APR at highest. If you want the 39mo lease I would shoot for a payment of $550/mo with zero down. You will pay roughly $600 or so for first payment and whatever else they tack on up front. However, I would consider a 24 or 27mo lease because a 39mo lease is a long time and the car will likely be out of standard warranty towards the end of the lease. Most people who lease like to change cars every 2 years and keep a new car that is in warranty. Otherwise you would just finance. The difference in payments on a 39mo and 27mo lease are not that much. You will get a higher residual value and lower money factor. I can send you an easy little spreadhseet that I have developed that shows you how you calculate your payment based on all of the factors I've mentioned in this email. Just let me know if you would like it. Good luck!
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