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Jeep Grand Cherokee: Lease Questions

538 messages,  Last post on Nov 20, 2009 at 3:05 PM

You are in the Jeep Cherokee and Jeep Grand Cherokee Forum. Your Hosts are steve_ & tidester

What is this discussion about? Jeep Grand Cherokee, Car Leasing, SUV


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#496 of 538
Re: 2008 Jeep Grand Cherokee Laredo and Limited Rates [ejv207] by Car_man HOST
Jul 25, 2008 (2:22 am)
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Replying to: ejv207 (Jul 12, 2008 10:34 am)

Oh thanks for pointing that out, ejv207. here's the information that you're looking for. Chrysler Financial's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Jeep Grand Cherokee Laredo V6 4WD with 15,000 miles per year in its Northeast region are .00043 and 42%, respectively. The residual value for an otherwise identical lease with 12,000 miles per year would be 2% higher. When negotiating your lease on this truck, make sure to take advantage of the whopping $5,500 lease cash that Chrysler is currently providing on it in your region.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#497 of 538
Re: [gtylers] by Car_man HOST
Jul 25, 2008 (2:32 am)
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Replying to: gtylers (Jul 22, 2008 7:43 pm)

Hi gtylers. I have not seen Chrysler's specific lease program for the Ohio area, but it is likely fairly similar to the one for its Northeast region...which I have seen. There Chrysler Financial's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Jeep Grand Cherokee Limited 4WD with 15,000 miles per year are .00033 and 49%, respectively. The numbers for an otherwise identical 36 month lease are .00014 and 42%.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#498 of 538
Re: 2008 Jeep Grand Cherokee Laredo and Limited Rates [Car_man] by ejv207
Jul 28, 2008 (2:19 pm)
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Replying to: Car_man (Jul 25, 2008 2:22 am)

Thanks for the help Car_man, this forum has been helpful in negotiating prices. I ended up Leasing a 2008 Jeep Grand Cherokee Limited HEMI with MyGIG and Navigation. I know I probably could have done better, but with Chrysler Financial ending their leasing programs August 1st, I didn't want to lose the rebates, and that Money Factor which amounts to around 1%. Here are the terms:
 
In NJ:
MSRP $41,860.00
Selling Price $40,323.04
Rebates: $8250.00 total ($6,500 lease cash, $1,000 bonus cash, and $750.00 in lease loyalty)
MF: .00043
Residual: 44%
36 Months/12,000 miles per year.
Tax Title and License included in payment
($1600.00 Sales Tax, $290 Reg Fees, $7.50Tire Fees, [$700 acquisition fee, $160.50 Supplemental Title Fee (Read Dealer Profit)]
$3379 Down, (includes 1st month), Monthly Payments $379. (I prefer lower payments)
Total Payments: $16,665.00
 
When I did the calculations, the bottom line payments I got were around $341 with tax included but not other inception fees. I was shooting for $355.00, but looking to just close the deal we finished it up. I know I could have done better, (probably could have knocked another $20 bucks off the $379 monthly payment by getting a selling price closer to invoice, but at this point, I'm just glad to be done after spending the last month at dealerships. The Jeep is loaded, and I am satisfied with the terms and love with the HEMI. The total out of pocket from my 05 Jeep GC was $15,700 which was valued at around 33k. For $1,000 more in payments, I'm into a loaded $42k automobile.
 
Hopefully, this info will help someone get a better deal by Aug 1st. Some other finance companies will almost surely offer leases in Chrysler Financial's place, but I doubt they will be this generous with the incentives. Good luck to all!
#499 of 538
2008 Grand Cherokee Lease by barrier
Jul 29, 2008 (5:28 am)
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Just leased a 2008 Grand Cherokee here in NY. The model is the Limited with the Hemi, Navigation ,Limited slip, skid plates and Chrome Wheels. List was $42,040, after the various discounts it came to $34,040. I got the 36 month lease 10,500 per year.Total up front taxes and fees came to $3600 and $305. per month which I think is a pretty good deal although the structure with regards to Taxes bothered me. I was charged Tax on all Discounts, total of $1700, I am not sure that is legal I know rebates from Factory are Taxed, but I thought Dealer Discounts were not, anybody know?
The Dealer did hit me with the HARDEST SELL I have ever had for their Maintenance Package even going so far as saying No One could Service the vehicle Correctly. The Hemi required special additives and reduced mileage service. They even prefaced this by saying ALL Lease programs will end August 1, 2008 ( I guess that was to insure I would not back out after the Hard Sell) They said the Warranty would end up being VOIDED if the service was not done by their Department and with their special fluids.
Maintenance they were giving consisted of usual Oil and Filter plus other Fluid changes as well as Tire Rotation and a Zillion Checks at a cost of 1k plus.
I turned the Package down but it was a fight, I almost canceled the whole deal but since there are many other Dealers close by service is not a problem.
What do other Forum members Think of the Deal and the Dealer Hard sell?
Barrier
#500 of 538
Re: 2008 Grand Cherokee Lease [barrier] by turbanski
Jul 30, 2008 (8:11 am)
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Replying to: barrier (Jul 29, 2008 5:28 am)

I think you did very well. (See my previous post #461). I also received the hard sell for maintenance. However, I negotiated it down to $550 and paid for it separately so it was not part of the lease. My maintenance agreement includes everything that you mentioned plus tire and wheel replacement for road hazards, towing up to 100 miles and rental of a replacement vehicle for up to 7 days. It works out to about $30 per visit and no warranty hassles. If it is true about Chrysler ending their lease programs; then what will become of this particular forum? I received a lot of help and encouragement here.
#501 of 538
Re: 2008 Grand Cherokee Lease [turbanski] by turbanski
Jul 30, 2008 (9:10 am)
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Replying to: turbanski (Jul 30, 2008 8:11 am)

I just received a email from Chrysler Financial. It confirmed press releases that they will no longer offer leases on Chrysler vehicles and that there would be no effect on my current lease. However, it also alluded to alternative financing programs that would result in monthly payments similar to a lease. Interestingly, the email letterhead used the old 70's pentastar logo.
#502 of 538
Re: 2008 Grand Cherokee Lease [barrier] by ejv207
Jul 31, 2008 (3:16 am)
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Replying to: barrier (Jul 29, 2008 5:28 am)

I know that NY, NJ and CT charge sales tax on the rebates, as for the dealer discount, I believe they charged taxes on the total out amount out of pocket and the rebates, so the amount sounds about right at 8.25%. I wouldn't put it past them to try and make extra money on the collection of taxes, but there can be serious consequences for overcharging on a purchase, so I would think they would try to fudge numbers elsewhere on the lease. I'm guessing dealer discounts totaled anywhere from $1000 to $2500? Your talking about $80 to $204 tops, which works out to $2 to $5 more a month. Considering the great deal you got, I wouldn't worry about it too much. They didn't charge you tax on the whole truck, which I've read they try to do.
 
As for the service contract, that sounds like a load of cowpies that the warranty is voided if you don't do the service with them. The required maintenance for your vehicle is listed in the owners manual and you can get your Jeep serviced wherever you want. They are looking to make a buck by tacking on a premium on the CSC service contract. Go to the Jeep website and then the 'For Owners' Page, you will see a link to Service Contracts. Give them a call about a maintenance package, as you can buy that direct from Chrysler. Ask CSC how much the price is for scheduled maintenance for the term of your lease, I think they offer 3000, 3500, and 5000 service intervals. I'd love to know what the difference is between the two. One thing though, if you purchase the contract, you are required to have it serviced at one specific dealer (usually the one where you purchased it, but you can get the contract with whichever Jeep dealer you like).
 
Even with the 3000 mile service schedule, you will need at most 10 oil changes, and a set of spark plugs at 30k miles, maybe some new wipers, and tire rotations. $1,000.00 is waaay to much for all that. Then they will charge you obscene amounts for things like fog lamp bulbs and brake pads which aren't covered under the scheduled maintenance. I got charged $60 by the dealer for a fog lamp bulb (I couldn't find the bulb at any store), then wised up and bought the other bulb on the internet: Autozone for $10. I'm a DIY type when it comes to oil changes, but had a maintenance contract for my last Jeep for the convenience and plan to do the same with my HEMI as well. I think they are well worth it if you have a busy schedule, but I'd make sure to buy direct from Chrysler.
#503 of 538
Re: 2008 Jeep Grand Cherokee Laredo and Limited Rates [ejv207] by Car_man HOST
Aug 04, 2008 (1:09 am)
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Replying to: ejv207 (Jul 28, 2008 2:19 pm)

You're very welcome, ejv207. I'm glad that you have found this forum so helpful. Thank for taking the time to let us all know how everything turned out. Make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience. Enjoy your new ride .
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#504 of 538
Re: 2008 Grand Cherokee Lease [turbanski] by Car_man HOST
Aug 04, 2008 (1:14 am)
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Replying to: turbanski (Jul 30, 2008 9:10 am)

Yep, turbanski, Chrysler no longer offers leases on new vehicles. The fact that they are trying to claim that they will offer financing that has similar payments to what a lease would provide is laughable. In most instances, finance payments are much higher than lease payments. I have a feeling that the lack of leasing is going to be a big problem for Chrysler. Traditionally, it has had the highest lease penetration rate of the "Big 3" manufacturers. We certainly are living in interesting times.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#505 of 538
Re: 2008 Grand Cherokee Lease [Car_man] by stmss
Aug 07, 2008 (6:04 am)
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Replying to: Car_man (Aug 04, 2008 1:14 am)

The fact that they are trying to claim that they will offer financing that has similar payments to what a lease would provide is laughable
 
My local GM dealer is saying the same thing to financing. Not sure if they are trying to convince me or convince themselves. You just need to run the numbers. Maybe financing at 0% for 72-84 months you may get close to the same payment as leasing.

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