Last post on Aug 20, 2013 at 3:32 PM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Jeep Patriot, Car Buying
#37 of 54 Finance Charge seems a bit over price?
Apr 05, 2009 (11:22 pm)
I recently went to look at a Patriot Jeep 2009 Limited and got a quote:
Mo. Pmt for a 72 Mo. Term 421.86. This is with Sirius Radio, UGPS, UConnect, UStudio, and all the other included options on a Patriot Jeep 2009 Limited. The amount financed was 25,465.04 then the Finance Charge was almost 20% of the Amount Financed 4,908.88. Why is the Finance Charge so high? I was thinking this should be around 8% or less of the amount financed? With this high finance charge it brings the Total Sale Price to 32,373.92. This is also with 2,000.00 down and all tax and fees included.
Mo. Pmt for 39 Mo. Term 434.97. This is the same deal as above except I would be leasing. I don't think the lease would have this very expensive finance charge.
I want to buy this SUV but I would like to pay between 350.00 and 400.00 for my monthly charges for a 72 Mo term. I'm currently leasing a 2006 Base SUV Nissan vehicle that's total price is higher then the Patriot and I'm only paying 308.00 a mo. my lease expires soon. To me It just seems strange that this Finance Charge would be so high?
#38 of 54 Re: Finance Charge seems a bit over price? [GeeSlimmy]
by kyfdx@Edmunds HOST
Apr 06, 2009 (8:31 am)
Couple of things..
In general, the domestics don't have very good lease programs.. If you want to lease, you should probably stick with imports.
Didn't the dealer quote an interest rate with the payments on a purchase? Anyway, the interest rate on 72 month notes is usually 1-2 points higher than a 60 month loan. It looks like your interest rate is around 6%, which isn't bad at all... Not sure how you expected the finance charges to only equal 8% of the total payments... After all, you are borrowing the money for 6 years.... and the average balance will be a little over 1/2 of the amount borrowed, over that term...
I'm not all that familiar with Patriot pricing, but it looks like your purchase price, plus fees and taxes is about $27,500... That seems like a lot, but maybe your unit is loaded up?
#39 of 54 Re: Finance Charge seems a bit over price? [kyfdx]
Apr 06, 2009 (6:53 pm)
The Total Price is $26,955.00 with Taxes included. I didn't realize that the finance charge was going to be $4,908.88 and the Amount Financed (borrowed) would be $25,465.04. APR is 5.90.
This is a limited Fully loaded with Sun Roof, Sirius Radio XM, Uconnect, Ugps system installed plus all leather seats and stereo system. The price is $421.86 per/mo. for the 72 mo. term. The dealer just mentioned I'm getting an employee price and if i want the monthly cost to be less then i would need to put more then $2000.00 down.
#40 of 54 Lease cost on car seems high
Apr 06, 2009 (9:37 pm)
One other thing why is the lease price so high? It comes out to $16963.83 for 39 mo. Basically this means I would be paying for over half of the total cost in 3 years! ouch!
Mo. cost for lease with $2000 down is $434.97
#41 of 54 Re: Lease cost on car seems high [GeeSlimmy]
by kyfdx@Edmunds HOST
Apr 09, 2009 (3:01 pm)
5.9% gibes with my reverse calculation... That's just math.. Six years is a long time to borrow money.. The A in APR stands for annual... So, 5.9% of the average balance, each year of the loan.
As far as the lousy lease payment? Low residuals, plus high money factors (interest). Since Chryler Finance isn't leasing, they have to run the lease through an independent bank. That bank only makes money on the finance charges... they aren't concerned with car sales, so no extra incentives to lease.
At these prices, I think I'd learn to like something different..
#42 of 54 Patriot Incentives?
Jul 21, 2009 (7:13 pm)
Anyone speculating on what the incentives will do next month? In my area, there is a $1500 cash allowance until the end of July. Since next month most people will be concerned with back to school, do you think the incentives could sweeten?
#43 of 54 Re: Patriot Incentives? [mb789]
Jul 22, 2009 (1:49 am)
Hi mb789. I've heard that Chrysler told its dealers that it will change its July incentives on most models either today or tomorrow. Unscheduled revisions to incentive programs are usually enhancements, so there is a reasonable chance that the incentives on the Jeep that you are interested in will be better later this week than they are today. Of course, it is difficult to tell exactly what automakers will do with their future incentive programs with 100% accuracy.
Prices Paid: Buying & Leasing Experiences Forum
#44 of 54 Are Patriots Flying off of the Lots?
Jul 27, 2009 (4:24 pm)
There are some hefty incentives on Patriots right now -- any new owners out there? What was your buying experience like?
#45 of 54 Just bough in a rush
Jul 30, 2009 (6:25 pm)
Not under CARS program, but still bought my first Jeep Patriot. 4X4, CVT2, 26E, sunroof, wheel/tire. MSRP $25,085. Paid preferred price $23668 - $3500 incentive = $20,168+ Tax 6%+Doc $100 + ~89 title/plate. Free 6 oil changes + lifetime inspection.
Bought it concerning (1) rollover safety (w/ 1600MPa strength B-pillar), (2) warranty (for CVT), (3) gas mileage (should get 24/25mpg) and price/incentive. Considered Ford escape 2009, Chevy Equinox 2010, Subaru Forester 2010, Mazda CX-7. Never considered Honda CR-V, Toyota RAV4, Nissan Rogue, Mitsubishi Outlander.
Wanted safety/security pkg, but couldn't get it.
#46 of 54 Want to purchase a new 2010 Patriot
Mar 28, 2010 (7:17 pm)
Lowest price in Los Angeles is $14,490 for the cheapest model. It seems like a good price,