2016 Jeep Patriot/Compass Lease Negotiations

First time leasing a vehicle and am amazed there there is a real learning curve to avoid getting the wool pulled over your eyes. This site has been immensely helpful. Looking at two similar cars and am trying to formulate a game plan before sitting down with the salesperson.

Car A
2016 Jeep Compass High Altitude FWD
MSPR: $28,770
KBB fair market range $26,674- $27,607
TrueCar estimate says $23,974

Car B
2016 Jeep Patriot High Altitude FWD
MSPR: $27405
KBB fair market range $25,031 - $26,064
TruceCar estimate says $23,323

I am located in Los Angeles and there are the following incentives:
Bonus Cash $2,750 Retail Consumer Cash, $500 Bonus Cash, $1,000 Chrysler Bonus Cash. I am not sure if these can be all be applied to leases or combined.

I am not trading in and intend to do zero down but am ok with security deposits. I would like to know how to find the Residual and MF for this car in my area and any general feedback on what to try for. Interesting that KBB and TrueCar start with the same MSPR but recommend pretty different fair market prices.

Any advice is greatly appreciated!

Welcome, @socal!

With Chrysler, incentives vary depending on whether you lease or buy. The incentives listed on TrueCar are specific to purchases.

Here are the lease rates, residuals, and incentives for leases through Chrysler Capital (some dealers use Ally Financial, which has different numbers):

Car A - 2016 Compass High Altitude FWD, 36/10K lease
Residual: 58%
Money Factor: .00001
Incentives: $2,000 ($1,000 Chrysler Capital Bonus Cash, $500 Lease Cash, $500 Compass/Patriot Bonus Cash)

Car B - 2016 Patriot High Altitude FWD, 36/10K lease
Residual: 55%
Money Factor: .00010
Incentives: $2,000 ($1,000 Chrysler Capital Bonus Cash, $500 Lease Cash, $500 Compass/Patriot Bonus Cash)

Chrysler Capital does not have a Multiple Security Deposit program; the acquisition fee is $595.

From checking TrueCar, it appears a good selling price to target (before incentives!) is $1,500-$2,000 off MSRP.

My suggestion would be to search for inventory in your area. Once you’ve identified dealers with cars you want, contact their Internet sales department and request quotes. No need to specify that you wish to lease. Typically their quotes will state the selling price of the car, and then the net price after applicable incentives/rebates.

Once you’ve found the selling price you like (or managed to ask your local dealer to match the lowest offer), tell them you’d like to lease at that selling price with all applicable incentives applied. Confirm the above incentives, residuals, and rates with them – so that everyone’s on the same page. If they ask where you found incentive, residual, and rate information, tell them “the Internet” or that you have a friend who works in the automobile industry.

Then schedule an appointment for the paperwork and taking delivery of the car. Best to do as much at home rather than spending hours at the dealership.

Best of luck!

wow, super helpful; thank you so much!

Can I trouble you for information on the 2016 Mazda CX-5 Grand Touring (MSRP: 29,670) and 2016 Hyundai Tuscon Limited FWD (MSRP: $33,995) as well?

I can’t wait to try above strategy; I will report back as things progress this week!

36/10K lease:

2016 CX-5 Grand Touring FWD
57% residual, .00001 MF, $500 lease cash

2016.5 CX-5 Grand Touring FWD
60% residual, .00040 MF, $0 lease cash

As for targeted incentives, there’s $750 Mazda Lease Loyalty, $500 Mazda Owner Loyalty, and $500 Military.

2016 Tucson Limited FWD
57% residual, .00037 MF, $750 lease cash

Targeted: $500 BoostUp, $500 military, $500 Hyundai loyalty, and $400 Grad

Dealer offering- 2016 Mazda cx-5 grand touring
$0 down
$0 incentives (new to Mazda)
$360/month for 36 months
10k miles
$900 drive off
Msrp is 29,670
Invoice 28,837
Our price is 27,600

The price they have is was 350 out the door but we added a coating to the seats that they gave to us at cost (450), which raised the payment to 360.

Thoughts on how we did here? The dealer quoted a different residual and MF than above, but he showed me the numbers that came from the bank on his computer monitor.

Correction- he showed me the same residual you mentioned. I incorrectly look at the 2016 numbers when I should have compared to your 2016.5 numbers.