How does this deal look: 2018 Grand Cherokee SRT, state Arkansas
Lease
39/15k miles yr
$73,570 MSRP
$70,575 purchase price (called 4 dealers, best I could do)
$6285 down (includes taxes)
.00165 money factor
51% residual
$995 a month
$37,500 purchase option at end of lease
675 credit score. Seems like a bad deal to me? I know these don’t lease well, but the finance option was awful, 60 months @ 7.19%
Couple things here -
New year model = not much discount.
Residual value - terrible.
Money factor - terrible.
This car does not lease well. And why $6k down? Walk away.
I hate to be that guy, but why are you leasing a 70,000 dollar car with a 675 credit score?
I understand. But how should I respond to this offer? I don’t have much leverage due to the average credit score, that is why they are asking for $5k down…
Look for a different vehicle. You would be crazy to pay that much for that vehicle.
I would suggest to fix your credit first if there are minor issues with it. You can hire a company to do it, might be a small price to pay in the grand scheme of things considering how it’s affecting your lease payment in a way way more expensive than fixing the credit.
FYI - my friend owns one, his purchase financing payment is about $1000 so that alone should give you an idea how bad of a deal this is.
It’s also a terribly made vehicle, he has all sorts of problem with it. The car has been in the shop 100 times, everything goes bad from transmission all the way to the radio.
did not realize GC SRT leased this bad. was going to start looking for one. I guess its impossible to get one of these for under 650$ a month