Hey guys, today I spent 7 hours at a car dealership… honestly I felt prepared going in but turns out I crack under pressure. I was looking to lease a 2019 Jeep Grand Cherokee for 36 months at either 10K or 12K miles and I was quoted way more than I was expecting. Any help you guys can give me would be so awesome. I have attached some photos of the paperwork they gave me. Do you guys think this is a good deal or am I getting hosed? Seems like the money factor and residual may be a little off, also I have no idea what CAP or how it is calculated, does this look correct. Thanks in advanced, looking forward to getting some feedback.
If you went to a dealer without having a negotiated deal, then you were not well prepared at all. We never recommend setting foot in a dealer to negotiate.
I’d throw these quotes in the trash and start over. They’re offering a very small discount which alone is a problem. But also they’re using Us Bank which has a high MF and very low residual.
Do some research to determine what a good selling price is, what incentives are in your area, and then figure what Chrysler Cap, Ally etc are doing and what incentives apply to leasing through them.
So the bank affects the residual?
How would I find information on what Chrysler Cap and Ally are doing, is this information public?
Thanks a ton!
FCA is more complicated than most brands as they can use multiple financial companies, but only Chrysler Cap info is easy to get before talking to a dealer. Ask for the lease details over on the GC thread on https://forums.edmunds.com/discussion/52705/jeep/grand-cherokee/2019-jeep-grand-cherokee-lease-deals-and-prices
For FCA I always recommend people go over to the incentives page https://www.jeep.com/lineup.incentives.html?app=incentives and see where the incentives are for different trim levels and see how it looks. I think at the moment the incentives are quite even across trims but sometimes they can differ by $3k.
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Overall, it seems you are unfamiliar with what to do and how to approach.
At a very high level…
Two options;
1 - invest time to increase your knowledge, market intelligence(on specific car), develop a plan, and execute.
A-Increase knowledge - take an hour or so to increase your knowledge of leasing. (Base knowledge) Start here;
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https://leasehackr.com/blog/2018/8/28/help-am-i-getting-a-good-deal
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https://leasehackr.com/blog/2016/4/17/how-to-calculate-lease-payments-by-hand
B- Market Intelligence - Suggest your search the forum for previous Jeep forms to get an idea on others experiences leasing the car your looking at. What Jeep dealers have the car you want? How long have they had it?
C - Develop a plan - based upon all the intelligence you gathered, develop your plan. What are you willing to pay? Your willingness is slightly different to others. How long have the cars been st the dealer?
D - execute - remove all emotion. Remember your goal is to get the best deal for yourself. Plenty of dealers will laugh at you, but that’s fine. Just move on.
2- your other option is to hire a broker from the site. Still requires a base understanding of what your willing to pay. Etc.
Thank you guys for the feedback, huge help. I will do some studying and get back at it. Thanks again, I’m enjoying the learning process.
Hello guys,
First timer in leasing, I really need help. Today I got quoted for the lease of a 2020 GC Altitude, here are the numbers:
MSRP: $39,485
Discounted price: $37,401
15k miles per year.
42 months.
- Monthly payment w/ $0 down: $552 (including taxes)
- Monthly payment w/ inceptions down: $503.97 (including taxes)
- Monthly payment w/ inceptions + $1000 down: $478.79 (including taxes)
I have been reading some posts and I can say my numbers seem terrible, although I haven’t seen any posts for someone that want to lease a GC with 15k/y, which is what I need. However, I read that it also depends on the region (I’m in Miami).
I think I can still get some discount off the MSRP plus some rebates, as I haven’t negotiated that much.
What do you guys think about these numbers? What should I aim to?