Hi everyone! I’m a little on the newer side here but have been doing a lot of research and reading a lot of posts about negotiating for a new lease. I need some help though understanding end of lease options and if I’m working with some good deals…
I currently have a leased Jeep Cherokee Limited, my last payment is in December and I’m under my miles. I’ve been going back and forth with a few dealers for a 2021 Jeep Cherokee Limited the last few days negotiating a new price as if I were doing a $0 DAS and I think I’ve actually struck what I think could be some good deals.
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10% discount off MSRP (I tried to get them to move some more on this because I had a better discount from another dealer but with worse terms and a higher payment, they wouldn’t budge)
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.00004 MF (checked w/ Edmunds)
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59% residual value (checked w/ Edmunds)
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10k miles/36 months
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$335/mo
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Other than this one I’m waiting for a number back from another dealer with the same RV/MF/terms that said they could beat the other one.
The problem I’m having now is that the company my lease is through (Ally) gave me a buyout of ~$18,200 (slightly higher than if I waited until I made my last payment in December) but they told one of the dealers my car is worth $20,000 and for a dealer to inventory buyout it would cost them $22,500. The dealer told me they could give me a check for my remaining payments but that would of course increase my monthly payments and my goal was to negotiate down the $0 DAS without any trade value and then add the trade value after that, which I guess I wouldn’t have any in this situation!
- Can someone explain to me where this difference for the payout amounts comes from?
- Should I just wait until December?
- If I were given a check for my payments, do I have to keep my car and turn it in with the dealer I got it from and have to pay more fees at at time? (the dealer actually was bought by another dealer so not sure if that makes a difference)
- Overall, what are some recommendations in this situation?
Sorry for so much information in this one post, I hope this is okay. Thank you guys for all of the help over the last week even though this is my first actual post, I wish I knew of this website before I signed my previous lease!