2021 Jeep Compass

Ask the Hackrs
21

It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

22

If you are including incentives in that, maybe, but if not, way off. There isn’t that much room between MSRP and invoice on these cars. 3-4% in some cases and then some holdback.

23

Thanks for the response. We went to the dealership yesterday and here is where we ended up:

Selling Price $27,395 and 1750 of incentives.

The dealer dropped the selling price from just under $28,000 when we shook on the deal. They had to use Ally as the bank instead of Chrysler Financial. Ally has a slightly higher MF and provided us a bit less in incentives. New MF was equivalent to 1.5%, and incentives decreased to 1750 (versus the 2500 in the quote when we were negotiating). The dealer simply adjusted the selling price to keep our monthly cost the same as what we agreed to.

24

Generally with 3rd party banks on FCA leases, you get a lot more incentives than you do with Chrysler in the form of IDL cash, not less.