They are not good. Thread on here somewhere. Wait and see if they get better next week.
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Title: Is this a good deal?
Post: Looking to lease this one this week
Year, Make, Model, and Trim: 2021 Jeep Grand Cherokee Laredo X
MSRP: $43,510
Selling Price: $41,850
Monthly Payment: $404.84 with 7.75% tax
Drive-Off Amount: $0 out of pocket (coming out of the $5,500 rebate)
Months: 36
Annual Mileage: 18000
MF: .00057
Residual: 48%
Incentives: trade in positive equity of +$6400; $5,500 rebate,
Region: So Cal
Leasehackr Score: not sure
Leasehackr Calculator Link:
Inception Fees: 765.59
Acq Fee: $0
Total Cap Cost: $31,540.36
You are paying $6,400 at drive-off in the form of forfeited equity, which masks close to $200 a month on your effective payment.
So this is more like $600 a month with $0 DAS.
How have you validated that your trade allowance is fair?
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Gotcha.
Carmax is giving me $14,400 and buyout on the vehicle is $8k.
Any input is appreciated.
There is a $5500 rebate and you have $6400 in equity on your trade-in?
If you haven’t already searched and found this, here is a recent reference deal.
I think @Bryan82 was looking at a Laredo X though, not the new 3 row Grand Cherokee L, is that correct?
Either way, to @Bryan82: most people would advise against putting so much money down on a lease. You’d be better off getting the dealer to cut you a check for the equity and putting it towards your monthly payment on your own. This way you don’t lose it in the event of a total loss, theft, etc. Additionally, something isn’t adding up in your quote. If everything here is accurate it looks like there’s almost $40.00 per month in that quoted payment that’s unaccounted for. It should be about $367 a month including tax at those numbers.
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many threads on this $700s $800s
Yes, EE is correct - never put your equity against a lease - you never will see that back and will certainly lose it if totaled or stolen.
If you can put the money down on multiple security deposits which are refundable, I’d do that to get a lower MF.
Why are you trading in your Jeep instead of selling to CARMAX? It just looks as if you’re leaving 2k on the table for the convenience of someone else taking it as you drive off with a car.
Also, don’t leave down payments, not a good usage of your money in a lease!
us bank jeep no third party buyouts
Yes, 5500 rebate and 6400 in equity on trade in.
This is a Ford car not Jeep and the dealer is matching the Carmax trade in dollars. I’m trying to bring down the monthly payment with the rebates and trade in money.
Can one of the Admin’s move out my “Is this a good deal” post? I’m not sure why 2 of my posts are merged into one conversation?
We try to condense closely related threads by the same people into one conversation to save answering the same questions over and over again.
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Here’s the worksheet I was given by the dealer. This may be better for everyone to see. The residual is very low, is this normal for a model that getting a refresh next year?
Your real residual is about 44% because of the miles you are buying up front. That explains the price discrepancy I pointed out before.
It’s a Chrysler product that isn’t a wrangler, so low residual isn’t surprising. Add in that the current GC is over a decade old, and it’s really no surprise that the long term value isn’t there.
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