relatively new to the forum. Currently have a '19 Grand Cherokee altitude lease that is up in June. Currently owe 24K on the car (remaining payments & buyout), and was offered 36-37K for it from various dealers/carmax. Current payment is $480/month for the ‘19 lease
Was quoted a 2022 Grand Cherokee 2-row Summit Reserve w/o any of the add-ons (most are standard on summit) for:
Broker fee: 500
MSRP: $65,160
selling cost after discount: $59,621
59% residual
0.00098 MF
36 months 10k/yr miles
monthly w/ tax: $740
DAS: $2560
& a 10K check (-2560 DAS) for the positive equity in my current lease! - only good thing to come out of covid !!
Good deal? Thoughts? The McIntosh speakers and palerno leather seats are drawing in me greatly.
While i am not sure of what deals are offered out there for summit but for effective $811/month (before the 10k) seems a lot but if you factor that, it’s around $533 which is not bad at all if you consider this market.
But remember at $533 effective, you’re not left with anything from the current equity.
$811 for a Grand Cherokee sounds insane. I don’t care how nice the leather seats are .
The equity being cashed in doesn’t make this a better deal, considering that cash could be grabbed regardless, at any time, not dependent on trade in.
That would be like me making $10k from my Jeep, and then spending it on a $10100 Diamond encrusted toilet plunger. “Well it really was only $100 since I used up my entire equity check, that makes it more logical right?”
You have at least $13k in equity, maybe more if you get more quotes, so definitely maximize that and don’t accept 10.
That money should then be treated like any other cash in your bank account. Spend it as sparingly or as wastefully as you spend any of the rest of your money.
And the McIntosh system is a standalone $1,495 option on the Summit and Overland trims.
One thought experiment worth conducting these days is to assume this is the new normal. Banks are fully aware of just how much consumers are willing to pay to lease cars. Now that that cat is out of the bag, it’s not going back any time soon.
So compare the total cost of:
(A) doing 2 of these leases over the next 6 years.
Versus
(B) buying the car and extending the warranty to 6 years.
It does sound like a lot, I’ll give you that. However, after sitting in a 2022 summit reserve, it’s actually hard to believe it’s a Jeep…they’ve outdone themselves. There was less plastic than the X5 I test drove as well, and…
those are the only two cars that peak my interest at the moment, and the X5 is $1,100+ a month, without extras.
rebates aren’t firm, apparently, & will be determined based on what is valid/applicable at time of vehicle delivery. - At least that is what I was told.
I wish I could wait…Chrysler Cap told me I couldn’t buy out the lease within the 90-day lease end window (ends june 22nd). So, unless I’m misunderstood, I need to cash in the equity on my lease now, and get a replacement car before I hit that window. Not sure if I’d receive a 4xe in time.
CCAP should be you couldn’t sell the car to 3rd party within 60 days from your lease end. If the leasee want’s to buy out the car with cash/finance they have a right to do so before lease end anytime. I’m not sure why they told you 90 days. I would email them or message them and get it in writing to confirm their buy out policy.
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