I’m looking at ordering a 2022 Grand Cherokee L Overland. I’m opting for the 5.7 with the advance pro tech and luxury tech group packages. I’m currently in a 2021 Grand Cherokee 80th lease signed in December 2020.
2022 Grand Cherokee L Overland with packages listed above including trade equity ($3,200) is coming in at $655-$675/mth (64% residual) for a 39 month/10,000mi a year lease. The build MSRP is $70,550. The net cap cost is $63,443. First payment due at signing.
I think it looks like an okay deal. I don’t think I will find anything better in the area. I tried to get the calculator to work, but I’m not a pro and am not sure if it’s accurate.
They told me CCAP is terrible right now. They’re using a credit union. I didn’t ask specifics other than if the credit union lease is anything weird or different. They told me it’s the same as CCAP with better payment terms.
the RV through CCAP definitely is much lower, so it wouldn’t surprise me if the deals are worse, but you do want to be sure to understand any lease end restriction in place by the CU and should probably work out what the lease should be through CCAP to compare prices. I wouldn’t just take the dealer’s word for it.
Thanks for the input. I’ll follow up with them about the credit union. Are there any specific questions I should ask them? I’ve always leased through CCAP and didn’t even know credit unions did leases.
I test drove both the 3.6 and the 5.7 extensively. This new Grand Cherokee feels much heavier than my current Grand Cherokee so I opted for the bigger engine. I’m sure there are better deals on better vehicles. I had them run numbers on each engine, and I’m comfortable with the difference in the payment.
I mostly just want to know that I’m not getting screwed. I know the market is terrible and leases aren’t as lucrative as they used to be right now.
I would keep getting 3rd party quotes from others like carmax, Enterprise, etc.
With just a very quick KBB (and not adding any options that would increase the value) the trade-in value in very good condition is ~43K and the private party is ~47K. It’s a datapoint…
I just ran it through kbb and am seeing the same numbers as you. I’m not fighting the dealer over $1,000 on the value. Is the private party quote only good if I sell it myself?
How am I supposed to know if numbers are inflated? The MSRP is what it is. They won’t sell any in stock units for less than $5,000 over. They don’t have this build in stock anyway.
KBB is just a datapoint. You may have additional options that bring up the potential value. Enterprise Car Sales seems to utilize KBB values on offers, but other than that it is a datapoint in time.
It’s a 5min activity to get additional online quotes from Carmax, Autonation? and others that may be an option in NJ/NY and have worked for others like Shift, Rodo, etc.
Also there are some NY/NJ brokers on here that can potentially help you both on the lease equity and the purchase.
You’ll know pretty quick if its a just a $1,000 (or much more) that you are potentially leaving on the table with both the trade in and the potential lease/purchase.
I went through the list that’s linked on this forum and everything is showing me $37,000 - $38,000 to sell it via 3rd party. I’ve looked at the few other deals people have put together on here, and mine doesn’t seem any worse.
I mostly figured the build MSRP is what it is and any discount off of that is nice. Am I wrong?
If you are ordering the car, I assume you aren’t trading in your current one immediately? If that’s the case, the trade-in value they are giving you is fairly worthless. Who knows what the used car market will do in the 6-12 weeks it takes to be built.
The deal on the new one seems decent since it’s almost 10% off but can’t comment without knowing the MF but seems better than what’s available via CCAP. 64% vs. 57% RV is a huge savings.
Correct in that trade in will not be traded in until the ordered vehicle arrives. They said I’m price protected and nothing will change with the trade or the order pricing. This is a dealer I’ve done business with and purchased from in the past. It is also my servicing dealer.
I looked into some of the brokers on here. They are mostly offering 56% residual value on the Overland L 3.6L without any options for $620 a month for 36/10. I understand you can play with the numbers to get different price outcomes. There are also some brokers asking $600+ a month with a lot due at signing.
I did not ask about the money factor. They told me that the numbers presented today will be the same at signing unless new incentives pop up between now and then.
I’m thinking the problem here is what they’re doing with my trade in. That said, I’m not sure how much of an impact it’s making on the deal either.
I’m not obligated to complete the deal. I’m 100% not trying to nit pick the numbers. The market is terrible for buyers, so I’m just trying to make sure this deal is decent but not terrible.
Thanks so much for the advice everyone! I will be taking the deal and bringing more questions to the table thanks to all of you.
I’ll try to remember to update when the Jeep has arrived and the deal is signed and done. I’ll be sure to let you guys say “I told you so” if the numbers change for the worse.
