I have a potential lease deal check I want to ask you guys about from a custom ordered car.
Details:
2022 Jeep Grand Cherokee L Summit Reserve
36mo
12k yr
6500k down (part equity from my current car I’m using) *may reduce it, but higher payment
55 residual
.00098 MF
MSRP 69,295
Selling price 65,874
*I ordered this car back in early December '21 and it just delivered to the dealer last week. I was told that the MSRP has gone up a couple thousand (to $71k and change) from the time I ordered it to today which is crazy to me but I get it with overall market conditions. Dealer is giving it to me with old MSRP price of $69k. Technically, I’m getting a pretty substantial amount off given the increase in MSRP.
Your deal is obscured by the equity of your current vehicle. No need to put any equity down when you can pocket it instead of losing it all if the car gets totaled the next day.
Yes, I agree. I’m debating whether to pull back the $6,500 down and just do DAS $ but payment is much higher but I guess it’s all relevant. I might just invest that equity but I was going to use it towards the payments over the term of the car (if that makes sense). If the car gets totaled then I still have that equity.
Residual cannot be changed or negotiated. Unfortunately Chrysler Capital drops it significantly on most of the higher end models vs. limited and Laredo which are in the 60s
The price is high but that’s due to the RV, high state tax rate, and slightly lower discount than we have been seeing here. Most broker deals are 8.5% which is still better even with the new higher MSRP.
If you like the car, pull the trigger especially since you ordered it. It’s not a great deal looking at the monthly payment, but based on todays market it’s decent especially for a “luxury” 3rd row SUV. In comparison, you would pay $1,200/month for a $78K X7.
If you have the cash, 1 pay would save you about $3K.
I have a Summit L coming soon so hope you like it.
Yeah the Mf is not marked up and the discount with the msrp hike now is pretty close to offers here especially when you factor in don’t have to wait for it to be built fly in to pick it up etc
You can’t really directly compare that, since the RV on the lease is based on the new, higher MSRP on those offers as well, however, the money saved on shipping/broker fees does play into things.
Yeah I agree but then again you have to pay broker fees and everything else with going through them…
I ordered it with expectations that it wasn’t going to be great lease but took a gamble. It isn’t ideal lease but the car is beyond expectations seeing it in person yesterday.
I have a local dealer I’ve been going to for many years and he makes it so easy to buy from so it’s hard to start with a broker of some sort. The customer service I get is beyond any dealer I’ve dealt with before. There’s definitely pros and cons.
Enjoy! Definitely post some pictures as I haven’t seen one in the wild yet. Build seemed to go pretty fast since they started production only a couple of weeks ago. Fingers crossed mine comes faster than my 4xe is taking.
For my education, besides no third party buyouts and potentially poor return/inspection process, what else should people be aware of with US Bank?
You are going to disagree but I like the lease transfer option vs CCAP and I’m sure the OP could ask for few grand upfront since most people will be quoted MSRP or close to it if they are shopping on a lot.
Exactly my thoughts, likelihood of a buyout to a 3rd party especially with a loaded up model seemed low - but I could see myself considering a lease transfer and don’t like being locked in
