Hello everybody, looking to lease for the first time
I’m looking at 2024 Jeep Grand cherokee laredo base model MSRP 40-44k.
what’s a reasonable monthly payment to know I’m not getting screwed over?
and what’s the MF and residual value
Zip code : 60645 chicago Illinois
One should not lease if they live in Chicago
for what reason ?
Chicago basically charges double tax on leases, so you end up at about 20% sales tax.
oh wow! is there anyway around it?
Only two ways to avoid it… dont lease or move out of Chicago
1 Like
This is for a New 2024 JeepGrand Cherokee L ALTITUDE X 4X4
I’m in Chicago zip code 60645
excellent credit
20240404150457784.pdf (21.0 KB)
In chicago, so rating = 0/10
This is an insane price to pay for an altitude trim
1 Like
Wow. Paying almost $7000 (194/mo) just in taxes for a 36 month lease…leasing when having a City of Chicago address makes zero sense!
EDIT, I interpreted the deal sheet wrong on taxes…delta has the exact formula but in IL it is approximately the base payment times 36 times tax rate (looks like dealer is using 10.6ish here?) plus base payment times 9% (for additional Chicago tax) yielding a total tax pay on this lease of 2575+2187 for 4762. By leasing with a City address he is paying the additional 2187 tax or about 60/month. This total amount roughly equates to paying sales tax on the whole selling price of the vehicle as if he were buying it.
3 Likes
Fixed that for you. It’s a resident tax, not a Chicago tax. OP couldn’t just lease from say another city, he would still have to pay that.
1 Like
@samsaleh how did you expect the answer to change? Did you move out within the last 18 hours?
1 Like
Ha, corrected!
Wasn’t there some kind of balloon loan lease that an OEM was doing to get around this?
1 Like
Yep, BMW called it Owner’s Choice…downsides to it were having to pay tax on entire vehicle upfront and interest rates were usually much higher than MFs.
1 Like
so I looked up the MF using rate finder and it’s .00287 which is way less than the .0037 they offered. now how much of a discount you guys think i can get on the adjusted cap cost? like how much to ask for?
@forbs @gohawks23
None! Because they are ripping you off. Go to another dealer
1 Like
I don’t know what a good discount is on this car but you can do some searching and find out…BUT, just write a check for it or finance as that alone will almost halve your taxation costs.
PS, when I lived in the City I always bought in the burbs as there was more competition and way better deals.
this dealer is actually in Indiana
Theyre using SFS, not ccap, so make sure you use that bank in ratefindr
Theyre really not. This isnt a bad discount and the numbers add up.
The problem is he lives in Chicago and gcl programs suck currently.
1 Like