Hello - I have been reading a lot of posts, this is my first one.
Looking at a lease on a 2019 JEEP GC Overland V6 4x4.
I just received this offer today
MSRP 50240
Savings 5327
Sale Price 44913
I have negative equity rolling into the lease of 2,000
Down Payment 3500
Lease payment total $558 (36 months. 12k miles)
Does this seem like a good deal (considering the negative equity coming from the trade in)?
Was the quote provided for a Chrysler Capital lease? US Bank? Ally Bank?
What was the money factor and residual value?
On the surface, this looks like a terrible deal.
Assuming by “down payment,” you mean “due at signing,” it is terrible. With your negative taken out of the up front cash, you are still $1500 plus $558/mo on $50k MSRP. Do you really need an Overland? Those don’t lease as well as the Limiteds, for example.
I backed into a residual value of 48% and MF of .00006.
I know it’s not a great deal - the negative equity is killing me. I had put a lot of miles on my current car and started at negative of $5K and got them down a little. Issue is my car has some pretty heavy maintenance coming up, so I was attempting to get out of it.
And I was looking at Overland because I’m coming out of a Mercedes, so looking for the luxury touches. I noticed the Overland models don’t lease so well…assuming because of the bad residual.
Apologies for the basic question - my first lease and still learning all the ins and outs.
Have you gotten cash offers on your Benz from carvana/vroom/carmax? Separating it from the lease deal is probably a far better idea.
Have you considered looking at a non-Jeep product if you’re looking for a luxury vehicle that doesn’t require a lot of maintenance?
You can get a fully loaded QX-60 for significantly less or a maybe a slightly better equipped than base RX350 for less money.
Hell, you’re at Q5 territory for that money. All of these options I would take over a Grand Cherokee for the luxury.
I have, unfortunately they’re all EXTREMELY similar.
I appreciate the input.
I have considered other options, however I can’t get the features in a Q5 for that price and the Q5 is considerably smaller. The QX60 is really a rebadged Nissan - I travel for work a lot and rented a QX60 and Pathfinder back to back and they were fairly similar. I also hate CVTs…so anyways, I considered a lot. The Overland gives a lot that you get in many luxury SUVs that are a lot more expensive.
MSRP-wise, yes. It gives a lot of luxury for the over all price. To me, this one seems to be leasing about as much as the more expensive luxury competition.
Best of luck, OP.
Appreciate the input. I actually went back and looked at some more luxury competition, so still have not made a decision. I messaged the guy you said up above - he said for the car it’s a good deal…just depends what someone is looking for.
Thanks again for your replies and input.
I’m in the same boat. I love the Grand Cherokee (Hi Altitude or Trailhawk for me) but it seems pricey to lease. The formula starts out good with decent dealer discounts and low MF but the horrible 49% RV and low cash back incentives is what’s making it so highly priced. The dealers told me to consider leasing a fully loaded Limited model because of better discounts & RV but that model just doesn’t seem to have the same ‘wow’ factor.
Question for the group:
Carvana & KBB estimate a 3 year JGC is worth $3k more than Chrysler Corp residual value of 49%. Would you bank of this being a money maker at the end of the lease because it’s wholesale value is worth more than the projected residual value? It’s a gamble considering a new redesign will occur in 2020 or 2021.
Apologies if I posted this in the wrong place (new to this forum) but looking for feedback.
I spent the last week of Jan 2019 negotiating a 2019 Jeep GC limited with lux group II package. The deal I finalized with the dealership was as follows:
$1,500 down
39 months 15k miles
$394 a month
I agreed and had them run my credit. They came back with the bank won’t finance me because of high DTI but they could get me financed at $460. I told them my credit shows four mortgages (3 investment properties and 1 primary) but they said it is strictly based on my base salary, not the rent on the properties. I said that doesn’t make sense, of course my DTI would be off.
When I was finalizing the deal, I called two other Jeep dealers in the area…both of which said that is a very good deal and they couldn’t come near it…the best they could do was about $460.
The dealer kept saying they are giving me a great deal for the points for January…felt like they realized they didnt’ want to do the deal anymore and tried to force into something they could do…am I missing something? I’ve leased a couple of vehicles but not experienced enough to understand this. Thanks!
I’ve read it’s not advised to lease a vehicle past the bumper to bumper warranty. Although I love Jeeps, they aren’t the most reliable.
I will let you know the answer to this on Wednesday! I ended up buying out my ‘15 Jeep GC lease in October due to being over on my miles and other life circumstances. I’m planning to get some quotes on Wednesday as to what I can sell for. I’ll keep you posted!