I’m looking to do a reasonably attractive deal on a Grand Cherokee for my wife. If I can’t get the monthly lease payment down to less than 1% of MSRP I’m probably not going to do the deal.
So far I’ve been talking with a few local dealers and have a lead on a particular car my wife likes with the options she wants. However, I feel like the sales guy is talking in circles. I told him I want to put the minimum amount down possible and he’s telling me thats 5k. I also told him I feel like the MF should be substantially less than 0.003 given my credit (820ish). I was told that “the bank” is giving such deep rebates already so they can’t go lower on the MF. I’m not a lease expert, and happy to be proven wrong, but I don’t believe that’s how leases work.
Anyway, attached is the full printout of the deal as it currently stands. Is there anything that stands out as an area I can press on? Or alternatively, what would this deal need to change up to you guys to make it a great deal?
The biggest issue with that deal is the discount sucks.
Rather than focus on if the payment is more or less than 1% of msrp, which is a useless way to gauge if something is a good deal or not, you need to take the time to work out a target deal to see what this should lease for. There shouldn’t be a case where you’re looking at the money factor, unsure of what it should be.
Your credit isn’t the only thing that dictates the money factor. The dealer can’t go lower than buy rate, and buy rate right now is often quite high. For many of the Jeeps at the moment, it’s up over .005. You have to work out what it should be.
But first things first… walk away from this miserable deal.
As others have mentioned, this is simply a bad deal. You should be starting at a 10% discount off MSRP. Unfortunately now is just not a great time to lease a Jeep, but I understand the wife wants what she wants. I would hold off for a while if possible to see if MF and rebates improve later this month.
Just to make sure I understand, because this deal lists the buy rate at 0.003, they can’t go lower than that on MF. This implies the only way to improve the deal is to get a substantially better discount. Do you have any guidance as to what that discount would need to be to make this deal worthwhile in your view?
Or alternatively, are there any other 3 Row SUVs with 2nd row captains chairs that I’d be able to negotiate a better lease on now, all else equal?
