Today I contacted a sales rep at a jeep dealer I’ve gotten my last 2 jeeps from.
I’m currently on a lease with 16 more months remaining at $780 a month. I’m located in New York. I have a jeep 4xE 50th anniversary. The lease Deal included 10k a year miles which I would have to return with about 32,500 on a 39 month lease. I’m currently at 31k already so I’m going to go over. I think I would be around 45k by the time I returned it.
The deal he proposed is : so the remaining balance I owe would be rolled over into the new lease, but he came up with 9k in rebates to offset most of it. So that leaves me I guess $3600 in the negative?
He told me the best he could Do is: 4k down, 42 month lease, 12k miles a year and $699 a month.
I guess I’m just debating on just sticking out with my current lease and starting fresh at the end of it minus the mileage overage I would have to pay or start of a new lease with minus $100 every month but for 42 months.
You don’t fix a horrible lease with another horrible lease. Take a step back. Read leasing 101. Find out what your current payoff is and get some quotes (driveway, carvana,. …).
What is the overage per mile in your contract. How many miles is your warranty good to?
Listen, you will pay for those miles no matter what. The 4xe does not have the rebates now that could help with that type of negative equity. You will have to bite the bullet either by paying miles or paying negative equity. Depends which one is worse. Treat a deal based on discount off msrp and money factor. For a limited gas version I am at 500 a month in my initial search in NY without negative equity etc plus tax and fees upfront. You could always look at another car. @arkautomall has some decent deals on Kias and Infinitis that could be better suited.
If you would have got the correct 12K or 15K lease mileage at the beginning you would have paid more monthly for those miles…just last the lease out and pay the miles…and learn how to nego/calc your next target lease yourself so you don’t rely on dealers.
So you are 23 months in with 31k miles. A 12k lease still isn’t going to be enough.
you are too far out in the future. Wait till you are down to 6 mos and see where you are at that time. No need to rush into anything when the deal is not attractive.
I’m not advocating taking any action now, just notiing that many people purposely contract for too few miles to keep the payment down, which results in unpleasant consequences later.
(and of course many others buy too many miles “for peace of mind,” which is also generally imprudent).
