Grand Cherokee L Lease -Deal Check

Ask the Hackrs
1

Hi all…I agreed (verbally) to this deal last night and then today stumbled up on this site. I’m hoping to get some input on this deal.

Location: RI

Background: In a current Grand Cherokee L 40k lease, and have 62k miles. Lease ends in February. 20 cents per mile overage fee and residual is $29,700. It’s not worth the residual, so I’m losing if I buy it and it’s $4k in mileage overage plus $1500 to terminate early. So simply walking away is not great either. Apparently Ally lowers the buyout for dealers and the dealer can buy it out for $25,945. After some negotiation they’re willing to give me that amount as trade. So essentially I think I’m able to walk away from the current lease without any major fees unless something is hidden in the new lease. So I feel like that’s a big win.

That’s my situation, interested in feedback. Thanks!

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2

Well the discount is terrible.

And will 10k miles per year be enough this time?

3

Thanks for the response. The discount is more than listed in the discount section. That’s the dealer discount, and then there were other rebates/discounts noted in the middle column. So with fees rolled in, and my 2k down the price is ~42k. Is that still terrible?

10k will most likely not be enough again. So I’d be rolling the dice there again.

4

well no, there’s the dealer discount off msrp and rebates. they’re two different things. as max said, the discount is terrible. how does this compare to grand cherokee Ls in the marketplace?

edit: also why on earth would you put yourself in the same over-miles position 36 months from now?