I have a 2016 Jeep Grand Cherokee. My payments are $420 a month last payment is 10/19. Due to a new job last year and relocating I now have 100 miles left on my lease before i start paying for overages. Anything I can do? I wouldnt mind getting into another Jeep just need more miles than current 7500. Am i on the hook for the remaining payments? I can pay that off but then wont have any money to put down towards another truck.
Of course you are on the hook for the remaining payments. You signed a contract and need to fulfill it. Search the forum considering this happens to people all the time and thus questions has been answered many times
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thank you so much for your help. Very Informative!
You should also spend more time reading here if you think that putting down money on a Jeep (or are you trying to lease a truck?) is a good idea. It’s never a good idea to put a cost cap reduction on any lease
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how many miles are you putting on a month? would look at what your charge for mileage overage is, and try and estimate that cost. could be cheaper then trying to roll in 7 months of payments into a new lease.
If you are currently in a Chrysler Dodge Jeep or Ram lease and would like to come out of your vehicle earlier than your scheduled maturity date, you have more flexibility than you may think. If you are within 1 year of your scheduled maturity date, you will automatically qualify for a credit of up to $1000 as a returning lessee. Additionally, highly incentivized programs from the manufacturer are in place to facilitate the early termination of your current lease and into another lease or retail contract.
If you are nearing your mileage allowance and still have remaining payments, this program affords customers the option to terminate their existing lease without incurring mileage fees at the end of your lease.
Are you in a vehicle which no longer fits your current family status, lifestyle or driving habits? Early lease termination is an economic way to proceed to another vehicle of choice sooner than your scheduled maturity date.
Thank you! I am doing 1k miles a month .20 a mile = $250 a month x 7 months = $1750 as oppose to $420 x 7 = 2940 - 1k pull ahead = $1940
based on what phantom said i might look into leasing another Grand Cherokee early if I could find a sweet deal. Maybe you wait until you are closer to the turn in date.
As you found out, rather than help some of us are here to talk down to people. Particularly if we come from big fancy universities
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FWIW I’ve been looking for GC deals the past week and there really isn’t any at the moment. I’m hoping good deals roll around for April.
C’mon man, you’ve been around long enough to know this question has been asked more times than you’ve farted this morning. He simply pointed to the search button.
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That is literally all copied and pasted from the CDJR of Paramus website. Does Jeep even have pull ahead now? If not, the payments just get rolled into the new lease. Loyalty rebates can theoretically be up to $1000 and depend based on the model (if it is being offered at all).
Here is an excerpt of something that I wrote a couple months ago (thanks big fancy university for teaching me how to use a search engine) that could help the OP instead of spoonfeeding.
"If you can’t transfer your lease (or believe you could have equity), see how much Vroom, Carvana, Carmax, etc. will offer for your car. If their offer is higher than the buyout, you will receive a check for the difference. If their offer is lower, then you would be required to pay the difference. It also makes sense to check to see if you have any positive equity at lease-end. This will avoid the disposition fee and any wear and tear. Please note, some companies, such as Ford, give dealers different buyouts than you, the lessee.
If you have negative equity (you owe more than it is worth), you have several options. One common option is to negotiate with the dealer to decide whether it’s better to make your remaining payments and return the vehicle or have the dealer buy out your lease and apply the negative equity towards a new lease.
Assume you have a lease with a $200 monthly payment and you have 5 payments left to pay and the disposition fee (let’s assume $395 for Chevrolet). The dealer could pay $1000 to close that lease and add those payments to a new lease (and you would receive a bill for the disposition fee). Adding $1000 in negative equity adds approximately $33 a month to your new lease (assuming 36 months).
If you believe that you must get out of your lease because of mileage overage, first look into whether or not you can prepay ahead for miles at a discounted rate. Some manufacturers have programs that allow this."
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See what happens when you give a little prodding…