Need some help to understand this lease.
Is this really a “sign and drive” lease or will I have to pay upon signing?
It is a Jeep Grand Cherokee L Limited with trailing package.
Yes, I know they quoted 48 months, I will have to have that changed.
The “Total drive off” and “Total cash required on delivery” is what is confusing me.
The total drive-off of 9046.55 includes the 6500-rebate leaving 2546.55. What they did is add 10.40 to this amount to get 2556.95 and labeled it as the lease inception fees. They capitalized (financed) this in the lease. I suspect that the reason they added 10.40 is to make the payment come out as an even 599.00. So, they owe you 10.40 at signing (cash required on delivery).
As usual, the dealer’s worksheet is pure garbage. There is a lack of transparency as acq and doc fees aren’t disclosed. The adj. cap and money factor aren’t disclosed. In addition, the residual value is not disclosed. They chose to disclose the purchase option amount instead. I was able to determine that the residual is 47% of the MSRP or 24766.65. Adding 350 to the RV gives the purchase option amount of 25116.65.
My gut tells me this is a horrible deal. You might be paying close to MSRP with a marked-up money factor. I would check the forums at edmunds.com and ask for the money factor and rebates/incentives. Give them the term and your zip code. I wish you would have provided more info such as the GCL year, desired term, state, etc.
Anyway, welcome to our community!
THe $599 payment is a dead giveaway that the dealer is purposefully trying to obfuscate the details of the deal. My guess is you walked in and told them you wanted to be under $600 a month. Ask them to give you the exact selling price, including dealer discount and all fees rolled into the lease, and the MF. You will likely be amazed at how much this lease is going to cost over 48 months. Unfortunately Jeeps are not leasing well right now, so try to hold off until the deals get better.
The payment will change.
This discussion is moot until you know the payment on the lease duration you’re looking for.
As is always the case, starting with a well-researched target deal before ever talking to a dealer would save you a bunch of headache and uncertainty.
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