Hi everyone. I’m sure this question has been asked before but after searching and reading some comments, I’m confused by a lot of the acronyms and responses, so if you can respond like I’m a four year old that’d be great. Anyways, I’m currently leasing a 2016 Jeep Cherokee Limited ($347/month) and have about 10 months left in my lease. I really need a bigger car and have seen an ad for a 2018 Ford F-150 XLT crew cab for a 24 months lease, $2000 down for $179/month.
If it makes any difference, my current lease is with US Bank and I leased at Quirk Jeep in Massachusetts and the Ford deal is with Quirk Ford.
What I’m wondering was, if I wanted to trade out of my Cherokee and into the F150, ballpark, what my monthly payments would be. Here’s the full ad:
MSRP: $49,490
Package discount: $2,500
Rebate: $5,500
Trade assist: $1,000
FMCC: $500
Quirk discount: $5,000
That is definitely not the full ad. It doesn’t even give the details of the lease. To get out of the lease, you’ll be looking at all remaining payments and disposition fee rolled into your new lease (aka it isn’t going to be pretty)
what other information should I be looking for in the ad?
so I’d have to add up my remaining payments and disposition fee and add that to the purchase price?
If that’s the case, is my best option just to wait until I only have a few more months left on my current lease before trading in? I’m just looking to get my monthly payments under $300.
Check what your lease buyout is with US Bank, and compare that to what it’s worth via estimates from vroom.com, carvana.com, and maybe an in person estimate at Carmax. You then know where you are in terms of profit/loss on your Jeep.
In the small print of the Ford advert there’s probably a note to say not all people will qualify for all the incentives they’ve included, and they’ll be all sorts of taxes and extra fees not included. They include every incentive and make unrealistic representations to get you in the dealership and then try and bump the price up as much as possible. That’s the tactic a lot of the more affordable brands employ and unfortunately it works most of the time.
The question is do you have the time and inclination to learn more about the leasing/automotive game, or do you want to make it easier and faster by employing a broker? From what you wrote it sounds like you’re in a rush and you have a lot to learn so I would go with a respected broker here like @nyclife who will very quickly advise you on your best option for the kind of vehicle you need.
Thanks for that info. I’m not in a rush, this is more of a want than a need. I recently got something in the mail from US Bank about calling them to talk about end of lease options so I may give that a try. I have leased twice with this dealer before and they’ve always honored their online quoted price but maybe I just got lucky and qualified for all of their rebates.
It looks like your lease rebates are $4500 to $4800 in your area (extra $300 for 2.7L engine). Please check Edmunds for RV/MF for your region and edit calculator link below as appropriate. [I used RV/MF values from my region for 24/10. But my region has terrible incentives so may compensate that with a lower MF than available in regions with a higher MF. A $3k Ford PCO would help make the numbers even better].
The challenge is going to be how upside down you are on the Jeep. Can you flip the Jeep without too much damage? Also, why do you need a bigger vehicle and is a full size pickup going to get you what you need?
Give US Bank a call and ask them about incentives to get you out early ( Lease pull ahead ).
Some leasee banks will let you out early to get you into another of their brand’s car and renew another lease.
Since you are working with the same owner (Quirk) they may look at your Jeep and take it in to get you into another car. But remember, if the bank does not offer a early lease pull out, the dealer will roll in the remaining payments into the new car’s price and you eventually pay for both !
My wife upgraded from a Nissan Sentra to a Toyota Highlander, which is now the family car, which has plenty of space for car seats, strollers, groceries, etc. I’d like to have a car suited more to my needs, which a truck is perfect for. This is why I say it’s more of a want than a need.
If you want payments under $300, then you need to wait considering rolling in your existing payments will be $3500. That’s almost $100 per month on a 36 month lease
I just called US Bank. My lease buyout is $21,975. I haven’t gotten any price estimates yet but the KBB is about 16.5 so I’m guessing I’m still upside down on the lease. They did tell me that if I went into a dealer and wanted to lease again with US Bank, to have the dealer call and ask for a loyalty quote, which would be lower. They don’t offer any sort of opt out incentives but certain dealers might. At this point, it sounds like my best option is to hold onto my current lease until I get closer to maturity.
