First time leasing and I want to know opinions on whether I got a good deal or not. I leased a 2019 Jeep Grand Cherokee Laredo E 4x4. Here are the figures. This was in Boston, MA.
10,000 yearly mileage
$1500 in fees plus first month paid at signing
Rebates and non-cash credits: $7500
Selling Price = 26,800
Residual: 55% (20,500)
Money Factor: 0.00186
$286/month (including taxes)
So you paid full MSRP minus incentive?
So 1786 DAS and 286/month?
That’s about half of holdback. Did just fine
Yes. Kind of regretting not trying to negotiate MSRP but the rebates were so much better than other dealerships I had talked to so I just rolled with it.
So I understand what holdback is, but not sure what you mean…which part is about half of holdback?
The holdback on this car would be about $1,029 I think… is that right?
Thanks for your reply!
My estimate is they’re dipping into half of holdback for this deal.
I think holdback is about 700
What am I missing?
Where are they dipping into holdback? That’s full MSRP minus the $7500 incentive.
I think it’s written incorrectly.
If he’s effectively at $327 including tax w $327 DAS
Based on the 1500+286 he put as DAS
Those numbers are using rebate, dealer discount if xxx, and half of holdback according to my notes.
Not sure how the residual is 55%, the numbers I have seen on Edmunds have the Laredo at 50% for 36 months and 10,000 miles.
Can anyone confirm one way or the other?
I was shocked/confused by the residual myself but I didn’t ask any questions about it cause obviously it was in my favor… here’s a screenshot of an email they sent me giving the details for the lease terms for a Laredo E and a Limited. The limited was a good deal as well I think, but I opted for the cheaper option in the end. I don’t have the contract with me right now but could send that later if you’re curious. Nothing was written incorrectly in my original post. But I have a feeling they really wanted to move their 2019 JGCs and hooked me up with the rebates/incentives (they didn’t even say what they were, just that I qualified for all of them, and that everyone qualifies…).
Thanks for the screenshot! Have been in the market for a Grand Cherokee, so this is of interest to me.
The numbers work out well, but the residual is much higher and the money factor is also significantly higher!
And I was only aware of $5,250 in rebates for everyone + an additional $500 for conquest or retuning lessee in the household ($5,750 total)
Would be interesting to learn who the lease was financed through.
Keep in mind Jeep uses soooooo many banks so the residual and MF will vary greatly. In MA, each dealer uses at a minimum 3 banks (Chrysler, USB, and Harbor One)
Yeah this was through Harbor One