I currently am in month 15 of 36 on my Wrangler 4XE lease. Mileage allowance is 30k, and I’m already at 22k!
I’d be around 7k underwater if I sold to anyone, so looking for any suggestions. Went to Jeep dealer and they would take it back but obviously roll the payments into a new car (pretty much adds $200+/month to any lease)
I read some car brands have pull ahead programs. Does Jeep have anything like that? Would any program at any other brand be able to help me out and get into something new? Or am I simply screwed here?
Keep shopping for buyouts from Carmax, other dealerships etc. do you know your actual buyout? Don’t take a stealerships word for it. I had a car I was told “you have no equity” by a dealer who didn’t even look at my car, to getting an equity check for 3200$ a week later from autonation.
Short answer is No, without having to roll that negative equity. Do you have another car? Some manufacturers have loyalty incentives for leases. That might help you with your next lease or purchase, but you would still be on the hook for that -$7k.
What is the cost for overage mileage at lease end? Can you prepay for mileage right now and save? If you don’t know, call your leasing bank.
I did check Carmax, and they were $2k lower than the dealer.
Yes, but I was also WFH at the time I ordered it and then had to go back to office. Also when I placed the order, it was at around $450/month. By the time it was delivered, it was now $580/month.
I can’t prepay for mileage, and it’s going to be 0.25/mile at the end.
Thanks for all the replies. Looks like I’m going to take a pretty big hit either way. I need a new three-row SUV, but it seems like the best bet is to just do that deal on its own.
I went to the Jeep dealer a few days ago and they would “take back” the Wrangler, apply the $7k in negative value to a new Grand Cherokee L Overland, and I’d be at ~1300/month LOL
This probably minimizes the damage to a degree, since it sounds like you’ll accumulate miles faster in the remaining months than your historical average…
But as a frame of reference, steady use at your historical average rate adds about $5,700 to your lease cost, or $158 a month.
These calculations can easily be redone with a better forecast of future use/total mileage at lease-end, but I would look at it from this perspective before doing anything drastic.
Also, if you decide to get out early, you will have amortized your transaction costs (TTL, acquisition fee, doc fee, likely at least some of sales tax, etc.) over a much shorter term than you planned, so if you get out now you’re essentially flushing more than half of that money down the proverbial as well.
Thanks for this. But yeah, I’m screwed either way. If I could go back, I would just not take delivery since the monthly went up by like $130 from the time I ordered to delivery. I should’ve been smarter.
I guess I’ll ride it out (and just drive wayyyyy less), and wait for maybe some insane deal to come save me haha
Cant you hold onto the Wrangler and lease the JGC for a total between the two way less than $1300 a month? The JGC L Overland should lease for less than $700 a month with a low mileage lease. Split the miles between the two until it is time to turn on the Wrangler.
as well.