So I signed a lease for a new 2023 Grand Cherokee L Overland over the weekend but I’m really confused about something. I’m a super supporter so I get access to the program lookup in the Rate Findr. I put all the information in the calculator, my supplier discount, incentives and the positive equity that I got from selling my old lease. The payment came out to $840/mo. I called the dealership to see if that’s what they came up with and they did. We wanted them to come down a bit so I called and spoke to the sales manager and they ended up giving a bit more off of the car to get the payment to $825 and we were okay with that.
We went to the dealership and saw the car and loved it and sat down to sign paperwork and this is where I got a little confused. This whole time I was calculating using the CCAP rates from Rate Findr but for some reason this dealership was going through Stellantis for the lease and the rates and incentives were different. I don’t understand how the payment could have matched if it wasn’t the same, did I lose out on something? Why couldn’t I see this in Rate Findr?
Lease term was 39 months 10k miles
Here is how I calculated it:
$72780 MSRP
$68934 selling price
$2000 incentives (private offer and lease cash)
$3825 DAS ($3000 down and first month’s payment)
$38573 RV
.00092 MF
Here is how they calculated it:
$72780 MSRP
$68934 selling price
$5750 (rebates and noncash credits)
$3825 DAS ($3000 down and first month’s payment)
I get that but all my lease documents say Stellantis financial services. I asked the finance manager about it and he said that CCAP is one “thing” under Stellantis. I don’t see Chrysler Capital anywhere and the incentives are different.
Higher residual on Stellantis (57% vs 53% CCAP), but higher MF. Also 3750 of additional incentives. You became a payment buyer, which is OK if you’re happy with the amount. But they moved some things around, surely to their advantage, to get you to where you wanted to be.
If you complete the lease term and walk away from the vehicle, no difference. But if you want to buy it at the end, it’ll end up costing you 4% more. If for some reason you need to get out mid lease, your payoff will be different vs the original deal. Starts lower/ends higher.
Ya, it just sucks that I didn’t know this information walking into the deal, although it’s not like I could have just recalculated it on the fly and been like, “Hey, you’re ripping me off here” lol.
We’re fine with the payment because using CCAP rates that’s what it should have been and that’s what my wife and I were good on.
Is there anything that I could have done, at time of signing, to get what the payment was supposed to be or was I kind of locked in at that point? I know what’s done is done already and I’m fine with how it is but I just want to know for the future if something like this happens.
Can you post your contract with your info redacted ? I think this is the first time we’ve had “stellantis” as the captive and want to verify your docs.
