Go Back   Jeep Garage - Jeep Forum > Jeep Platform Discussion > Grand Cherokee - WK2 -

Join Jeep Garage Today
Reply
 
Thread Tools Display Modes
 
  #1  
Old 04-02-2013, 01:26 PM
Member
 
Join Date: Jan 2013
Posts: 15
Thanks: 3
Thanked 0 Times in 0 Posts
Rep Power: 727
Daytonguy21 is on a distinguished road
14' Lease Rates (April)

It is my understanding that lease rates update every Tuesday, used to be every other Tuesday. I have emailed my dealer to get confirmation of the new rates but I suspect they have gone up.

Last week I ran a build and price on the jeep.com website and with my overland came out to a per month lease payment of ~$650/month (36 months, 15,000 miles, $1000 lease conquest). I even made the best attempt to enter "down payment" information to reflect the negotiated price including TTL with my dealer.

Today I ran the same calculation (using the same inputs) and came out to a price of ~$730/month.

Just wanted to see if anyone had the updated lease numbers for an overland and to see if in fact they had changed. Also, has anyone had luck using a bank other than Ally for a GC lease?

If the Jeep website is accurate then there is no question the better option is to buy vs. lease.

Thanks for the help!
__________________

__________________
Ordered: 2014 Black on Black Overland!!! Options: CD Player (Im old school) :thumbsup:
Reply With Quote
  #2  
Old 04-02-2013, 05:16 PM
torifile's Avatar
Member
My Jeep: 2014 5.7L WK2
 
Join Date: Jan 2013
Posts: 633
Thanks: 27
Thanked 14 Times in 10 Posts
Rep Power: 1317048
torifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond repute
Re: 14' Lease Rates (April)

Without knowing the residuals and money factor, it's impossible to know anything about the lease. I use RIDE with G | monthly lease rates, auto leasing tips, industry news and personal rants for lease calculations. That sounds awfully high for a lease, though.
__________________

__________________
Reply With Quote
  #3  
Old 04-02-2013, 06:56 PM
SW03ES's Avatar
Senior Member
My Jeep: 2014 3.6L WK2
 
Join Date: Jun 2011
Location: Gaithersburg, MD
Posts: 1,853
Thanks: 17
Thanked 61 Times in 49 Posts
Rep Power: 1303579
SW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond repute
Re: 14' Lease Rates (April)

I would not put any weight on the Jeep.com lease estimator. You need to get the numbers and do the math yourself.

Unless you can write the vehicle off for business, this is a "buy" vehicle IMHO. Residuals are not good, and unless you get some sort of crazy incentive to lease vs buy, I'd buy.
__________________
~Steve~
2014 Jeep Grand Cherokee Overland V6 4X4. Maximum Steel w/ Vesuvio Jeep Brown/Indigo Blue. Advanced Tech Pkg.
2013 Lexus GS350 AWD, Liquid Platinum w/ Flaxen. Luxury & Cold Weather Pkg
Previous Jeep: 2011 Grand Cherokee Laredo X w/Nav, QT1 & Trailer Tow
Reply With Quote
  #4  
Old 04-02-2013, 08:01 PM
torifile's Avatar
Member
My Jeep: 2014 5.7L WK2
 
Join Date: Jan 2013
Posts: 633
Thanks: 27
Thanked 14 Times in 10 Posts
Rep Power: 1317048
torifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond repute
Re: 14' Lease Rates (April)

Depending on how good a deal you negotiate, a low residual might favor a lease then purchase at lease end. I ran the numbers on a couple different scenarios and leasing actually comes out cheaper if residuals are 56% and the money factor is .001.
__________________
Reply With Quote
  #5  
Old 04-02-2013, 08:18 PM
torifile's Avatar
Member
My Jeep: 2014 5.7L WK2
 
Join Date: Jan 2013
Posts: 633
Thanks: 27
Thanked 14 Times in 10 Posts
Rep Power: 1317048
torifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond repute
Re: 14' Lease Rates (April)

I just ran some scenarios again. With the 7% below invoice many of us are getting and a 54% residual, the buy vs lease options are nearly identical. Personally, I might take a lease with those numbers just in case the truck is a stinker. It'd be a cheap insurance policy.
__________________
Reply With Quote
  #6  
Old 04-02-2013, 10:10 PM
torifile's Avatar
Member
My Jeep: 2014 5.7L WK2
 
Join Date: Jan 2013
Posts: 633
Thanks: 27
Thanked 14 Times in 10 Posts
Rep Power: 1317048
torifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond repute
Re: 14' Lease Rates (April)

To simplify my calculations, I've created a Google Spreadsheet. You can view it here: https://docs.google.com/spreadsheet/...VE&usp=sharing

Feel free to copy it and change the values to fit your circumstances. In my particular scenario with an assumed 54% residual and .001 MF, staying on a 5 year timeline and assuming I can get a loan for 1.99% like I can now (big assumption, possibly), leasing-to-own only costs an extra $900. If I'm judicious about the $200/month I'd save by leasing, I could make that up.

Keep in mind that the payments on a 2 year loan for the purchase option will be very high, especially if you don't save those $200/month for the payments. But if I sock away that money, my monthly payments won't be any higher during those last 2 years than they would be in the last 2 years of the outright purchase scenario.
__________________
Reply With Quote
  #7  
Old 04-03-2013, 08:12 AM
Member
 
Join Date: Jan 2013
Posts: 15
Thanks: 3
Thanked 0 Times in 0 Posts
Rep Power: 727
Daytonguy21 is on a distinguished road
Re: 14' Lease Rates (April)

Torifile,

Thanks for the great comments. I have been making the same analysis, which has been the trade-off of the lease vs. the buy and viewing the balance (loss on lease) as insurance in case the 14' has major problems and I want to unload the rig at the term of the lease.

The numbers were "fairly" close using a residual of 50%, which is what the Overland was for 36 months with 15,000 miles in March, however my concern is that the lease rate has dropped, which would obviously slant the numbers more heavily towards the buy option.

If I did go the buy option I am interested in where you were able to get 1.99% on a 60 month loan. The best I have been able to find is 2.99% through Chase. I qualify for top teir credit so that should be an issue.

Again thanks for your input!
__________________
Ordered: 2014 Black on Black Overland!!! Options: CD Player (Im old school) :thumbsup:
Reply With Quote
  #8  
Old 04-03-2013, 08:49 AM
torifile's Avatar
Member
My Jeep: 2014 5.7L WK2
 
Join Date: Jan 2013
Posts: 633
Thanks: 27
Thanked 14 Times in 10 Posts
Rep Power: 1317048
torifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond repute
Re: 14' Lease Rates (April)

I've been watching lease rates for a while and they haven't changed much in the past several months. As far as the 1.99% rate goes, check penfed.org. You have to be a member, but that just means you open up an account for $5 and you're in.

I've done some digging around on lease rates and last month (they change monthly) for a Limited (Overland tends to be a little less) was 54% for a 15k mile lease with an interest rate of 1.45% (or about .0006 MF) through Ally. (See here. The poster, Car_man has the inside scoop on nearly all lease terms for car manufacturers.) Per my calculations. that actually makes the lease with a buyout at the end CHEAPER than an outright purchase.

In reality, however, it depends on your negotiated sales price. I messed around with many percentages and MFs to see and they all are about the same as far as end cost. I'm going to get 7% below invoice through the DC group buy and that alone makes the lease nearly equal to buying.

edit: per the discussion here, a fully loaded Limited is a better value from a leasing perspective.
__________________
Reply With Quote
  #9  
Old 04-03-2013, 04:38 PM
SW03ES's Avatar
Senior Member
My Jeep: 2014 3.6L WK2
 
Join Date: Jun 2011
Location: Gaithersburg, MD
Posts: 1,853
Thanks: 17
Thanked 61 Times in 49 Posts
Rep Power: 1303579
SW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond repute
Re: 14' Lease Rates (April)

Quote:
Originally Posted by torifile View Post
Depending on how good a deal you negotiate, a low residual might favor a lease then purchase at lease end. I ran the numbers on a couple different scenarios and leasing actually comes out cheaper if residuals are 56% and the money factor is .001.
Remember too that Ally charges like $2,500 if you buy out the lease on top of the buyout.
__________________
~Steve~
2014 Jeep Grand Cherokee Overland V6 4X4. Maximum Steel w/ Vesuvio Jeep Brown/Indigo Blue. Advanced Tech Pkg.
2013 Lexus GS350 AWD, Liquid Platinum w/ Flaxen. Luxury & Cold Weather Pkg
Previous Jeep: 2011 Grand Cherokee Laredo X w/Nav, QT1 & Trailer Tow
Reply With Quote
  #10  
Old 04-03-2013, 06:36 PM
torifile's Avatar
Member
My Jeep: 2014 5.7L WK2
 
Join Date: Jan 2013
Posts: 633
Thanks: 27
Thanked 14 Times in 10 Posts
Rep Power: 1317048
torifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond reputetorifile has a reputation beyond repute
Re: 14' Lease Rates (April)

Ally isn't the only leasing option out there. There's US Bank too, in addition to my credit union.
__________________
Reply With Quote
  #11  
Old 04-03-2013, 08:14 PM
SW03ES's Avatar
Senior Member
My Jeep: 2014 3.6L WK2
 
Join Date: Jun 2011
Location: Gaithersburg, MD
Posts: 1,853
Thanks: 17
Thanked 61 Times in 49 Posts
Rep Power: 1303579
SW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond reputeSW03ES has a reputation beyond repute
Re: 14' Lease Rates (April)

This is true, just something to keep in mind.
__________________
~Steve~
2014 Jeep Grand Cherokee Overland V6 4X4. Maximum Steel w/ Vesuvio Jeep Brown/Indigo Blue. Advanced Tech Pkg.
2013 Lexus GS350 AWD, Liquid Platinum w/ Flaxen. Luxury & Cold Weather Pkg
Previous Jeep: 2011 Grand Cherokee Laredo X w/Nav, QT1 & Trailer Tow
Reply With Quote
  #12  
Old 04-03-2013, 09:52 PM
sndrsk's Avatar
Member
My Jeep: 2013 3.6L WK2
 
Join Date: Feb 2013
Location: Des Moines, Iowa
Posts: 183
Thanks: 0
Thanked 2 Times in 2 Posts
Rep Power: 142008
sndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond reputesndrsk has a reputation beyond repute
Garage
Re: 14' Lease Rates (April)

I thought Chrysler was done with Ally starting last Monday? Or does the contract end on the last day of the month?
__________________

__________________

Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Lease Rates _Bryan_ Grand Cherokee - WK2 - 0 01-06-2013 12:39 AM
Lease Rates and Residuals for May ?? milesgold Grand Cherokee - WK2 - 0 05-09-2012 09:16 PM
New Member- Looking for Lease Rates & advise milesgold Grand Cherokee - WK2 - 1 05-01-2012 01:27 AM
Overland Lease Rates? BlueLodge400 Grand Cherokee - WK2 - 1 01-09-2012 04:04 PM
Anyone know the March 2011 lease rates for the Grand Cherokee? ehas23 Grand Cherokee - WK2 - 10 03-16-2011 07:24 PM

Powered by vBadvanced CMPS v3.2.3

All times are GMT -5. The time now is 04:11 AM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Copyright 2012 - JeepGarage.Org
The Jeep Grand Cherokee Owners Community

JeepGarage.org is in no way associated with or endorsed by Chrysler Group LLC.