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Old 10-26-2014, 06:30 PM
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Is this a good deal on a lease?

2015 jeep grand cherokee altitude 4x4

They have msrp at about 39000 which is about 1000 more than truecar.com app shows in my area of long island ny. The negotiated selling price is 37000.

Terms are 419mo for 36mo. Taxes, dmv fees, first months payment down = around 2000-2500 which will come out of trade in.

I went on jeep.com and used they're payment calculator to see if I could do any better and I can't even come near this price so it seems good. I just want to make sure and feel like I'm doing good.

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Old 10-26-2014, 07:08 PM
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Re: Is this a good deal on a lease?

There are several missing factors that need to be revealed before anyone can offer an opinion if this is a good lease deal or not. What are the mileage restrictions? What is the money factor? What is the residual value of the vehicle at the end of the lease? Who is the lease through? (Who the lease is through is extremely important if you do not intend to buy the vehicle out at the end of the lease. Some lease companies are much more picky about the condition the vehicle is returned in than others. If yours is one of the nit picky ones you could wind up losing lots of money here. US Bank in particular is known for being extremely picky.)

Most financial advisors say to put as little down as possible on a lease. (Chrysler Capital offers some pretty nice sign and drive deals.) The reason for this is that if you happen to get unlucky and total your new vehicle in the first year you have pretty much lost all of the money you put down. The sweet spot in leasing is usually at 39 months. You might want to see what extending the lease to 39 months does to your lease.
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Old 10-26-2014, 07:51 PM
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Re: Is this a good deal on a lease?

I forgot to mention 12k miles yr for the lease. I don't plan on buying at the end and I'm not sure what bank the dealership uses for the lease. I always heard to stay away from the 39 months. I don't know what the residual or money factor is. This particular dealer was pretty annoying to deal with. All they wanted to talk about was the payment and the guy was running back and forth to the manager.

They first had me at 419mo for 48months with my trade as a down payment. Not good at all. I'm probably going with a different dealership but I figured I'd ask here.
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Old 10-26-2014, 08:09 PM
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Re: Is this a good deal on a lease?

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Originally Posted by Freedom View Post
I forgot to mention 12k miles yr for the lease. I don't plan on buying at the end and I'm not sure what bank the dealership uses for the lease. I always heard to stay away from the 39 months. I don't know what the residual or money factor is. This particular dealer was pretty annoying to deal with. All they wanted to talk about was the payment and the guy was running back and forth to the manager.

They first had me at 419mo for 48months with my trade as a down payment. Not good at all. I'm probably going with a different dealership but I figured I'd ask here.
Somebody told you wrong on the 39 month lease. As I said it is the sweet spot. Usually when Chrysler quotes lease payments in one of their ads it is with using the 39 month lease. You need to do some research before you go lease shopping again. As nicely as I can put it you are kind of unarmed. You never go vehicle shopping whether you are going to buy or lease strictly on payment. You also definitely need to know who the lease is with and who they are shopping your credit score to. The reason the dealer only wanted to talk payment is they were hiding the other info from you. The money factor is similar to interest rate. You could have a good payment with a terribly high interest rate. The residual is the buy out or what the lease company thinks the vehicle will be worth at the end of the lease. You may think you don't want to buy the vehicle out now but what if the residual was 50% or less of the purchase price? Even if you did not want the vehicle you could purchase it, trade it in, and make money on it. You need to spend a couple of days on the internet researching these things before you go shopping again or some dealer is going to take advantage of you.
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Old 10-26-2014, 09:10 PM
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Re: Is this a good deal on a lease?

I don't really understand the money factor. If the money factor was high then wouldnt the payment also be high?
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Old 10-26-2014, 09:39 PM
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Re: Is this a good deal on a lease?

No, I got my 14' Limited for 4% below invoice ($36k OTD), 36m lease, 15k miles, $1k down, $480/mo. I think the dealer is trying to screw you...

Also, it's my understanding that you want to put down as LEAST as possible, and do not use a trade, because if you wreck the lease, you're out of luck on whatever you put down...
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Old 10-26-2014, 09:55 PM
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Re: Is this a good deal on a lease?

stay away from Security Dodge in Amityville... total a$$holes and tried to rush me the moment i stepped in the door. Plus they low balled me on my '08 WK trade in.

I went with Smithaven Jeep/Dodge for my lease. Had an excellent experience with my salesman's James and his manager. I HIGHLY reccomend them. He was a young guy (mid-late 20's) but knew his shit and didnt pressure me at all when i was looking. Even got him a case of beer the night i picked up my Jeep.

Let us know where you wind up going.
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Old 10-31-2014, 04:50 PM
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Re: Is this a good deal on a lease?

if you're still looking for a lease deal, PM me and I'll give you #'s for 2 of my friends
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Old 11-04-2014, 04:08 PM
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Re: Is this a good deal on a lease?

The best lease is no lease. Simply don't buy what you can't afford. Try being debt free. Once you are, it is highly unlikely you will ever want to go back to being a debt slave for lenders.
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Old 11-04-2014, 04:26 PM
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Re: Is this a good deal on a lease?

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Originally Posted by FStephenMasek View Post
The best lease is no lease. Simply don't buy what you can't afford.


If you think that's what leasing is all about, you're not getting the entire picture...

I've heard of people who'd rather make lease-payments on a car than paying that money to the IRS.
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Old 11-04-2014, 04:28 PM
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Re: Is this a good deal on a lease?

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Originally Posted by FStephenMasek View Post
The best lease is no lease. Simply don't buy what you can't afford. Try being debt free.
How does that make any sense in today's economy? My brother and I both lease Jeeps. He leases a 2014 Jeep Patriot and a 2013 Wrangler. Just before the lease is up on both of them he will buy them out and sell them back to the dealer. He has always made money doing that. Myself, I am leasing a 2014 Jeep Cherokee. I leased this vehicle because it is a new model and has no track record. So far it has been perfect and my intentions are to buy it out and keep it if it continues to be so. If something should develop I can simply walk away at the end of the lease. I am positive the residual/buy out is less than the value of the vehicle is going to be at the end of the lease. A fully loaded Jeep Cherokee Limited with a sticker just a few dollars under $40,000 with a residue of $20,000. As long as it stays gremlin free how can I lose on a vehicle I know the history of and am the only one who has ever driven it? There are ways to use a lease to your advantage to test/trial a vehicle or not tie up your own money. The 1% do this all the time. It is called using other people's money (at little or no cost to you btw).
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Old 11-04-2014, 06:48 PM
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Re: Is this a good deal on a lease?

im leasing a 14 gc,39,000k 36months 36000mile lease,no money down at all,477.00$ month,im happy
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