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Leasing a 2015 Overland

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2015 overland
6K views 41 replies 18 participants last post by  Jim_in_PA 
#1 ·
Hey everyone, I'm currently in talks with a dealer for a new 2015 Overland here in the Seattle area. I've got some numbers, and I was hoping to compare/contrast as well as ask a few questions.

MSRP: $47,590
Residual: 49% / $23,319
Money Factor: .00007
Dealer's offer after rebate: $41,293

Is that deal comparable to what some of you paid? Would asking for 40,000 even be, "low-balling"? I'm guessing this dealer just wants the car off of the lot considering it's a year old and we're at the end of the year.

When I go to the dealer to get the paperwork going, I can ask the dealer if they can work on getting me a better rate/tier right?

Thanks! I'm hoping to be a Jeep owner in just a few days! :D
 
#3 ·
It should be .000007 (five zeroes).

.00007 (four zeroes) is 16.8%!! That needs to come WAY down. I just got .000004 on my '15 High Altitude which is less than 1% APR. With a 49% residual.
 
#13 ·
Leased my Overland back in August with an MSRP of $49,175 and paid $42,180.50.

Due at signing was $3,100. With tier one (A+) credit for a 39 month lease with 10K miles a year i'm paying $464 a month in NY (8.625% sales tax). Money factor was something like .00003.

Now that its the end of the year and 2016's are coming in, i would push hard for a good deal on a 2015 that is sitting on the lot.
 
#16 ·
If you want a new car every 3-4 years leasing is better. But then you're perpetually locked into a car payment and a $3-$4k down payment every few years too

You're just helping the financially wise get better deals when the vehicles comes off lease..


Sent from my iPhone using JeepGarage
 
#18 · (Edited)
Financially wise? I guess I'm an idiot.

Of course, I get to drive that car when it's new for 2-3 years and basically swap keys.

Like the other poster mentioned, I never put anything down either. I guess you're the genius because you're buying my used car, paying for it for 5 years and then buying another car I used for 3 years?

EDIT: I saw your comments in another thread, you seem to be really on a roll about those of us that lease and how stupid we are.

I essentially "buy" a $8-11,000 car every 3 years. The difference between doing that and buying used is I'm just the first one to drive that car. No one else's problems, always under warranty, always low miles and especially when I do 2 year leases, I never have to replace any wear items -- No brakes, no tires.

I'm not saddled with depreciation after 3-4 years because it's not my problem.

It cuts both ways. Just because you don't lease doesn't make you any more financially wise than me, but rolling into a thread with "lease" in the title with inflammatory comments about how we're financially unwise and making a mistake certainly doesn't make you look intelligent.
 
#17 ·
$3-4K down payment? I've never put a down payment down. And I never lease for more than 36mo. But I only leased Lexus and Toyota so shorter terms are more common due to higher residuals. I would never lease for 4 years, you could have almost payed off a vehicle by then. That's why it's a poor decision to lease a vehicle with low residuals.
 
#26 ·
I've always financed my cars. I've recently turned to leasing. Just leased a 2015 Overland also. People say you never own anything you just keep making payments, but with that also comes no real maintenance. In 3 years you go get the brand new model w/ all the new features and its usually redesigned. Just my 2 cents
 
#27 · (Edited)
Time for me to chime in here also a leaser of a 2015 Grand Cherokee. Among the obvious reasons why leasing is "good for me":

1. My credit report only shows the outstanding balance of the lease ($14k lease vs say $45k purchase). If you're looking to keep your debt to income ratios low this is a great way to do it!

2. I can choose to purchase at lease end knowing I was the sole owner (if I choose to)

3. I bought a 2014 Overland that shit the bed! Not happening again and if this 2015 shits the bed I'm not nearly as upset about it. If I scrape a wheel or crack windshield (which I did both) don't care! I'll negotiate getting out of that when they are desperate to lease me another one.

4. If I want out of my lease at anytime, I can get the payoff (provided I'm not too upside-down) and sell it, trade it, transfer the lease, etc.

5. Most importantly, I know I will not be keeping this Jeep past my two year lease.

6. Since I leased, I don't have to worry about negative equity in two years. Learned my lesson early on.

7. My leases have always been cheaper than buying and with no money down which is sorta the idea of a lease. If you choose to get rid of it early on you lose that money you put down so less down is better. You can get low payments by negotiating the purchase price as well as lease rate depending on your credit. I did!

8. At anytime during or end of lease I have three options - buy it, turn it in or trade it. Provided I have equity in the vehicle (which I have had previously) it becomes my equity. Something tells me if they are eager to sell me another Jeep next time, they will find a way to locate positive equity or atleast a little.

7. The lease on my 2015 JGC gave me $3500 cash back as well.

8. I leased through Chrysler Capital so I'm able to pay my lease with a credit card and get points.

9. Surely not going over my allotted milage. I have second vehicle for that and if I do, the $ will be minimal anyway.


All sounds pretty damn good to me with all the options in the world with a lease from my perspective.

Just my two cents.
 
#35 ·
Sorry for the delay. I've never leased before but always wondered if it was an option for me. I typically put down $4k on my cars (usually used) and generally try to keep my payments under $600 which means I finance for either 60 or 72 months. I'm a consultant for an international firm and travel pretty much every week. Travel can be local or long distance (drive or fly) depending on the year and the different projects I'm on. I typically put between 20-25k miles on my car a year. I've found that I get bored of my cars in about 3 years but because I finance them I often feel like I'm not in a good place equity wise to trade them in. Under this scenario is there any way a lease would work to my advantage financially and personally?
 
#37 ·
It might.

Lets look at it this way. Currently youre spending 4k down + under $600/month (Lets call it $550 for arguments sake).

If youre only keeping your car for three years, that means you will be spending $19,800 + 4k down payment = $23,800.

There are plenty of high milage leases out there that will give you what youre looking for while also being under $600/month. Technically you are spending $661/month if you divide your 4k down payment.

It all comes down to the caliber of vehicle you want. A 30k vehicle spread over 72 months at 1.9% will be around $450/month. You will own the vehicle but also own the depreciation on it. Where as the leased vehicle will get you a nicer car but you have zero equity stake in it.

Leasing could be an option for you. But then again so could purchasing a vehicle with a lesser MSRP and cutting your monthly payment significantly
 
#42 ·
green', I leased a number of cars years ago...'even worked for a leasing company for a short period of time. But I didn't "do miles" back then. When that changed, I went back to buying.
 
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