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Leasing Deals and Strategies

3K views 19 replies 10 participants last post by  polizei 
#1 ·
I want to lease a JGC and I'm in the DC area. So far several dealers have quoted me money factors of .0006 to .00064. Anyone getting better offers these days?

Can anyone share their strategies for getting better lease terms? I plan to use the DC buying club to get a good price for the vehicle.
 
#2 ·
The DC deal reportedly only works extremely well for purchases...leases seem to be "high" compared to other offers out there. You may get a much better deal with a buy at low, low interest rates...and without the mileage restrictions, etc.
 
#4 ·
Leasing tends to be local in many cases...you might check with independent leasing companies to see what they might offer you for a vehicle contract if the dealer offers are not satisfactory. I know one fellow posted an almost $200 monthly difference between doing the deal in DC and doing it where he lives...in NY, I believe.
 
#8 ·
That fellow is me - and Jim is 100% correct. Koons Jeep was quoting me a really great price for sale, but at least $150 more for lease then what I got in NY and they couldnt explain why.
I was tempted to buy it instead of leasing, but ultimately decided against it when my friend got me a great lease price

Not sure what level trim you are looking. I got a Limited with nav, sunroof, 20" wheels and a V6 for $485 a month. $300 total out of pocket and first month paid. That was for 36 months and 12,000 miles a year. I'm in NJ but only a few miles out of NYC.
What I got (in February, from a friend in a leasing company)
Limited with nav and sunroof - $415 / month, 36 months, 10k per year, $1000 out of pocket
I ended up getting a Limited with Lux2, nav and 20" wheels for $465/month, 36 months, 10k per year, $1360 due at signing.

The way I negotiate leases is on monthly price. I know it goes against what is suggested (everything I've read says to negotiate based on price of car) but it works for me.
Dealer A - offered me $435 / month
Dealer B - offered me $415 / month
If its the same terms - I dont see why I cant negotiate on monthly price.
 
#11 ·
I know the MF for an Overland is .00005 w/ a 52% residual for 12k miles. THis is through Chrysler, it's the March national program. Dealers will mark up a reserve factor to pocket. You have to find that and is often the cause of higher quotes. I've been looking too and in OH the tax is put into the cap cost, if you then try to pay tax out of pocket its considered money down and goes into the cap cost making everything much more expensive. I can buy for cheaper and don't know how people lease expensive cars in OH. Look at edmunds general discussion forum on GC, there is a lease forum and the moderator posts all the factors for Limited, Overland etc. But make sure you educate yourself on how a lease is calculated or the dealer will hose you.
 
#12 · (Edited)
Can you guys help me!? I'm suppose to be ordering a 14' Limited 4x4 with 8.4A this week and I'm looking at leasing in Ohio.

I negotiated the following:

MSRP - $39,685
-$3,500 off MSRP (just over 4% off invoice)
= $36,185

$36,185 x 6.5% (tax) = $38,537 OTD

Price - $36,185
Down - $1,000
Tax - 6.5%
Residual - $20,575
MF - 0.00117 (2.80%)
Term - 36m
Monthly - $501.69

Total Cost = $19,060 ($6,353/year)

and

Price - $36,185
Down - $1,000
Tax - 6.5%
Residual - $20,575
MF - 0.0006 (1.44%)
Term - 36m
Monthly - $467.84

Total Cost = $17,842 ($5,947/year)


$33.85 (difference) x 36m = $1,218.60 savings

Now...the first two are generate from the Cars.com website, and don't factor in the mileage (15k/year). So...by dropping the MF from 2.80% to 1.44%, I would be saving $1,218.60 over the course of 36 months. Does this sound ok? Is my math good? What kind of Money Factor are you guys getting? I've seen anywhere from ~0.006 (1.44%) to the standard 0.00117 (2.80%) on Cars.com.

The quote the dealership gave me was:

Dealer Quote:

Price - $36,185
Down - $903
Tax - 6.5%
Residual - ???
MF - ???
Term - 36m
Monthly - $494

Total Cost = $18,784 ($6,261/year)

I have no idea what MF they have on that though...I just want a good idea of what I should negotiate going into the dealership. Also, VERY important, did you guys put any money down? I originally was going to put a down payment on the lease, but I've heard that if you total the car, your essentially completely out of the down payment??? I know there's GAP insurance in the lease, but that does NOT cover the down payment, correct?

Sorry for the length, I just have to make a decision soon and I'm not wanting to get screwed!
 
#13 · (Edited)
I never leave a down payment on a lease for exactly that reason, if the car gets totaled you loose the downpayment.

I recently (in February) was given 2 offers. Both with $1000 due at signing, 36 months, 10k miles, Grand Cherokee Limited v6
1. Sunroof and navi - $415 per month
2. Lux 2, 20" rims and navi - $475 per month

I went with option 2. According to my lease agreement - the price of the car is $41,239 and the residual is $26,154. Cap cost reduction is $1000. Rent charge $468.75 (no clue what this is). $1563 sales tax (8.875% in NY). Acquisition fee $500

I've been told that the program for March is worse and the deal I got was a special price because I know 2 people in leasing companies. No dealer could touch the prices. I also saw that people in other states have varying prices (usually higher) than I did in NYC. When I asked Nader from Koons for a lease quote, it came out to be $80 more per month

The way I negotiate a lease, is usually not advisable by websites, but works for me. I contact several dealer and/or leasing companies, tell them what I'm in the market for and see who gets me the best per month price and then I go with the lowest price.
 
#14 · (Edited)
Thanks. I haven't thought about trying to get quotes from independent leasing companies...the main "problem" I have is that I HAVE to order the car in the next few days. Also, the dealership I'm working with is the ONLY one (of about 20 within a 50 mile radius) that was willing to offer just over 4% off invoice. The others were at 1 and 1.5%, or invoice/MSRP plus.

So that said, Essentially, I believe the 2015's will obviously be more expensive, so I want to order a 14'. Also, I have a personal objective to order new, because of the "issues" the JGC is known for, I would hope that if I order a new one, most/all of the simple fixes would be taken care of vs. one that's been sitting on the lot for the last 3-4+ months that COULD potentially have more issues.

ETA: What was your money factor?
 
#16 ·
That's not the case, because to order the vehicle, you have to agree to the lease terms and sign the contract...so whatever the lease deal is at the time of order is what it is. You can however, still increase the down payment amount, after the order is placed.
 
#17 ·
Jeep is still offering through April 0% for 36 months and you can finance the whole thing I believe. Free money....I usually just buy vehicles but for this one I financed for the 0%....even at 1% in a bank account you'll earn $800+ over the 36 months.

I've never leased a vehicle as leases are "supposed" to cost more than owning since if they didn't cost more the leasing company would be out of business pretty fast.
 
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