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  #13  
Old 02-03-2015, 05:30 PM
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Re: Leasing option

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Originally Posted by Sleestak View Post
So are you saying one can trade in early or turn in early? Is there a difference in penalty or is it waived since you're leasing/buying another Jeep? Sorry, I'm just not up on the early lease turn in/trade in scenario.
When it comes to trading in, it's just a question of the numbers and in that regards, not too different than an ordinary financing. After all, you could also buy your car you're leasing at any time. All you need to do is give the leasing company a call and ask for the current pay off quote. That number - compared to the current value of the vehicle - determines how much financial sense it makes to turn in early.

So if your payments are higher due to a lower residual, you are in fact paying off more than others and reach the break-even point earlier (or I should say, come closer to it because if you got a very low payment and optimistic residual, there might not be any break-even point at all).

Though I'm not 100% sure when it comes to a penalty payment, I can tell you that dealers LOVE folks who trade in early because in the end, it's an additional sale. And keep in mind: If you plan on buying another ride, only a dumb dealer is going to ask for additional charges for slight excessive wear like little dings in the doors etc. After all, you can return and trade-in your ride at ANY dealer and there are many of them out there who would rather make a sale than scaring you away due to excessive wear.

Now, if you simply want to ditch your ride and buy a different brand, this might be a bit more tricky...

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  #14  
Old 02-03-2015, 05:30 PM
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There may be a better way but I call my salesperson after a year into my lease and ask them to run the numbers on my jeep. I ask for a target period for me to turn it in at max benefit.
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  #15  
Old 02-03-2015, 05:40 PM
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Re: Leasing option

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Originally Posted by Paradiso View Post
You have equity. I roll it into the next lease. As far as any penalty I've not heard if any. My local jeep dealer let's me turn in the lease a year earlier for a new JGC. At this point I usually can get the best equity for my current JGC.
Yes, that sounds about right and makes sense. There are brands out there - like on my Lincoln - where a 3-year lease is only slightly less (about $20/month) than 24 months - so I went for the 24 right away. On these deals, there is not much room to trade in much earlier than what was initially planned - however, on 24 months, there is no real need, either..

When I leased my Summit, the 24-month lease was more than $1,000/month - so selecting that was not an option. But I knew that day that this number was inflated in order to sell the remaining 2014s first (after all, lease deals are a wonderful tool for manufacturers to guide sales in particular directions and they can pinpoint sales-promotions with it).

So Jeep is using slightly inflated lease-payments on 3-year leases BUT with the advantage that you can still get a new ride a year earlier without penalty.

I really like that because it's quite flexible.
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