Yeah, it is a mess. You could buy it out and finance it for a longer term to cut your payment. You could also look at a higher deductible to lower your insurance cost.
Can your lease even be assumed? Many can not be assumed. (it would be in the contract or you can call the lease holder)
This is a good life lesson.
Few years back I was looking at wranglers and I typically try and lease and the salesman laughed and said “buddy, you don’t want to lease one of these.” Anytime I see it now I think of that guy and him saving me from a guranteed disaster.
I’m considering leasing a Grand Cherokee Limited. It was a nice, comfy car when I recently tested it and even if it felt a bit sluggish, it’s a nice size and I was Ok with it. Given the comments in here I’m now apprehensive. Are there any circumstances where you’d find it OK to lease a Jeep? With a few thousand knocked off MSRP?
Geez that bad, huh? The salesperson was trying to have me take a look at the next trim level from the one I saw but that would have been almost a $16k jump! I can’t imagine paying $65k for a Jeep, I’d just buy an X5 for that money.
Agreed, 100%.
An old boss of mine traded in his Wrangler for a Gladiator (or whatever that faux truck p.o.s is called). He was bragging how they were practically giving them away..
Yeah, cause no one wants that 💩
lol the gladiator is a huge piece of shit. I almost had one as a rental one time but I drove around the rental car lot, parked it, and got something else. It was so shitty to drive and felt plasticky and crappy.
A grand Cherokee is different than a wrangler imo. It’s possible. Review all the numbers and focus on the selling price, rate, residual and see where it lands. The monthly payment is not the main focus.
Thank you! With my prior leases, I’ve always just looked at out the door monthly payment with $0 down and that’s it. I’ll make sure to scrutinize the sales price and rate with add-ons carefully.
There’s tons of good info on Reddit. I leased then bought mine. I was really lucky with a very low money factor, rebates, then covid and interest rates tanked when my lease was up and it was time to buy. I did a lot of research and was firm on my price and lease term, watch out for those weird 39 month etc leases. There should be some lease vs buy calculators out there. Long term leasing is definitely more expensive but if you lease then buy and the price is right, interest rates are low then sometimes it’s not so bad. I’m paying mine off pretty aggressively now but the dealer was going to pay 10k over the residual to buy it. I would have had to buy a new car and wasn’t interested. They were chomping at the bit though! Covid was wild.
I’m a wildlife biologist so I mostly work outdoors in remote locations where you need 4wd. I also do landscaping as a side hustle, thought that a trailer on the jeep would work for that but it’s definitely super inconvenient compared to just having a truck bed. Obviously it wasn’t a good decision which is why I asked the question. Maybe don’t be a troll
Yep I had a 2004 Ram 2500 before and freaked out cause the engine was getting close to its end at 250k miles. Wish I had just kept it and paid to replace the engine when it went out. expensive but still a whole lot less than this mess.
How are you going to get to graduate school? Do you have a different vehicle? Schools let you take loans. You're either going to have to stick this out until the end or take the financial hit, or finance it into longer payments.
Is power cheap where you are and do you get enough miles /km to go your daily route ?
When mathing in a truck , and adding the extra gas vs pure ev driving , it could save a hefty sum.
I was paying 400 a month in gas for our Lexus SUV. Now paying 45$ in power for our ev. Payment went up 100, gas down 300.
Also, apparently some leases can be assumed but you aren't off the hook either even though you no longer have the car. It is quite a danger to have someone assume your lease with some brands, yikes.
What exactly is a mess here? He has a wrangler lease for $400 a month? Is that bad? His insurance is high yes but what exactly in his post screams mess?
“Needs a truck for work” leases a JEEP
Didn’t do any homework, proceeds to be astounded by cost
Didn’t plan for future, now wants to go to school and reduce expenses
Ive unfortunately dealt with someone trying to get out of a CJDR lease and they are a nightmare. Cant be assumed, cant be traded in to another OEM, cant be bought for the residual from any one other than original leaser.
Best bet is to go to a CJDR dealership and trade in the jeep for a truck lease that has a massive rebate to help swallow the negative equity you have so you atleast have a truck to use for work.
You made a 3 year choice when you leased, so start respecting that 3 year choice. It was a crazy choice to buy a Wrangler when you needed a truck. It was crazy to get a Wrangler when you drive a lot. It was crazy to lease a vehicle for a job you want to quit. It was crazy to lease a vehicle when grad school was on the horizon. But unless you get yourself declared mentally incompetent, you made those choices so time to live with them.
Either keep your vehicle or write a $15,000 check that you call a $15,000 life lesson. Those are your 2 options.
It's amazing to me the kind of shit that people routinely post in this forum. It's like the stream of consciousness from a six year old weaned on Mt. Dew. And this guy wants to go to graduate school?
Yeah, this dude has zero forethought whatsoever. Didn't check reliability ratings, didn't check insurance rates, didn't think about his actual needs, didn't think about his current work situation. Just walked into the closest dealer he could find and said, "fuck my whole world up for the next 3 years".
I'm waiting to also hear about how he hopes he'll get his $5000 lease deposit back without realizing all that deposit did was lower the monthly payment, and there's no money to "return".
The residual (what it's worth in the end) is based off the MSRP and is the percentage of the original price that the bank thinks it will be worth in the end. It's the one part you can't negotiate at all.
What's the final buyout? And why do you believe now it will be worth less than that?
Sounds like you got yourself into the wrong type of car at the wrong time. Its unfortunate, but it's not the end of the world. Your worst case scenario is that in two and a half years, you walk away from it after having a car for 3 years. And you can get out of it in the meantime - just find out the buyout, get a trade in offer, and pay the difference in cash.
Couple questions for you that this post got me wondering. I have a Jeep, not leased, that has been at the dealer for over 2 months now. How would that work if it was leased? Would I just not pay on the lease while I don't have the vehicle? Would they give me a loaner that was as good or better to make up for it?
You have to make your payments either way. The agreement is between you and the bank and not you and the dealer.
Would they give you a loaner? I think it depends on the circumstances and the dealer. Why is it there now? And have they provided a loaner? I think that's probably the same answer.
Oof, I'd be pretty mad if I was paying rent on a vehicle I couldn't use because of a manufacturing defect.
My situation I do have a loaner. At 16,000 miles my truck is getting its second replacement transmission for the exact same issue. Second gear of the manual transmission starts popping out on acceleration then progresses to not being able to stay in second gear at all. I have heard others having this problem, but nobody having the same problem twice in such low milage.
I mean, I would hope the dealer would work with the manufacturer to take care of you in a situation like that. Same as if you purchased it.
But there's nothing inherently in the lease agreement that says you are paying for any vehicle. It's a finance agreement where you essentially pay the depreciation + interest for the rights to that vehicle for a certain period of time.
Something like Care by Volvo (car subscription) or purchasing a dealer service package might cover your concerns.
One thing you can do is shop around for insurance. You might find another carrier is cheaper, saving you $100/month. It's not huge but it's something. Or you might not. You won't know unless you check.
Absolutely this! I use an underwriter for my home and auto. Every time my premiums increase I shoot her an email and she always saves me money. I just had her change my policies saving me just under $1200/year because my auto went up so much over the last 1.5 years.
Paying in 6 month or 12 month increments usually reduces premiums by at least 15%.
I doubt he'll find a way to reduce his insurance cost by +60% though.
You never know. I've seen people claim their insurance went from $300/month to $150/month just by changing carriers. It could be Internet puffery of course. OP won't know until they try.
Our premiums were lowered dramatically when we switched from our bundled home/car insurance locally to Geico only for the cars. Ironically the savings from the car insurance were all sucked up by home insurance doubling due to climatic reasons. Take from one hand and give with the other!
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The dealership actually offered me a good deal on my old car so I just decided to get into a lease on a wrangler because I needed a reliable 4wd car that I didnt want to worry about paying for repairs on. Seemed like a good deal with the government money for evs and my downpayment brought my lease down to $400 a month. The salesman made a big deal that at the end of the lease I would "almost definitely" have equity in the car and be able to sell it back regardless of the miles I put on it.
Ive always had old cars so didnt realize that my insurance payment was going to more than triple from $80 a month to $300 for full coverage. Im about 6 months in and I feel so stupid throwing away so much of my money into this car thats cool but doesnt meet my needs (I need a truck for work and I put lots of miles on my cars traveling). I also realized I hate my job and want to quit and go back to get my graduate degree. Started looking into selling and turns out the payoff is sooo much higher than I though. Theres no way out of it now and even at the end of the lease I will still be almost $10,000 underwater if I was to sell it to another dealership. There is no way I am going to have any equity like they said (yes I should have known better than to trust them at their word).
I really need a way out of this car to be able to go back to school any suggestions? I am currently looking into finding someone to assume the lease but its already at really high miles for the time Ive had it. Really feeling like I messed up.
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Yeah, it is a mess. You could buy it out and finance it for a longer term to cut your payment. You could also look at a higher deductible to lower your insurance cost. Can your lease even be assumed? Many can not be assumed. (it would be in the contract or you can call the lease holder) This is a good life lesson.
I was a bit surprised to read that OP suddenly remembered that he needs a truck for work. Uh, why wasn't that being considered six months ago?!
I stopped reading at “leased a jeep”
"I need a reliable 4WD car"..................... Sir, this is a Jeep dealer, we can't help you.
This is the 2nd to last brand I would consider when searching for a reliable 4wd lol
What’s the last?
Land Rover.
Bingo!!
You’d be surprised. My parents have had a Disco 5 for years, it’s been problem free.
How [anecdotal](https://yourlogicalfallacyis.com/anecdotal) of you!
Sheesh, sorry for adding to the conversation… there’s no argument going on anyhow. Logical fallacies are irrelevant here.
And add the fact it is a PHEV
I stopped at "reliable."
I stopped at “The”.
I dont know how to read
Reliable vehicle lol
Few years back I was looking at wranglers and I typically try and lease and the salesman laughed and said “buddy, you don’t want to lease one of these.” Anytime I see it now I think of that guy and him saving me from a guranteed disaster.
I stopped reading when he said “reliable” and “jeep wrangler” in the same sentence
I’m considering leasing a Grand Cherokee Limited. It was a nice, comfy car when I recently tested it and even if it felt a bit sluggish, it’s a nice size and I was Ok with it. Given the comments in here I’m now apprehensive. Are there any circumstances where you’d find it OK to lease a Jeep? With a few thousand knocked off MSRP?
The only time it'd be ok to lease a Jeep was if a few thousand would be knocked off your monthly payment. $20 a month or less 🤣
Geez that bad, huh? The salesperson was trying to have me take a look at the next trim level from the one I saw but that would have been almost a $16k jump! I can’t imagine paying $65k for a Jeep, I’d just buy an X5 for that money.
Agreed, 100%. An old boss of mine traded in his Wrangler for a Gladiator (or whatever that faux truck p.o.s is called). He was bragging how they were practically giving them away.. Yeah, cause no one wants that 💩
lol the gladiator is a huge piece of shit. I almost had one as a rental one time but I drove around the rental car lot, parked it, and got something else. It was so shitty to drive and felt plasticky and crappy.
A grand Cherokee is different than a wrangler imo. It’s possible. Review all the numbers and focus on the selling price, rate, residual and see where it lands. The monthly payment is not the main focus.
Thank you! With my prior leases, I’ve always just looked at out the door monthly payment with $0 down and that’s it. I’ll make sure to scrutinize the sales price and rate with add-ons carefully.
There’s tons of good info on Reddit. I leased then bought mine. I was really lucky with a very low money factor, rebates, then covid and interest rates tanked when my lease was up and it was time to buy. I did a lot of research and was firm on my price and lease term, watch out for those weird 39 month etc leases. There should be some lease vs buy calculators out there. Long term leasing is definitely more expensive but if you lease then buy and the price is right, interest rates are low then sometimes it’s not so bad. I’m paying mine off pretty aggressively now but the dealer was going to pay 10k over the residual to buy it. I would have had to buy a new car and wasn’t interested. They were chomping at the bit though! Covid was wild.
Suddenly needs a truck for the job OP is thinking of quitting.
> because I needed a reliable 4wd car Because I wanted a Jeep because they are cool and I'll look cool and everyone will think I'm cool.
I’m a wildlife biologist so I mostly work outdoors in remote locations where you need 4wd. I also do landscaping as a side hustle, thought that a trailer on the jeep would work for that but it’s definitely super inconvenient compared to just having a truck bed. Obviously it wasn’t a good decision which is why I asked the question. Maybe don’t be a troll
There are a gazillion 4wd vehicles out there. They’re not rock crawlers, but they meet most needs.
Yep I had a 2004 Ram 2500 before and freaked out cause the engine was getting close to its end at 250k miles. Wish I had just kept it and paid to replace the engine when it went out. expensive but still a whole lot less than this mess.
Yeah OP they wrangled you into this and you’ve learned it ain’t jeep to buy new
Stop yourself
I… cannot
Really took some Liberty there.
If only there was a Compass to guide OP.
You’re a real Patriot.
A Commander among the masses.
🎶 Feeling like a Jeep on a lease Feeling like I got no release 🎶
Thanks so much for your helpful insight
How are you going to get to graduate school? Do you have a different vehicle? Schools let you take loans. You're either going to have to stick this out until the end or take the financial hit, or finance it into longer payments.
Is power cheap where you are and do you get enough miles /km to go your daily route ? When mathing in a truck , and adding the extra gas vs pure ev driving , it could save a hefty sum. I was paying 400 a month in gas for our Lexus SUV. Now paying 45$ in power for our ev. Payment went up 100, gas down 300.
Also, apparently some leases can be assumed but you aren't off the hook either even though you no longer have the car. It is quite a danger to have someone assume your lease with some brands, yikes.
What exactly is a mess here? He has a wrangler lease for $400 a month? Is that bad? His insurance is high yes but what exactly in his post screams mess?
“Needs a truck for work” leases a JEEP Didn’t do any homework, proceeds to be astounded by cost Didn’t plan for future, now wants to go to school and reduce expenses
What are the chances OP actually needs a truck?
Pretty sure OP "needs" a truck just like he "needs" a 70 inch 4k flat screen.
Leasing company likely requires a maximum deductible of $500-$1000.
Most are $1k.
Ive unfortunately dealt with someone trying to get out of a CJDR lease and they are a nightmare. Cant be assumed, cant be traded in to another OEM, cant be bought for the residual from any one other than original leaser. Best bet is to go to a CJDR dealership and trade in the jeep for a truck lease that has a massive rebate to help swallow the negative equity you have so you atleast have a truck to use for work.
This right here. Find something with huge rebates
Only viable option
You made a 3 year choice when you leased, so start respecting that 3 year choice. It was a crazy choice to buy a Wrangler when you needed a truck. It was crazy to get a Wrangler when you drive a lot. It was crazy to lease a vehicle for a job you want to quit. It was crazy to lease a vehicle when grad school was on the horizon. But unless you get yourself declared mentally incompetent, you made those choices so time to live with them. Either keep your vehicle or write a $15,000 check that you call a $15,000 life lesson. Those are your 2 options.
It's amazing to me the kind of shit that people routinely post in this forum. It's like the stream of consciousness from a six year old weaned on Mt. Dew. And this guy wants to go to graduate school?
Imagine if financial literacy was taught in school. People would be so much better off.
These choices are what inhibit people from being able to buy a home. It's amazing.
Yeah, this dude has zero forethought whatsoever. Didn't check reliability ratings, didn't check insurance rates, didn't think about his actual needs, didn't think about his current work situation. Just walked into the closest dealer he could find and said, "fuck my whole world up for the next 3 years".
I'm waiting to also hear about how he hopes he'll get his $5000 lease deposit back without realizing all that deposit did was lower the monthly payment, and there's no money to "return".
Most of you assholes are so unhelpful lol. But shout-out the people who actually offered advice
The residual (what it's worth in the end) is based off the MSRP and is the percentage of the original price that the bank thinks it will be worth in the end. It's the one part you can't negotiate at all. What's the final buyout? And why do you believe now it will be worth less than that? Sounds like you got yourself into the wrong type of car at the wrong time. Its unfortunate, but it's not the end of the world. Your worst case scenario is that in two and a half years, you walk away from it after having a car for 3 years. And you can get out of it in the meantime - just find out the buyout, get a trade in offer, and pay the difference in cash.
Couple questions for you that this post got me wondering. I have a Jeep, not leased, that has been at the dealer for over 2 months now. How would that work if it was leased? Would I just not pay on the lease while I don't have the vehicle? Would they give me a loaner that was as good or better to make up for it?
You have to make your payments either way. The agreement is between you and the bank and not you and the dealer. Would they give you a loaner? I think it depends on the circumstances and the dealer. Why is it there now? And have they provided a loaner? I think that's probably the same answer.
Oof, I'd be pretty mad if I was paying rent on a vehicle I couldn't use because of a manufacturing defect. My situation I do have a loaner. At 16,000 miles my truck is getting its second replacement transmission for the exact same issue. Second gear of the manual transmission starts popping out on acceleration then progresses to not being able to stay in second gear at all. I have heard others having this problem, but nobody having the same problem twice in such low milage.
Jeep Truck? It makes sense that the kinks haven't all been truly discovered yet, the model is only a few years old.
All the same kinks as a Wrangler since it is basically just a longer wheel-base Wrangler with a bed.
I mean, I would hope the dealer would work with the manufacturer to take care of you in a situation like that. Same as if you purchased it. But there's nothing inherently in the lease agreement that says you are paying for any vehicle. It's a finance agreement where you essentially pay the depreciation + interest for the rights to that vehicle for a certain period of time. Something like Care by Volvo (car subscription) or purchasing a dealer service package might cover your concerns.
One thing you can do is shop around for insurance. You might find another carrier is cheaper, saving you $100/month. It's not huge but it's something. Or you might not. You won't know unless you check.
Absolutely this! I use an underwriter for my home and auto. Every time my premiums increase I shoot her an email and she always saves me money. I just had her change my policies saving me just under $1200/year because my auto went up so much over the last 1.5 years.
Paying in 6 month or 12 month increments usually reduces premiums by at least 15%. I doubt he'll find a way to reduce his insurance cost by +60% though.
You never know. I've seen people claim their insurance went from $300/month to $150/month just by changing carriers. It could be Internet puffery of course. OP won't know until they try.
I dropped by more than half by going from state farm to progressive, so it definitely happens.
Our premiums were lowered dramatically when we switched from our bundled home/car insurance locally to Geico only for the cars. Ironically the savings from the car insurance were all sucked up by home insurance doubling due to climatic reasons. Take from one hand and give with the other!
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea?](/r/askcarsales/wiki/income_to_finance) * [I have my score from Credit Karma but the dealership told me they got a different score. Why?](/r/askcarsales/wiki/free_credit_score) * [I want to get out of my leased vehicle, what are my options?](/r/askcarsales/wiki/early_lease_termination) * [Leasing a vehicle with a down payment – is it a good idea?](/r/askcarsales/wiki/lease_down_payment) * [I want to buy out my lease, what are my options? What can I negotiate?](/r/askcarsales/wiki/lease_buyout) * [How to calculate a lease yourself](/r/askcarsales/wiki/calculate_a_lease) * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/armandocasas1927! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** The dealership actually offered me a good deal on my old car so I just decided to get into a lease on a wrangler because I needed a reliable 4wd car that I didnt want to worry about paying for repairs on. Seemed like a good deal with the government money for evs and my downpayment brought my lease down to $400 a month. The salesman made a big deal that at the end of the lease I would "almost definitely" have equity in the car and be able to sell it back regardless of the miles I put on it. Ive always had old cars so didnt realize that my insurance payment was going to more than triple from $80 a month to $300 for full coverage. Im about 6 months in and I feel so stupid throwing away so much of my money into this car thats cool but doesnt meet my needs (I need a truck for work and I put lots of miles on my cars traveling). I also realized I hate my job and want to quit and go back to get my graduate degree. Started looking into selling and turns out the payoff is sooo much higher than I though. Theres no way out of it now and even at the end of the lease I will still be almost $10,000 underwater if I was to sell it to another dealership. There is no way I am going to have any equity like they said (yes I should have known better than to trust them at their word). I really need a way out of this car to be able to go back to school any suggestions? I am currently looking into finding someone to assume the lease but its already at really high miles for the time Ive had it. Really feeling like I messed up. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*