09-04-2012 08:36 PM - edited 09-12-2012 08:03 PM
I am looking to lease a 2012/2013 Jeep Cherokee Laredo 4x4. I currently have a lease on a 2012 that is co-signed. My credit at the time was not up to par and thanks to the co-sign I am in much better credit condition than that point. There are 2 dealerships locally that I am trying to work with. One being a little ways out of town and havent made it up there but have looked online and they have significantly better deals that the local Jeep dealership here. My biggest question is to my understanding, I can't go get preapproved for a leave through a bank such as USAA can I? (I have a preapproved offer for loan up to $50,000). I am not sure since this will be my first time trying to do this on my own as to how I should approach it. The larger dealership thats out of town has leases stated at $209/month with $3000 down (I am waiting to hear back from them as to what the offers would be for the specific model that I want) and the dealership here wants $349/month with $3000 down also which is with the model that I am interested in. I am wanting to get the Jeep by the end of the month if I can get it worked out as it is a birthday present to my wife. Really wanting to know what the best wa to approach the dealership is so I can make sure I get the best deal with the least amount down. Also, for what its worth I plan to lease then buy...not sure if that makes a difference or not.
Hopefully I am allowed to edit my post like this...if not let me know
Ok, So my DW and I were good to go on a lease for a 2013 Jeep Grand Cherokee and signed papers going through US Bank and the finance guy at the dealership said we may have to come back to resign papers becuase sometimes US Bank is more strick with writing the lease. Ok, I am fine with that.....got the Jeep on the 6th. Now, the 12th I had to go back to the dealership after the finance guy called me yesterday to tell me that US Bank didnt buy the lease and he had to submit it with Ally and that they took it so I just had to come resign and provide a copy of our marriage license since all of my DWs credit is in her maiden name. When we get back and I am looking over the lease I notice that the payment went from 411.2 to 411.80-not a big difference-but the purchase price at the end of the lease went from 20425 to 23027. How, I say HOW does the purchase price go up $2552 from the US Bank lease???? I am not happy and was already not impressed with the dealerships salesman and guy he kept going to to "get the numbers." If anyone could shed a light I would appreciate it.
09-05-2012 10:55 AM
If you are planning on buying out the lease, why not go ahead and just purchase the vehicle now since you have preapproval for financing, and assuming that your DTI is ok. Why do you want to lease the vehicle now, is it just to lower your payments initially ?
09-14-2012 07:41 AM
As to the buyout, I suspect the latter prevails. There should be language in your new lease agreement that says it superceeds all other lease agreements, especially since the first was with US Bank and they said no. The first agreement would have immediately have been void. As to the price increase, I dunno. Maybe looking to make an extra buck? Price was good for a finite time and that expired? If the higher price was agreed to I don't think there's too much you can do. Personally, if I had that from this point onward, I would return the car at the end of the lease. The lease amount and purchase price is way higher than the value of the car. You're paying over $39k for a car worth $10k less, and that's excluding any pre-payments, incentives, etc. At the end of 39 months, it still wouldn't be worth the $20k+ they are asking for.
09-14-2012 07:47 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO