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Unread 02-28-2007, 11:18 AM   #1
sdebol
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2010 JK Wrangler 
 
Join Date: Jun 2005
Location: Shorewood, MN
Posts: 214
8.93% interest on a lease from Chrysler Financial?!

Just ran some numbers on a Sahara Unlimited 4x4 with one of the largest Jeep dealers in the Minneapolis area.

Options, including automatic, dual top, side air bags, anti-spin dif, 18" wheels, trailer tow, and 6 disc MP3/Sirius brought the MSRP to $31,390. There was no haggling--he said they're having no trouble selling them and that they're turning away other dealerships trying to buy their inventory virtually every day...

The residual for 3yr/15K miles per year was $21031 (67%--pretty good), but the money factor was 0.00372, which is 8.93%!

Does anyone know if CF is using a higher interest rate on Wranglers because they are so popular right now or is this just the going rate on any of their new leases right now (the salesman didn't know)? They hadn't run my credit yet so I'm assuming they were quoting the best rate.

Also, this salesman said a Friends and Family number would be applicable to a new Wrangler if I ordered one, and he quoted a substantial discount (almost $2600). I thought I had read on the forum that these types of discounts weren't available.

Anyway, looks like I'm waiting until at least summer or fall in the hopes that the market will cool off a bit. I'm not too optimistic.

Regards,
Steve

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Unread 02-28-2007, 12:52 PM   #2
kscobra2004
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2007 JK Wrangler 
 
Join Date: Feb 2007
Location: Lancaster, WI
Posts: 124
I think DC is just high, I got mine at over 9%, and I am considered a A- customer. Or maybe that is bs also. I will be refinancing after my first payment with my credit union. They will be able to cut off about 4%.
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Unread 02-28-2007, 01:40 PM   #3
tx-Skydiver
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1979 CJ5 
 
Join Date: Oct 2006
Location: Dallas, TX
Posts: 1,384
Leasing is such a scam. I wish they would come out with a SmartBuy type of program. If you can buy one, do it. Iy is one of the best investments for an auto. Jeeps and Harleys always keep good value.
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Unread 02-28-2007, 05:11 PM   #4
4-cubed
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Join Date: Dec 2006
Location: New York
Posts: 40
I went in to purchase and the dealer offered me Invoice if I bought through Chrysler and he said they could finance me for 9%-11%. I know my credit score is pretty high and that rate was crazy, so I ended up going to a different dealer and paid a higher price but financed it through my bank for 6.7% and a lower initiation fee. Ended up saving about $100 per month.
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Unread 02-28-2007, 08:50 PM   #5
tx-Skydiver
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Quote:
Originally Posted by 4-cubed
I went in to purchase and the dealer offered me Invoice if I bought through Chrysler and he said they could finance me for 9%-11%. I know my credit score is pretty high and that rate was crazy, so I ended up going to a different dealer and paid a higher price but financed it through my bank for 6.7% and a lower initiation fee. Ended up saving about $100 per month.
Could have done their deal, then immediately refi'd with your bank. You would have had the best of both worlds. Something to think about for next time.
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Unread 03-01-2007, 09:15 AM   #6
CJATE
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Location: cen-tex
Posts: 456
I always secure financing from someone else, several on the internet, then keep it in my back pocket and my moth shut, let the dealer do his thing.

Twice, the dealer came 2pts or more of his “best” to match what I had in my pocket.,
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