[4xeFanFL]

That looks pretty good.

Although I get a nice discount here in FL off the vehicle itself, you are getting the better incentives. Down here, it's only the $7,500 plus $3,000 in lease incentives.

 

[Clutch Auto Deals]

2023 Jeep Grand Cherokee IDL Lease Bonus Cash - $2,750

Idl bonus cash is only available when using a non-ccap, non-incentivized rate. Basically you get either the idl cash or you get the discounted money factor. You can not use the idl cash with ccap at all and you can't use it with the .00245 SFS rate.

This is where the edmunds lease calculator has some short comings with how it presents the information.

 

[li33gwm]

Idl bonus cash is only available when using a non-ccap, non-incentivized rate. Basically you get either the idl cash or you get the discounted money factor. You can not use the idl cash with ccap at all and you can't use it with the .00245 SFS rate.

This is where the edmunds lease calculator has some short comings with how it presents the information.

Thanks for that info. I redid it taking out the IDL and inclkuding the $11,500 (Fed and Northeast) plus the Lease Cash Bonus, TDM and NY Clean Pass so a total of $14K in incentives. Here's the new number from Edmunds. Is there anything that may not be taken into account here so I am well informed before going to dealer; Edmunds lists a whole bunch of Monthly lease payments but I think its the one at the end that matters the most. Will cancel deal otherwise. Thanks again

2023 Jeep Grand Cherokee 4xe 4dr SUV 4WD (2.0L 4cyl Turbo gas/electric plug-in hybrid 8A)Great Deal — 3% off of MSRP
Pricing Details
MSRP: $62,255
Selling Price Before Incentives (Estimated Savings 3.00%): $60,387
Cash Incentives: $14,000
Selling Price After Incentives: $46,387
Residual value: 65%
Annual Miles: 10000
Trade-in and Down Payment
Value of Your Trade-in: 0
Amount Owed on Your Trade-in: 0
Cap Cost Reduction: 0
Financing
Acquisition Fee: $795
Lease Term (months): 24
Estimated Money Factor (Equivalent to 4.61% APR): 0.00192
Credit Tier: Excellent
Security Deposit: 0
Taxes & Fees (Includes acquisition & dealer fee in amount shown): $2,030
Estimated Monthly Payment
Total of Lease Payments: $11,007
Monthly Lease Payment (Before Taxes and Fees): $359
Monthly Lease Payment (Before Taxes and Fees): $386
Monthly Lease Payment (Before Taxes and Fees): $604
Monthly Lease Payment (Before Taxes and Fees): $413
Monthly Lease Payment (Before Taxes and Fees): $392
Monthly Lease Payment (Before Taxes and Fees): $440
Monthly Lease Payment (Before Taxes and Fees): $495
Monthly Lease Payment (Before Taxes and Fees): $413
Taxes and Fees: +$87
Monthly Lease Payment (After Taxes and Fees): $500

 

[Clutch Auto Deals]

I redid it taking out the IDL and inclkuding the $11,500 (Fed and Northeast) plus the Lease Cash Bonus, TDM and NY Clean Pass so a total of $14K in incentives.

I still don't know how you're getting to $14k in incentives. I don't see anything discussing the Sam's club $1000 you're talking about.

If I run the numbers with $13k in incentives, which is what I think it is supposed to be, and add in $175 for NY dealer doc, I get to $483/mo with $3292 due at signing ($3000 + DMV reg fees).

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My guess is they're including a money factor mark up in there.

 

[li33gwm]

I still don't know how you're getting to $14k in incentives. I don't see anything discussing the Sam's club $1000 you're talking about.

If I run the numbers with $13k in incentives, which is what I think it is supposed to be, and add in $175 for NY dealer doc, I get to $483/mo with $3292 due at signing ($3000 + DMV reg fees).

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My guess is they're including a money factor mark up in there.

Just read the Sams Club offer - only with Stellantis. Question - Do I have to do the $3292 at signing or can I roll everything in? And what is the $3292 for?

 

[Clutch Auto Deals]

Just read the Sams Club offer - only with Stellantis. Question - Do I have to do the $3292 at signing or can I roll everything in? And what is the $3292 for?

Interesting. I don't see the Sam's club in my desking software, even with sfs.

I ran the numbers with $3k plus reg just because that's what you said yours was already structured as to make it an even comparison. You can roll everything in if you want.

 

[IslanderOffRoad]

Wow. Definitely wouldn't sign that lease.

 

[4xeFanFL]

The $3,000 is the down-payment. With the $292 for the DMV, you are looking at about $3,775 at signing since the first monthly payment will be due as well.

 

[IslanderOffRoad]

Ultimately, money down makes no difference to the buyout at the end of the lease. It changes your buyout midlease and lowers your monthly payment, but the buyout at the end is the same no matter what you put down.

More importantly when deciding to put money down on a lease, all the leases include GAP insurance. All you're doing is helping the finance company spend less money if the vehicle gets totaled. You won't get made whole on your down payment. So I always do $0 down leases.

 

[4xeFanFL]

More importantly when deciding to put money down on a lease, all the leases include GAP insurance. All you're doing is helping the finance company spend less money if the vehicle gets totaled. You won't get made whole on your down payment. So I always do $0 down leases.

Especially these days, where the MF still results in a relatively low APR, you are indeed not saving much.

I put down $500 each on the two vehicles I'm currently waiting on. It's basically $0 down as well since it's less than the first payment.

 

[23JL4xe]

Hello -

Just signed a deal to lease Grand Cherokee 4xe Limited and went with the special Stellantis 24 mo, low milage program/incentives. One of the clauses they wanted me to sign was that I cannot buy out car at end of lease through Stellantis.

Thought this was odd and they told me since its a 24 mo lease that's part of the promotion. It does not say that anywhere and when I asked if I use my own money/financing can I buy it out, the salesperson said they thought so. Guess the devil is in the details which I will find out tomorrow morning when I go to pick up car, but has anyone ever heard of not being able to buy out the lease through the company you are financing it through?

Yes the contract has two options (buy at the end or not) but my Stellantis agreement allows me to buy it out. make sure you ask to see that clause.

 

[Clutch Auto Deals]

Yes the contract has two options (buy at the end or not) but my Stellantis agreement allows me to buy it out.

There used to be two options. As of around the beginning of this month, SFS requires the "no buy out" box to be checked for all ev/phev leases. I've been trying to find the notice sent to dealers, but I believe June 7th was the day it started to be required to be checked.

 

[23JL4xe]

It also might be based on the state you are in.

 

[bobbytee]

The reason they aren’t allowing buyouts is because people were leasing these vehicles, then turning around and trading them in or selling them for a profit, on the back of the built in Fed and State incentives. It was a loophole and the government is now requiring SFS to not allow this practice since the built in equity that the incentives were providing was basically being paid for by taxpayer. The point of the incentives is to get more clean vehicles on the road, not to finance a shell game for individuals to buy and sell cars and make money doing it.

 

[Mllcb42]

It was a loophole and the government is now requiring SFS to not allow this practice since the built in equity that the incentives were providing was basically being paid for by taxpayer.

If it was a gov requirement, it would apply to all of the banks, not just one of them. I don't disagree that the bank may be doing it because they don't want to have people use them for that though.

And the flipping was happening across the board because of product shortages. One could make a lot more money flipping other Stellantis products that didn't get the tax incentives, and still don't have a limit on the buyout clause, than you could with a 4xe.

 

[4xeFanFL]

If it was a gov requirement, it would apply to all of the banks, not just one of them. I don't disagree that the bank may be doing it because they don't want to have people use them for that though.

I also agree that it was more of an issue for the bank and not the gov.

After all, the gov's goal is to get out as many (PH)EVs as possible so flipping these vehicles at a higher rate did exactly that.

 

[bobbytee]

Not exactly sure if this makes a difference, but it could be that since SFS is the manufacturer, then they were held to the requirement to not allow lease flips, but CCAP is just another bank who finances the balance owed to Stellantis, hence the higher fees on the CCAP loan, so they can make their money. Just spit balling ideas, but I'm pretty sure it had to do with stopping staying compliant with the requirement to hold the lease for 36 months in order to qualify for the pass through tax credits for these vehicles.

 

[Mllcb42]

I'm pretty sure it had to do with stopping staying compliant with the requirement to hold the lease for 36 months in order to qualify for the pass through tax credits for these vehicles.

This has never been a requirement for the federal tax credit. Many states have minimum hold time requirements for their state specific tax credits, but the feds don't.

There are lots of other captive banks that don't have any buy out restrictions on their evs (Mercedes, hyundai, kia, etc)

 

[bobbytee]

This has never been a requirement for the federal tax credit. Many states have minimum hold time requirements for their state specific tax credits, but the feds don't.

There are lots of other captive banks that don't have any buy out restrictions on their evs (Mercedes, hyundai, kia, etc)

Hmm, good point.

 

[thelarchitect]

There used to be two options. As of around the beginning of this month, SFS requires the "no buy out" box to be checked for all ev/phev leases. I've been trying to find the notice sent to dealers, but I believe June 7th was the day it started to be required to be checked.

As of July 31 2023, I was able to lease a Grand Cherokee 4xe through SFS with the option to buy. Dealer claims the check box defaults to "no buy out" but can be changed. I suspect market conditions play a role - Cars Direct is reporting that Ford is allowing buyouts on the F-150 Lightning again as of July 28. Will provide an update if something changes with my situation.