What are the chances of landing a Sahara/Rubicon under $600/Month if financed?

jroman

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Hello all,

I am in the market to buy a Sahara or Rubicon in the next couple of months. I will be putting a $5-8K down payment this time and am hoping to land a monthly payment of $600 or less. I purchased my first vehicle in 2015 . (New Jeep Cherokee Altitude 15). I don't think I got a good deal given that my monthly payment was $565 for 72 months. I did not give a down payment and got an APR of 3.9% with Chrysler Capital. At the time I was making less money and my credit score was around 660. I currently have a 720 credit score with a better salary. I don't want to make the same mistake again so any tips and input will help a lot. I still owe around $18K on the Cherokee so I will be trading in to simply get rid of the loan.
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Hello all,

I am in the market to buy a Sahara or Rubicon in the next couple of months. I will be putting a $5-8K down payment this time and am hoping to land a monthly payment of $600 or less. I purchased my first vehicle in 2015 . (New Jeep Cherokee Altitude 15). I don't think I got a good deal given that my monthly payment was $565 for 72 months. I did not give a down payment and got an APR of 3.9% with Chrysler Capital. At the time I was making less money and my credit score was around 660. I currently have a 720 credit score with a better salary. I don't want to make the same mistake again so any tips and input will help a lot. I still owe around $18K on the Cherokee so I will be trading in to simply get rid of the loan.
Unfortunately you are likely buried in the Cherokee. Numbers don't lie. Based on 3.99% at 72 months, you would need to roughly finance $38000 all in to get around $600 a month. Could be tough. at 84 months, same rate, roughly 43500. Could be closer but that rate and term could be a challenge.
 
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jroman

jroman

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Unfortunately you are likely buried in the Cherokee. Numbers don't lie. Based on 3.99% at 72 months, you would need to roughly finance $38000 all in to get around $600 a month. Could be tough. at 84 months, same rate, roughly 43500. Could be closer but that rate and term could be a challenge.
I honestly want to get rid of the Cherokee already. Definitely not happy with that purchase. I'm paying so much, might as well pay that much for something worth it. I'll be doubling my salary in about 1.5yrs, so I know I will be able to pay whatever I get way before the term of the loan. I just want to make sure I can get a deal I can afford for this year or I am going to have to wait two years or so. I know many of us want to get in these JLs asap!
 

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Hello all,

I am in the market to buy a Sahara or Rubicon in the next couple of months. I will be putting a $5-8K down payment this time and am hoping to land a monthly payment of $600 or less. I purchased my first vehicle in 2015 . (New Jeep Cherokee Altitude 15). I don't think I got a good deal given that my monthly payment was $565 for 72 months. I did not give a down payment and got an APR of 3.9% with Chrysler Capital. At the time I was making less money and my credit score was around 660. I currently have a 720 credit score with a better salary. I don't want to make the same mistake again so any tips and input will help a lot. I still owe around $18K on the Cherokee so I will be trading in to simply get rid of the loan.
You are going to be upside down on the Cherokee. Probably $5-6000 or more. Wait a couple years and you will have a better selection plus you can pay down the trade. Maybe look at a Sport S instead. If you go easy on the options it may be under $600/mo.
 

Jeepsterfreak

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What's the trade in value of the cherokee? How many miles? Condition?
 
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jroman

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What's the trade in value of the cherokee? How many miles? Condition?
I believe anywhere between $15k-$17K. Currently 32K miles and in pretty good condition.
 

TsundereKaho

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If you owe 18K and you can sell it to CarMax for 16k then I would just suck it up and pay the negative equity with $3k of your down payment money and use the rest on a Sahara.

If you tried to trade it in now, the stealership would probably find a way to screw you over on the trade and take as much as that $8k as they can. They would play with the numbers and you'd probably have no real down payment on the JL putting you in the spot you wanted to avoid.
 

Jeepsterfreak

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Definitely get a quote from someplace like carmax before trading it in. Better yet is to sell it via private sale. You have to take sales tax into consideration. Most states reduce trade in value from new car sales tax. So that might save another $1,000 or so depending on your area.
 

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Hello all,

I am in the market to buy a Sahara or Rubicon in the next couple of months. I will be putting a $5-8K down payment this time and am hoping to land a monthly payment of $600 or less. I purchased my first vehicle in 2015 . (New Jeep Cherokee Altitude 15). I don't think I got a good deal given that my monthly payment was $565 for 72 months. I did not give a down payment and got an APR of 3.9% with Chrysler Capital. At the time I was making less money and my credit score was around 660. I currently have a 720 credit score with a better salary. I don't want to make the same mistake again so any tips and input will help a lot. I still owe around $18K on the Cherokee so I will be trading in to simply get rid of the loan.
1st: don't use Chrysler Cap. unless they throw you a crazy deal.
2nd: good-very good credit should land you in the low to mid 2% range, which changes your whole dynamic.
3rd: at 2%,(I know, on the low end), $40k will cost you $590 a month for 72 months, putting you right where you want to be.

So, the real question is, how do you get out from under your Cherokee, and get your next JL under $40k? The latter will be easier, you just have to limit the options you add. With $5-8k down, a reasonably equipped Sahara or a lightly equipped Rubi should be well within reach, even including tax. Losing the Cherokee, and that silly interest rate, will be your main obstacle.
 

will1111

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Not trying to be negative Nancy but I would wait it out and land the raise before jumping into a JL. It gives you plenty of time to pay off some debt and increase your credit score to get a better rate. Everyone recommends getting pre approved through a credit union because they offered better rates than most bank/Chrysler C. I opened an account with a local credit union just for that reason a while back and since they do run your credit I also got a pre approval for a loan just to get a ballpark estimate of my payments. My score isn't that good (679) and got about 3% 5 years and 4% at 6 years, but between 680 and 720 it goes down almost a full 1% so for the last months I've been paying off cc and on my last credit reports from CK, it went up 35 points which is exaggerated but after checking the fico 8 From my discover and amex which matched the credit union score I got, it was 698 which puts me well into the next tier. I still have a couple months for mine to arrive so maybe I'll be able to get to the next tier.

Just my 2cents
 
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jroman

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Update: I pretty much paid the difference on the Cherokee and put a $6K down payment on the JL. Got 4% from the dealer. Could've done better with a credit union but I guess I can live with that. I plan on paying it way before the term of the loan or refinance anyway.

Thanks for your input guys!
 

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Update: I pretty much paid the difference on the Cherokee and put a $6K down payment on the JL. Got 4% from the dealer. Could've done better with a credit union but I guess I can live with that. I plan on paying it way before the term of the loan or refinance anyway.

Thanks for your input guys!
Congrats, whatd you get Sahara or Rubicon? how much did you pay OTD? What are the terms? If you don't mind me asking
 

will1111

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Update: I pretty much paid the difference on the Cherokee and put a $6K down payment on the JL. Got 4% from the dealer. Could've done better with a credit union but I guess I can live with that. I plan on paying it way before the term of the loan or refinance anyway.

Thanks for your input guys!
Congratulations! Did u buy off the lot or order it? If you plan on paying it before the loan term then I wouldn't mind so much about the rate you got. I believe Chrysler doesn't penalize you for doing so and if it does it might be around $500 which isn t bad compared to the interest you would paid.
 

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So....basically he did exactly what any foolish kid would do, ignored all o the advice to the contrary, acted impulsively and got boned on the loan. There are lots of horror stories out there from people who have tried to get out of a Chrysler Capital loan (it seems the Santander loans are worse than the TD Auto ones). The name may have changed, but the service is still atrocious.

Like 75% of people who believe they will refinance at some point (and refi does incur additional costs), jroman probably won't, or it won't be the deal he thought it would be, or will end up in this deal for at least the 18 months before his income doubles, but, hey, why not waste our time asking about it?

I get that he hated his Cherokee/finance deal. I get that the JL Sahara in Granite metallic is as tempting a siren as there is "doubling in 1.5 years". I get that his income is But to not listen to those who have been there and been swallowed whole by the regret of acting impulsively just smacks of immaturity.

Whatev. In the end, it's his money. And now, it's his Jeep. I just hope nothing goes wrong before that big pay raise.
p.s. a 4% interest rate equals roughly 10% of the purchase value at maturity...
 
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