New Purchase & Credit Union Lease

[imduder]

This past weekend I bought a new Gladiator Mojave. I found a fairly unique credit arrangement with a credit union. They do a balloon loan based on the term you want. That is fairly common with CUs. What is more unique is that you have the option to turn the vehicle in at the end of the loan to satisfy the balloon amount. https://www.hfcu.org/loans-and-credit-cards/better-than-a-lease.html In practice, it operates like a direct lease through CU.

Jeeps seem to do really well on the program. For example, this was my deal:
2021 Mojave
$49,380 MSRP
$43,800 Sales Price (OTD - Except Home State Sales Tax)

If you use the calculator on the link above, you can see the various payments - at $3k down.
$230/Month - 36 Months
$268/Month - 48 Months
$284/Month - 60 Months

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[TheBrudwich]

Wow, that's a really good deal!

 

[imduder]

Shill. One message on the board and it's to hawk a particular credit union and its product. Followed by a 3 message person who only comments in the pricing section.

Hi IrishRob - Nice to meet you, and thanks for the warm invite to the forum.

 

[sscott25]

This is a smoking deal. The only problem is when I go through the steps the website shows a 36 month lease on the Mojave is $850 a month.

 

[imduder]

This is a smoking deal. The only problem is when I go through the steps the website shows a 36 month lease on the Mojave is $850 a month.

Are you looking at a 2021? What amount are you putting in for the purchase price?

Despite what Irish Rob thinks, I have no affiliation with the CU. I don't even live in the same state. So I can't tell you all the ins/outs of the calculator. But my experience is that the MRM/CRV (whatever that means) doesn't really change. So having a low purchase price seems to be the key.

 

[sscott25]

It puts in the mrm for me, not sure why? Yours is a smoking deal. Trying to replicate it. Any ideas on what I am doing wrong?

 

[imduder]

It puts in the mrm for me, not sure why? Yours is a smoking deal. Trying to replicate it. Any ideas on what I am doing wrong?

It's all in the purchase price. In my case, I went with more of a base model. That, plus a good deal, got me a low purchase price and a low payment.

 

[Joejberg]

It's all in the purchase price. In my case, I went with more of a base model. That, plus a good deal, got me a low purchase price and a low payment.

How are you determining what the balloon payment/residual value would be at the end of the term? Is it equal to CRM - (loan term x payment amount) ?

 

[GCoop]

How are you determining what the balloon payment/residual value would be at the end of the term? Is it equal to CRM - (loan term x payment amount) ?

Almost. You can calculate it like this:
Final payment = (Amount financed) - (Total amount of all monthly payments) + (Interest total accrued over term)

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