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Ford Flex Lease Questions

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Comments

  • baggs32baggs32 Posts: 3,221
    Ford's security deposit is not mandatory. It is not even recommended. Wear Care is a complete and total rip off and can be waived. Just put a check mark in the box that says no on the Wear Care form.

    Didn't know you could completely waive the security deposit on all leases. Are you sure about that? I know they sometimes waive it across the board during certain promotions. Wear Care is a joke and I agree with you there. The finance guy always gets mad after I tell them "No" to that waste of money. How much do they make off of that package anyway?

    Your state is one of the few that leasing makes literally zero sense.

    There are a lot of things in this state that don't make sense. That's one of the least of our worries!

    You could buy a $35,000 MSRP Flex for $28,000 or less. Invoice is around $33,000. Knock a minimum of $1,500 off invoice. Then add the $4,000 in rebates. You are at $27,500 easily. Add 7% sales tax to that and you are financing only $29,425. Payment would be around $495. Basically, there is no point in leasing it if the payment is the same.

    I disagree. I lease because I only want the vehicle for 3 years or less then I want something new. The payments are still lower when leasing and I'm not trying to trade it back in and take a loss every 3 years. We did that twice and are now set on leasing because it keeps both my wife and I sane. ;)

    Also, I'm not sure where you got those numbers. The rebates on a Flex right now are only $3000 here and using a 6% interest rate, which is a pretty reasonable rate right now for good credit IIRC, for 60 months the payment is roughly $588 per month after tax. What rate were you using? Ford won't give you the $3000 and their special rates right now.

    So even if it were about getting the lowest payment your financing example doesn't seem to work either. I see your point and totally agree with most of it, but I still have yet to find anyone who can lease for less than what I was quoted. I'm not sure if you're $375 per month lease for a Flex SEL was a typo or what but I would have to say that payment is impossible to arrive at without cash down. The rebate for leasing here is $250 and you would need to somehow get $6000 off of a base SEL AWD to get an out the door payment of $375 per month for 39 months @ 10,500 miles per year. That's with PA 10% tax but does not inlcude any fees, payments, or any other monies. If someone can explain how to do that I'm all ears. I can see $3000 off but not $6000. Even without the PA tax you still need $4750 off to get a before tax payment of $375.

    Base 2009 Flex SEL AWD
    MSRP: $34,950 (includes D&D)
    Lease rebate: $250
    Interest rate: 2.0%
    Residual: Unknown and I doubt they will haggle with this right now even if they could

    Invoice should be easy to get. Possibly lower if you work at it. But invoice is, like you said, around $33000 (X-Plan site says about $32,800 IIRC). That's a far cry from the $29k you need to get to for the $375 per month. I'm sure I'm not willing to go toe to toe with a dealer for that. I'm also sure I'd never get it. I can't recall anyone I know ever getting lower than invoice on anything either. Ever. That's not to say it doesn't happen elsewhere, just not the norm around here from what I've seen and heard.
  • djhalptertdjhalptert Posts: 115
    Wear Care is 100% profit. They don't even ever look at my leases when I return them. Don't get it. It's like getting the extended warranty on a toaster.

    I was basing financing quotes off 72 months. Who would get a 60 month loan for over $25,000? The rates for 60 and 72 are pretty much universally equal. You just get to divide it into 12 more payments. You are only paying like $250 total more interest after 3 years of the loan and your payment is $70 less. It's smarter to get the 72 month loan for the same rate and pay a little extra on it if/when you can.

    Ford should not post MSRP or even Invoice. Fair Market Value is the number they need to put on every car. I have never known anyone, including myself of course, who have ever paid OVER invoice. Most of the time I have gotten at least $2,000 under invoice (not including rebates). $500 under invoice should be the absolute minimum price on any widely available vehicle from any manufacturer. By minimum price I really mean worst case scenario. You are at least getting $500 off invoice. The dealers don't even pay invoice price for the car. Then there's the dealer holdback, numerous manufacturer to dealer incentives, rebates, advertising fees. It's crazy to think that after getting $5,000 off MSRP they are actually still making thousands but it's TRUE.

    If you don't think you can get way, way under your beloved X-Plan, look at the previous poster. Chuck is at $26,000 on a $35,000 SEL. That's $9,000 off instead of your $2,000.

    You keep asking the same questions and I keep answering them. We will just have to agree to disagree. Out.
  • baggs32baggs32 Posts: 3,221
    Chuck is at $26,000 on a $35,000 SEL.

    I can just as easily say I'm down to $20k on an SEL. I'm not seeing any proof and finding what you guys are saying very hard to believe regarding lease selling prices. They have to be giving him the financing rebates which I've never heard of on a lease.

    Wear Care is 100% profit. They don't even ever look at my leases when I return them. Don't get it. It's like getting the extended warranty on a toaster.


    I never get it because it seems totally ridiculous. However a 3rd party inspector does look at the vehicles before they are turned in and it's mandatory. How closely they look at it is another story.

    I was basing financing quotes off 72 months.

    That was chuck68516 that gave those numbers I was questioning. Are you two the same person?

    I have never known anyone, including myself of course, who have ever paid OVER invoice.

    See, that's where region comes into play. Supply and demand are probably completely different where you live.

    It's crazy to think that after getting $5,000 off MSRP they are actually still making thousands but it's TRUE.

    I don't doubt that. However getting them to reduce the selling price to that point is not as simple as asking for it at any dealer in any part of the world.

    You keep asking the same questions and I keep answering them.

    See the problem is, I never asked any of the questions you guys were so quick to answer. I do know what kinds of deals are available in this region and I take advantage of them when I can. All I wanted to know originally was what the lease loyalty rebate was all about.
  • baggs32baggs32 Posts: 3,221
    What are the current numbers for a 2009 Ford Flex SEL AWD, 36 month, 10,500 per year in the Omaha, Nebraska area?

    Checking cars.com shows nothing on leases in zip 68516 or any other Omaha zip code.

    I noticed the rebate is $4500 in your zip. That's $1500 more than what it is here but we do have lease offers through Ford here.
  • chuck68516chuck68516 Posts: 195
    My dealer "CLAIMS" that the selling price of $26,000 is good whether I lease from Ford or through U.S. Bank. The part I don't get is that the U.S. Bank lease rate is about 5% and the Ford Credit lease rate is 10.6%. I have qualified at Tier 0, best you can get. He claims that's the best current rate in my area. HUH? I am assuming Ford is not offering ANY lease support in my area. I will probably just buy like I first considered doing. He quoted me 36 month, zero down, $435 going through U.S. Bank and $603 going through Ford.

    On a regular purchase, zero down payment would be $470 rolling sales tax of 7% into the loan. Only a $35 difference. I'll try to work one hour of overtime per month to cover it.
  • tfd123tfd123 Posts: 4
    Car Man,
    Considering the lease of a 2009 Flex SEL FWD with Auto-fold seats, Sync, roof rails - MSRP of $34,090. Looking at 36 months, 15,000 miles per year, $2,000 down. One comment - we were negotiating a purchase of a Flex SE with an MSRP of $30,400 and the dealer, with just a phone call and virtually no haggling, dropped the price to $23,600. So I'm assuming, since their Flex inventory is simply not moving, that they'd be willing to offer a similar discount off MSRP for the SEL, which would mean a cap cost of roughly 27,500. What am I looking at for an APR and a residual? Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jwinter65. Ford's current lease rate on the Flex is not 1.0%. Dealer invoice is a very reasonable selling price for a lease of an '09 Flex.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi chuck68516. Here's the info that you're looking for. Through March 31st, Ford Credit's buy rate lease money factor and residual value for a 36 month lease of a 2009 Flex SEL AWD with 10,500 miles per year are 1.0% and 51%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tfd123. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2009 Flex SEL FWD with 15,000 miles per year are 1.0% and 47%, respectively.

    Car_man
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  • cagormcagorm Posts: 34
    Hi Car_Man,

    I am heading out today to buy or lease an AWD Flex Ltd. The lease would be 36 months and 15,000 miles per year. Do you happen to know the April resudial and MF for this vehicle? Thanks for the help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi cagorm. Here's the information that you're looking for. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2009 Ford Flex Limited AWD with 15,000 miles per year are 0.25% and 46%, respectively. Ford's lease program often varies by region. If you tell me what state you are in, I can confirm that this is the exact program that is available in your area.

    As you can see, Ford Credit publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400.

    Car_man
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  • yokevyokev Posts: 1
    Shopping for a Flex AWD Ltd to replace my current lease ending in June. The dealer I spoke with last night confirmed that the lease rate is .25% for April but hinted that it would change in May. Do you believe this to be true? I'd prefer to wait until May to get into a new car so I'm not saddled with two car payments for two months but, if that means I'll end up with a higher lease rate it may be worth added cost.
    The deal I got was @528 for 36/12000K w/taxes down no cap reduction on a 7 pas, limited, AWD, vista, tow package.
  • baggs32baggs32 Posts: 3,221
    I too had the same concern last week. Ford's current lease rates don't expire until 6/1/2009 so I doubt they will get better or worse in May. They can, but I doubt it. I'm leasing one in May too and I did have one dealer tell me the lease was bad this month but will get better next month because "Ford is getting back into leasing". Well, since Ford never abandoned leasing completely I'll just chalk that up as another crazy sales ploy.

    The dealer I am working with right now is honoring the current lease rate until 6/1 but did state that the residual could change as it does not have an expiration date. Currently it is 47% here in Wester PA but YMMV over there in NY.

    Your payment seems about right judging by what I've seen from the 5 dealers I've asked for quotes. All either gave me invoice or X-Plan (if I told them I had it) except for one. That one quoted me over $650 per month for the same Flex another dealer quoted $525 per month (SEL AWD Sync, Tow pkg,, dual headrest DVD ES and no money due at signing). They obviously were not giving me the $1000 lease loyalty rebate, the invoice price, and possibly not the proper residual and/or rate either. Watch out for those people. They even had the nerve to tell me they were only making $200 on the sale when they were really making like $6000!

    Stay far away from Northland Ford if you live in Western PA.
  • stoopystoopy Posts: 105
    Seems to me that you should just buy the Flex. If it's MSRP is $39,000 you should easily be able to buy it for a monthly payment of under $500 just putting down taxes as you were going to do on your lease. Why spend more money to lease? For $500 a month you could lease a way nicer car. That seems to be the idea of leasing in my opinion, to lower your payment.
  • baggs32baggs32 Posts: 3,221
    For $500 a month you could lease a way nicer car.

    A year ago that was true. Not now. You can lease a small luxury SUV for less than $500 now but you'll gain very little luxury over the Flex and lose a LOT of interior room.

    That seems to be the idea of leasing in my opinion, to lower your payment.

    That was always a nice side effect of leasing for me. I lease because I want something new every 3 years.
  • HI Car Man --

    Could you tell me the lease program Ford is running in Connecticut for an SEL AWD, 12k miles for 36 months? Thanks!
  • Hi Car_Man,

    I'm in South Florida (Fort Lauderdale). Could you please get me the April lease rates for a 2009 Flex Limited FWD? Also, I see you've posted 15K miles in your replies. Do you know if Ford offers the 2 point increase in residual for 12K miles and 4 point for 10K miles? I'm looking to lease for 36 months.

    Thanks in advance for your help! :D

    Baxterdown.
  • amxamx Posts: 8
    Dear Car_Man,

    Can you help with SoCal lease rates for a Flex SEL? We are looking at 36mo and 15K mi/yr. Is 39 mo. better? How does it look for 12k?

    Are dealers doing invoice pricing? Or should I shoot for something like 2K below inv?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi yokev. Many of Ford's April incentives are scheduled to run through May 4th. Dealers always like to create a false sense of urgency in potential clients in an effort to get them to pull the trigger on a deal ASAP. The dealer doesn't know for certain whether Ford's May lease program for the Flex will be different or not. No one knows at this point, outside of a few people at Ford...if they have even already made up their minds.

    If I was in your situation, I personally would wait. Even if the lease program does change, I can't imagine that it would be by a lot...certainly not enough to justify wasting hundreds of dollars per month on two payments. Of course, as I mentioned earlier it is impossible to say for certain what Ford's May program will be like at this point. I personally would wait, but don't blame me if the new program is worse, I'm just making an educated guess ;).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey deejaybunk. Here's the info that you're looking for. Ford Credit's current buy rate lease rate and residual value for a 36 month lease of a 2009 Flex SEL AWD with 12,000 miles per year in your area right now should be 0.25% and 48%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Baxterdown. In many parts of the country, Ford Credit's current base lease rate and residual value for a 36 month lease of a 2009 Flex FWD with 15,000 miles per year are 1.25% and 46%, respectively. Ford Credit's 12k residuals are indeed 2% higher than its 15k resids and its 10.5k resids are 3% higher than its 15k resids.

    Having said this, I'm not sure if this program is available in Florida right now. Ford has cut way back on the availability of leased through Ford Credit. I would not be surprised in the least if it was not leasing at all in your area at this time.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello amx. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2009 Flex SEL FWD with 15,000 miles per year in SoCal are 1.25% and 45%, respectively. The numbers for an otherwise identical 39 month lease in your area are 1.5% and 43%. If you were to lease with only 12,000 miles per year, this vehicle's residual values would be 2% higher.

    Ford is not currently providing any cash incentives on leases of this model. As a result, I doubt that you will be able to lease one for under invoice. Shoot for a capitalized cost of as close to invoice as possible.

    Car_man
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  • Thanks Car_Man!!! You're the best! :)
  • Hi, I got quotes from two dealers, for a Flex Limited FWD 15000miles a year for 36 months. One using Ford Credit and one USBank. Can you tell me what the residuals and rates are for either of these credit sources?

    Also the US Bank lease paperwork seems to have a $6000 rebate worked in (Ford offered me a $500 rebate) as well as "Capped Fees" of $970. Not sure where these are coming from. My memory also tells me that US Bank has end of lease fees, and my guess is that it would be easier to get out of a Ford lease early if I needed/wanted to. Can you shed any light?

    Thanks.
  • amxamx Posts: 8
    many many thanks Car_Man, cannot tell you how much money you have saved me over the years...
  • stoopystoopy Posts: 105
    Ford sells the Flex to US Bank, US Bank leases the Flex to you that's why they get the RETAIL CASH REBATES.

    US Bank has terrible money factors and residuals but so does Ford in most areas. One guy said his lease rate was 10% vs some areas that were at 0.75% through Ford. On my quote, US Bank lease rate was 7.1% which is really high for a lease. Ford Residual was around 45% and US Bank was only 40%.

    In summary, BUY THE FLEX. Don't lease it right now. You can easily buy a $35K Flex Limited for around $26,000 after all the rebates. Put the $2500 towards your sales tax and plates. You could get a 72 month loan at $26,000, 6% for a monthly payment of $430.90. 60 Month would be $502.65. Don't lease. Also you can claim all that sales tax on your 2009 Income Tax Return. Probably net you another $500 plus.

    PS: Pilot is the same way. Way smarter to buy it than lease it. If you're gonna lease a vehicle MSRP of over $30K the residual better be over 50% and the money factor needs to be less than 5%.
  • vandyman4vandyman4 Posts: 15
    Hi:
    I am considering purchasing or leasing a 2009 SEL FLEX and can't make a decision. I can lease a 37,780 List Flex for $495.00 per month for 12,000 miles per year for 39 months or purchase a Flex with -0- % for $605.00 per month for 60 months. Total out of pocket is $1750.00 and selling price is $35,400.00. Is either a fair deal? Any ideas?
    Thanks,
    JON
  • baxterdownbaxterdown Posts: 36
    Hi Jon,

    Are the numbers you posted yours? Or are they a dealer quote? Also, they seem to be mixed between lease and buy.

    If the numbers are from a dealer, they look a bit high. Here are the numbers you need to post to make sure everything adds up:

    ON A LEASE

    MSRP
    Negotiated Price
    Money Factor (Interest Rate)
    Term (How many months)
    Residual

    ON A PURCHASE

    MSRP
    Negotiated Price
    Interest Rate
    Term (How many months)
    Down Payment (if any)

    I was on the same boat you are. And, after doing numbers up and down it turned out that leasing was not an option. If you see my post asking Car_Man for lease rates, you'll see he answered that Ford may not be leasing in my area. When I went to get my car, I found out that Ford is leasing (and others are too) but the lease rates are terrible. So, in my case, it made a lot more sense to buy.

    By the way, there is another post (a few posts up) from someone talking about financing for 72 months. That might be a good option. That extra year and the $1,750 out of pocket you were planning to pay on a lease might be enought to get you to your calculated lease payment.

    Here are a few other things to consider:

    - If you get the 0% financing, Ford Motor Credit will require you to carry gap insurance. When everything is said and done, this is not a good option. You are better off taking the $3,000 rebate.
    - Ford Motor Credit is offering a $1,000 rebate. It's useless. FMC's finance rates are terrible. If you have good credit, you are better off financing through a bank or credit union at around 5% for 72 months.
    - Dealers are DESPERATE. You should not pay (before any rebates) a penny more than invoice. Many dealers are even willing to sell cars for holdback (an additional profit built into invoice price) just to move cars.

    Click here for the 2009 Flex dealer price list. It will help you add the base cost and options on the car you want. That way you will know if there is more room for negotiating.

    Good luck!
  • baxterdownbaxterdown Posts: 36
    Thanks bud!!! Once again, you came through with lease rates information. I really appreciate your help!

    It turned out that Ford was leasing in South Florida but rates were a joke. So, I ended up buying the car. Also, FMC's finance rates are terrible. so the $1,000 rebate from them is useless.

    Thanks again sir. You're d-man!!! ;)
  • vandyman4vandyman4 Posts: 15
    Thanks,
    It's all very confusing. I have been leasing and buying Saab's and Caddy's for the last 15 years and always knew if I was getting a good deal. Now I am afraid to make a decision. Here are the details of the dealer quote:
    ON A LEASE

    MSRP 37,780.00
    Negotiated Price 35,458.00
    Money Factor (Interest Rate).5
    Term (How many months) 39
    Residual .46
    Rebate $750.00 given after negotiated price as additional money down
    $1000.00 total out pocket
    497.45 per month
    ON A PURCHASE

    MSRP 37, 780.00
    Negotiated Price 35,458.00
    Interest Rate 0
    Term (How many months) 60
    Down Payment (if any) 1000.00 total out of pocket
    Rebate $750.00 given will be an addional down payment
    605.70 per month

    What should I be paying for this car? Also, what is GAP insurance? I never had to pay this before. Right now I am leasing a Caddy STS4 for $479,00 per month which seems to be a better deal than the Flex. Should I work on a dealer for a limited model? I just need AWD, 40/40 captain's seats and the sun roof.

    Any help is greatly appreciated.
    Thanks,
    JON
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