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Ford Escape Lease Questions

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  • Hi Car Man

    Can you explain the pro and cons with leasing and pros and cons with buying. Ford Escape or Jeep Cherokee 2006 in Las Vegas Nevada

    Niecey
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No need to apologize, scott31. Most community members never mention where they live. OK, if you were to lease a 2006 Ford Escape Limited FWD through Ford Credit for 36 months with 10,500 miles per year on or before July 5th, its base lease rate and residual value should be around 2.75% and 51%.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey MK. The lease rate that you were quoted for the Escape that you are interested in is very attractive and it's right in line with what Ford Credit's base lease rate is for this model right now. This is a good thing. It would be easier for me to give you my opinion of this deal if you were able to provide me with this truck's selling price. This is a very very important number for consumers to know. Without it, you don't know how much of a discount you are getting on the vehicle that you want to lease. Let me know what this number is and I'll tell you what I think.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Niecey. Both of the trucks that you are interested in, the Ford Escape and Jeep Grand Cherokee, typically have attractive lease programs available on them. If I personally was in the market for either one of them I probably would lease. Having said this, there's nothing wrong with financing them through their captive finance companies or through an independent bank. The advantage of leasing is that you get to drive both of these trucks without paying much at signing and with a low monthly payment. One of the major disadvantages of leasing is that you're pretty much stuck with your truck for several years, or however long your lease is on it. Sure, consumers can get out of leases early, but it is usually fairly expensive to do so. Not to mention the fact that you never really "own" a leased vehicle.

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  • I am looking to lease a loaded 2007 Escape Hybrid 2wd for 3 years, 12K per year in Chicago, IL. I was wondering if anyone knew what they are using for a residual value? The MSRP is 34,905 cost 32,145, not sure what my x-plan price is yet. Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi wildfire13. Ford Credit's current 24 month, 12,000 mile per year base lease rate and residual value for the 2007 Escape Hybrid 4WD are an unattractive 9.0% and 61%, respectively. The numbers for an otherwise identical 36 month lease are 9.0% and 52%.

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  • I e-mailed a Ford Dealer and they told me 3.25% and 49% residual. The interest rate is good but the residual stinks. I will wait for the Honda CRV Hybrid next Fall. At least that will be worth something down the road. Thanks.
  • Car bought in Toronto, Ont.
    I own a 2006 Ford Escape, great vehicle btw, coming up to the 12 mth service. Question, do I have to get all the service 'suggested' at that interval? :confuse:
    The want to charge me $400 for things that aren't going wrong. For instance, wheel alignment???
    Do I have the right to say "no" and not be punished at warranty? :P
    I have no desire to keep the car after lease is over, but I would like to lease again at time's up? :blush:
  • Hi homermedic. One of the great things about leasing is that you don't have to spend a whole lot of money on maintenance. Just get your truck's oil changed every several thousand miles and possibly the tires rotated every once in a while and you'll be fine. Performing any other maintenance on your truck would be a waste. You don't even have to go to a Ford dealer to get your oil changed, you can do it yourself or go to a Jiffy Lube type place. If you don't go to a dealer, it would be a good idea to save your receipt though. You really don't have to get your tires rotated either, but if you don't your tires might wear unevenly and it is possible that you would have to pay a penalty for excess wear and tear or buy new ones at lease-end.

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  • Looking at 36 month lease (12k miles) on a 2007 Escape XLT 4WD with moonroof and cargo pkg. Invoices for $24,670.

    What kind of incentives are available? What is the going money factor or interest rate as well as residual value?

    I qualify for X plan. All dealers quote me a price slightly higher then invoice though. What's the true X plan price compared to MSRP or invoice?

    Current ads in my area are for $249/month lease, but I assume this is A plan. Is it realistic to assume I can negotiate a lease for under $270/month?
  • Can someone please tell me if Ford Credit sets the residual values and acquisition fees. And if so, are these negotiable? when leasing a car?
  • Hi sparty3. Ford's cash incentives and lease program for the 2007 Escape vary by region. I would be happy to tell you what they currently are for your area if you tell me what state you are in.

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  • Hi again sparty3. Vehicles' residual values are set by banks and individual dealers do not have the authority to alter them. Acquisition fees on leases are set by banks too, but dealers sometimes have the ability to mark them up to add additional back-end profit to deals. The last time that I checked, Ford Credit's base lease acquisition fee was $595.

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  • ron1958ron1958 Posts: 9
    Car Man

    I ordered a 2008 Ford Escape XLT 4cyl FWD from dealer, since they had none in stock. He quoted me xplan price at time of order, but could not give me a lease payment. Can you tell me what the current money factor and residual should be on this vehicle? Also, what are the other customary fees that I will be expected to pay at signing?

    I did not sign anything to order this vehicle, all I did was leave a refundable $300 deposit, so I can walk after the vehicle arrives if the deal is not good.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to help you out, ron1958. This truck's lease program varies by term and mileage allowance. For now I am going to assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2007 Ford Escape XLT 2WD with 15,000 miles per year are 1.75% and 51%, respectively. As you can see, Ford Credit publishes lease rates instead of money factors for the vehicles that it leases. One can convert its published lease rates into approximate money factor equivalents by dividing them by 2400.

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  • ron1958ron1958 Posts: 9
    Car Man

    Thanks for the reply. The Escape I'm interested in is a 2008, not 2007. Do you have those figures? Also, looking at 12k per year 36mo lease.

    Thanks!

    -Ron
  • ">Just leased an 07 Escape XLT, Leather seats, sun/sound, roof rack in the central vermont area. Not your average lease mileage though. I did a 19.5K/39 month, $700 is what I put down, and the Wear/Tear program for $500 (normally $650) Tax, Title, Reg built in to the lease as well. monthly comes out to $412. Incentives applied were $2500 and they make the first payment. To me this seems to be a fair price considering it was agreed upon at $300 over Invoice. Realizing that this is already a done deal, was this a good deal?
    Thanks
    Msully
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem, Ron. The 2007 that I posted was actually a typo, sorry about that. Those are the numbers for the 2008 Escape. I'm just so used to typing '07 ;) .

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Msully. $500 over dealer invoice is a very good price for a Ford Escape, as long as it is before the deduction of any available cash incentives. Assuming that the dealer that you got your Escape from used Ford Credit's 39 month base lease rate of 1.25% to calculate your monthly payment, it probably did because Ford dealers rarely seem to mark lease rates up, you got a very good deal. Enjoy your new truck!

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  • ron1958ron1958 Posts: 9
    5 weeks later, the 2008 Escape I ordered came in - we closed the deal at $292 per month, with taxes and aquisition fee down (12k per year, 39 months) This is for a 4cyl XLT FWD w/ Sun and Satellite and convenience package. I had an X plan PIN, total sale price was about $50 below invoice, not including $545 rebate. Nice looking vehicle for the price, we are very happy with it so far.
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