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Ford Expedition Lease Questions

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  • Hi macsnjets. Let's work up a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2008 Ford Expedition XLT 4WD that has an MSRP of $39,875 and a selling price of $34,500 through Ford Credit right now for 39 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $465. As you can see, this is pretty close to the payment that you came up with yourself.

    Car_man
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  • I'm glad that you enjoy this forum so much, gonecruzan. Unfortunately, chances are that you will not be able to take advantage of the fact that you are way under your Explorer's mileage limit. In order to do so, it much be worth significantly more on the open market than your purchase option for it. This is usually not the case, especially with domestic vehicles. If it was, you could trade it in or purchase it and sell it privately.

    In order to determine whether you should purchase your vehicle at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though it states your truck's purchase option price on your lease contract, you should place a call to the bank that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.

    As I said earlier, once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".

    If you believe that your Explorer is worth significantly more than it would cost you to purchase it, then you might want to consider trying to profit from its low mileage. If not, then just walk away at the end of your lease.

    Car_man
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  • Hi dylcon. Let's see just how much going with a 39 month lease instead of 36 months will lower this truck's monthly payment. According to my calculations, if you were to lease a 2008 Ford Expedition Limited 2WD that has an MSRP of $46,265 and a selling price of $40,681 through Ford Credit right now for 36 months with 10,500 miles per year, your zero down, pre-tax monthly payment would be around $561. The payment for an otherwise identical 39 month lease would be around $553. So it looks like you're looking at a savings of only $8 per month.

    Car_man
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  • hoss5hoss5 Posts: 1
    I'm interested in an Expedition EL. I am considering lease vs. purchase. I've looked at a 2007 Expedition EL demonstrator. It has 10,500 miles. The invoice is $43,500 or thereabouts. The purchase price is $41,500 or thereabouts. We have a 2004 Excursion (clean) with 87,000 miles. The dealer only wants to allow me $10,500 on a trade-in. I understand the 66 months, 0% financing on a purchase, however, don't fully understand the intricacies of a Red Carpet Lease as to the residual and the like. Please advise.
  • wvgasguywvgasguy Posts: 1,405
    If you're already trading an 04 then you probably won't get the full advantage of a 0% financing on the 07. Those deals really only save you the full amount when you indeed keep the vehicle for the life of the loan. Typically if you trade every 2 or 3 years take the rebates,

    I found the leases complicated but had 2 dealers explain it because it seemed too good to be true. Was better off with an 08 rather than an 07. The fact that this is an 07 with miles may hurt you in trying to lease it.

    The advantage I had with the lease is that you still get the rebates but the lease financing was only 0.5% on my loan. With a 2 year residual of 52%, that means I'm basically financing half of the vehicle close to 0% anyway. Comparing the lease to a loan from my Credit union, I actually can lease and then buy a lot cheaper than just buying.

    0% is a good thing but don't try to fool yourself if you know you're going to trade in a few years. In two years your 07 will be 3 years old and worth about 45% of MSRP.

    If you don't believe that how about the $10.5 they are offering you now?

    Also with 87K miles on an 04, I'm guessing you drive a lot and that could be pretty expensive on a lease. I have the max at 19,500 miles per year and anything over that is 20 cents a mile (unless I buy it)
  • Hi, I am in the process of trading in my 2006 Eddie Bauer Explorer that is coming off lease and looking to take advantage of the program they have in place to keep you in one for 2008. My question is the vehicle I am looking at has an MSRP of $33,940. my question is can you further negotiate the price because I am already getting $2,500 + $1,000 as listed on ford's website. I believe I also get an additonal $1,000 loyalty cash back if i get back into another explorer. That means I am already getting $4500 off the MSRP. I know I am supposed to negotiate from the Invoice - holdback up...but are they going to give me a song and dance that i am already getting so much off? But so, far, the rebates are only from the manufacturer, not the dealer so is there room to move?

    The monthly lease payment is looking to be $430 for me. I am doing 39mths at 18k per year with first month + tag fees for a total of $520 out the door. I am in Phila, PA. I would really like to see if I can get more off from their end because so far, the dealer hasn't discoutned anythign or is tht considered when the manufacturer builds in those rebates. If i can negotiate, what is reasonable? Thanks
  • wvgasguywvgasguy Posts: 1,405
    Rebates are not dealer discounts. You should be able to get both. I actually got my Expedition lease with XPlan pricing and rebates. Very satisfied.
  • The guy told me that ford, when they build lease lease deals, they build them at invoice price and thats it...as if there is no room to negotiate beyond the factory.
  • wvgasguywvgasguy Posts: 1,405
    If you got it at invoice I;m not sure I'd haggle the dealer too much for anymore anyway. However, as I said I got mine at x-plan less $1500 rebates as my capital costs
  • Hi -
    i'm ready to lease a 2008 Eddie Bauer Expedition.
    Any idea what Ford Credit's current money factor is?
    How about the residual on the 2008? (x% of MSRP).
    assume 36 month lease.

    With options, the vehicle I'm looking at is about a $44000 (including destination).
    I'm just checking edmunds now, but invoice looks to be $39500.
  • wvgasguywvgasguy Posts: 1,405
    That's about the same vehicle I got ($43,800) a month ago, and the interest rate used for the money factor was 0.5% then. However I got a 24 month lease and the residual was 52% due to selecting the 19,500 mile per year option (which was a 3% difference than the 15,000 mile option). It was a lot cheaper to lease for 2 years and then buy than it was to just buy now at current interest rates. I liked the idea of being able to walk away in 2 years if they offer a diesel option or if gas prices are $5, or simply buying it at 52% of MSRP if I still want it.
  • You're very welcome, rob052067. Make sure to stop back and let us all know how everything turns out.

    Car_man
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  • Hi hoss5. It sounds like you have never leased before. If so, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. These articles will fill you in on the basics. Let me know if you have any specific questions about leasing an Expedition that weren't covered in these articles.

    Car_man
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  • Hello davidr719. You absolutely should be able to negotiate a discount on top of the cash incentives that Ford is providing on the Expedition that you are interested in. The exact dealer discount that you are able to negotiate will vary by trim level, but I suspect that the truck that you want probably has another $2,000 or so to play with in its price. If I was in the market for this truck, I personally would shoot for $500 over dealer invoice minus the cash incentives from Ford.

    Car_man
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  • Greetings freddy533. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2008 Expedition Eddie Bauer 4WD with 15,000 miles per year are 2.75% and 49%, respectively. As you can see, Ford Credit publishes lease rates instead of month factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400.

    When negotiating your lease on this truck, make sure to take advantage of the $500 lease cash and $1,000 bonus cash ($1,500 total) that are currently available on it. This cash will help you to negotiate an attractive capitalized cost.

    Car_man
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  • I am looking to lease a 2008 Expedition EL and wanted to know the current money factor, residual, and dealer incentives for 24 and 36 month leases. Any info would be greatly appreciated. Thanks!
  • You've come to the right place, warbern. I's be happy to help you out. You never mentioned the exact trim level of the truck that you are interested in, so for now I will assume that you want an '08 Expedition XLT EL 4WD. Let me know if you want something different. Ford Credit's current base lease rate and residual value for a 24 month lease of a 2008 Ford Expedition XLT EL 4WD with 15,000 miles per year are 0.75% and 54%, respectively. The numbers for an otherwise identical 36 month lease are 3.0% and 48%. 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. When negotiating your lease on this truck, make sure to take the $2,000 lease cash that Ford is currently providing on it into account.

    Car_man
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  • Thanks so much for the info. I really appreciate it! I was actually looking at the Limited. Other than pricing, does that affect the lease numbers at all? Thanks again!!! Oops, almost forgot... what are the residuals for 10.5k and 12k miles a year? Thanks!!!
  • I am hoping to lease the 2008 Expedition Limited 4X4 for about $500/month, $0 down, 12,000 miles, 39 months. MSRP is $43,215, invoice is $39,396. Dealer holdbacks is about $1200. There is $2000 in rebates plus $1000 more for customers coming from a competitors lease, which I qualify for. Is this a possiblity for me? I live in Nassau County, NY. Please recommend a dealer.
  • philly70philly70 Posts: 6
    Anyone have the latest money/depreciation inputs for the Ford Expedition (EB or LTD) for 36 month leases?
  • philly70philly70 Posts: 6
    Looking to lease an Expedition EB 4WD MSRP $47,130, negotiated price $43,500. Any help with the current money factor and residual I can expect (Minnesota) currently would be appreciated.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi philly70. This truck's lease program varies by term and mileage allowance. You never mentioned what either of these variables are, so for now I will 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 2008 Ford Expedition Eddie Bauer 4WD with 15,000 miles per year are 2.5% and 45%, respectively.

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  • kevininnhkevininnh Posts: 1
    Over the past 6 years, I have driven Expeditoins that were leased by my company. The first was a 2002 Expedition EB on a 36-month/45kmi, and then a 2005 EB on the same 36/45k terms. I had done my homework on what the lease should have cost my company per month on this last lease, which was figured to be $512/mo (if I recall). When the company owner went in to finalize the deal, the payment was jacked up to around $599/mo using the sleezy tricks the leasing guys do. Anyway, my company is scaling down due to the economic slowdown & does not want to spend that kind of mony on leasing a new truck when the current lease is up next month. The buyout on the lease is about $1800 more than the bluebook of the truck.
    What is my best bet on leasing another Expedition when monthly payments are the biggest concern. My ending lease is about 7k miles under the limit, and vehicle was kepit in perfect shape. I want another Expedition EB with a 24 or 36mo lease. Any input would be greatly appreciated. Thanks.
  • sellgenssellgens Posts: 1
    I am looking for a 24 or 36 month lease on a 2008 Expedition XLT (4x4, black exterior, black leather interior, sun roof) with $0 out of pocket (sign & drive) with yes 25k per year. What is the maximum monthly payment I should expect? I currently lease an '05 Mercury Mountaineer with the mileage - my lease is up 7/24/08, but I am willing to get into a new vehicle immediately. I do alot of driving and will put this mileage on the vehicle.
  • nckracernckracer Posts: 7
    I have a 2007 EL EB. The sticker priced out at 52K. I ran it under X-Plan with a returning customer rebate and got it down to 46K. Wrote up a 2 yr lease with 40K miles and it came to $890 per mo. with nothing down.
  • With the brutal interest rates and cliff drop depreciation on 07's and 08's, why would you lease? Even after taxes, etc., you can get a great value right now on a practically new Expedition.
    The companies that used to buy batches of leases are no longer touching American and many other cars- the value prop of a lease has fallen into the toilet since about August.
  • wvgasguywvgasguy Posts: 1,405
    Got my Expedition last November on a 2 year lease. Was excited with the deal and love the vehicle. What I liked was residual of about $23,500 at the end of the two years and was thinking WOW, what a deal that would be. I planned to purchase it. However with the huge drop in values and a year to go my 08 is already at a $22.7 trade / $25.9K private party value. I looked up the price on an 07 figuring that's what my 08 would be worth in a year and the trade is $17.3K and $20.5K private party value. It's looking like while keeping my ride in really good condition and having it as an excellent used vehicle buying opportunity is not going to pay off as the price I'll have to pay will be $3K to $4K over ppv and a whopping $6K over what I could get for it in a trade.

    Looks more and more like a walk away deal every day. Have any of you been able to deal with Ford Credit/Leasing to purchase at a price below residual?
  • jim53jim53 Posts: 109
    Does anyone know the current Money Factor and Residual for an Expedition EL at 36-39 months with 12K miles per year?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey jim53. Like the Chevrolet Suburban that I believe you expressed interest in as well, there is not currently any lease support available on the 2010 Ford Expedition. As a result, it is not a good vehicle to lease right now either.

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