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Ford Explorer Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi jennian. The Ford Explorer's lease program varies by trim level, region, term, and mileage allowance. I would be happy to give you an idea of what the lease program for the truck that you are interested in is like right now, but in order for me to do so I need you to tell me exactly what Explorer you want, i.e. an XLT 2WD, an Eddie Bauer 4WD, etc..., what state you are in, how long you want to lease it for, and how many miles per year you need to be able to drive it. Let me know and I'll tell you what the latest lease program is like.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi kalik. I don't remember what the lease program was like for the Explorer back in 2004, but it is very possible that its residual values are worse today than they were back then. I would be happy to give you my opinion of the deal that you were quoted, but it would be a big help if you provided me with this truck's full MSRP and selling price first. These numbers will show me how much of a discount you are being given.

    Car_man
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  • luckycaitluckycait Posts: 2
    Hi Carman
    I'm wondering if anyone could help me out!
    We are getting a deal and I'm wondering if it's very good?
    Explorer XLT
    Leather package
    Convience Package
    3rd seat
    Climate package
    Running Boards
    6 disk changer
    MSRP $31,120
    We have the Ford X Plan so that make s the price $29,957
    We have an '04 Toyota Solara SE Sport that blue books at $12300 but he only wants to give us $11K and we owe $20K
    so there is another $9K tacked on
    there is $4K in rebates
    36 mos
    12K/year
    Acq. Fee $595 Dock Fee $45
    Tax is 7.25%
    and he has us at 2.25%

    He has our payment at $662.53 AND $2000 down.
    I plugged this into a lease calculator but I came up with alot less. Can you tell me if I'm getting taken?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi luckycait. You are currently $9,000 upside down on your Solara. Ouch :sick:. Unless you really need to get an SUV for some reason, like your family is expanding it would really ne in your best interest to wait until you are less upside down on your car to get something new. If you really have to get a new vehicle now, the Explorer is a good one to go with because you will be able to get a pretty big discount on it that will absorb most of your negative equity. The fact that you will be able to lease this truck through the X-Plan is great. It means that you will be able to get an excellent deal on it without having to haggle.

    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 2007 Ford Explorer XLT 4WD that has an MSRP of $31,120 and a capitalized cost of $32,957 ($29,957 selling price - $4,000 lease cash - $2,000 cap cost reduction + $9,000 negative equity) through Ford Credit right now for 36 months with 12,000 miles per year, your $2,000 down, pre-tax monthly payment would be around $571. As you can see, there seems to be something wrong with the monthly payment that you were quoted. There's no way that sales tax adds $100 per month to your payment. If I was in your situation I would comparison shop with another dealer or two.

    Car_man
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  • memonstermemonster Posts: 1
    We have the 2004 explorer xlt the purchase options at end of lease term is $16628.05---is this price negotiable? unfortunately my husband thinks he understands car buying but he doesn't. I love my explorer and would really like to keep it and we just put new tires on it thinking we were going to keep it. any tips would be greatly appreciated! oh our miles are low (37100) and there are some minor wear and tear to it.

    options (i am sure there are more, but these are the ones that i can think of off hand)
    third row seat
    moon roof
    cd player
    cruise control
    power drivers seat
    airbags
    4wd

    thanks,
    aimee
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi aimee. Some banks will occasionally negotiate the end of term purchase prices of leased vehicles and others will not. I am not personally all that familiar with Ford Credit's policy on this matter, but give it a shot. You certainly don't have anything to lose by asking for a lower price. I have found that if your initial contact at the bank is unwilling to negotiate that one can often get a manager who is above them to do so. If you do try to negotiate your Explorer's purchase price, stop back and let us know how it went.

    Car_man
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  • Hello,
    I was looking for a new 07 Expl. Looking to lease for first time. Currently have 03 xlt w/46k miles but would like upgrade to EB with V8, trailer tow etc... Not sure about the whole lease thing. Any ideas what a good starting deal would be or where to start at???? I live in upstate New York but i have found that it is hard to find a vehicle up here with options that i would like to get
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello explorer3741. Since you have never leased before, 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.

    In short, the best way to get a good deal on a lease is to negotiate as low a selling price as possible on the new vehicle that you want and then have the dealer that gives you that price calculate your monthly payment using its base lease rate. If you give me an idea of what the MSRP of the truck that you are interested in is and what sort of selling price you expect to be able to negotiate I would be happy to work up a sample lease payment for you.

    Car_man
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  • hcophcop Posts: 6
    Can someone tell me what the x-plan is?
  • mgc1mgc1 Posts: 1
    am looking to lease a ford explorer(07...EB) have never leased...got a quote from a dealer here in the portland,or. area. It seems awful high....any thoughts???

    MSRP $37,675.00
    Sale Price $35,999.00
    Less Lease Rebates -$3000.00
    (used to cover 1st payment, & DMV....ZERO out of pocket cash)

    36 months @ 10,500 miles per year = 607.22 per month
    Lease end value = $17,707.25

    36 months @ 12,000 miles per year = 617.08 per month
    Lease end value = $17,330.50

    36 months @ 15,000 miles per year = 636.81 per month
    Lease end value = $16,577.00

    *All leases figured at 5.75% APR On Approved Credit.
  • For those who need to know....

    X Plan quote on a 2008 Eddie Bauer with options - vehicle had a MSRP of $39k.

    Dealership told me $532/mo for 12k/yr 39 months. Upon inception, only amount due was $1000 which comprised first month, taxes, title, registration, etc.

    Interestingly enough, guy said this was below X plan and said he may be able to do better.....I thought x plan was "fixed" price so I'm wondering if dealership is trying to work me like a champ....

    Can anyone provide MF and residual factor for '08 EB with above details? Thanks.
  • Hi hcop. X-Plan is Ford's supplier purchase program.

    Car_man
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  • Greetings mgc1. Since you are new to leasing, 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.

    Let's take a look at the deal that you were quoted. The Explorer that you're interested in probably has a spread of around $2,500 between its full MSRP and its dealer invoice price. This means that the $2,600 dealer discount that you are being given is probably equivalent to around $900 over dealer invoice. If you are in an area that has a decent level of competition, I would not be surprised if you were able to beat this price by a couple hundred dollars.

    The lease rate that you were quoted looks a little high to me as well. Ford Credit's current base lease rate for a 36 month lease of a 2007 Ford Explorer Eddie Bauer is at worst 3.25%. Make sure that the dealer uses Ford Credit's buy rate to calculate your truck's monthly payment.

    Car_man
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  • Here's the information that you're looking for, elansp. Ford Credit's current base lease rate and residual value for a 39 month lease of a 2008 Ford Explorer Eddie Bauer 4WD with 12,000 miles per year are 3.25% and 45%, respectively. Ford's lease program for the Explorer is actually better than this in certain areas. I would be happy to let you know if you are in an area that has an enhanced lease program on this truck if you tell me what state you are in.

    Car_man
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  • Car_man -- I am shopping hard for a 2008 Explorer to lease. I am in the Columbus Ohio area, the dealerships seem to have a week inventory of 2008 Explorers. Some are offering 2007 Explorers up to $8000 off MSRP. Here are my questions:

    1. What areas of the US are the Ford Explorer Lease programs better?

    2. When Leasing who gets the rebates? Example --- newspaper ad says "buy now up to $5000 in rebates". Leasing a car one must negotiate the lowest possible cost of the vehicle but yet I was criptically told by the dealer it depends on the leasing company as to who gets the rebates. Basically I want the rebates and the lease cash...What gives?

    3. Why are the 2008 Explorers so thin? In the past Ford has flooded the market with new models by now.

    4. What institutions can I work directly with to lease a Ford besides Ford Motor Credit?
  • Coming off the fantasic lease special that ran in the end of 2005/early 2006 with the eddie bauer 2006 explorer for $199/month sign and drive if you remember it...

    My current offer:
    2008 Eddie Bauer
    39 mth///18K miles per year **** I drive a lot
    Navigation
    Eddie Bauer Luxury packade
    Sync
    Sun/Sirius
    Reverse sensing
    class 3 tow
    18inch Chrome Clad
    remote start factory installed
    39mth lease.
    + roof rack, cargo privacy, mats, etc
    MSRP - $37,770
    Rebates - $2,500 + $1,000 Bonus + $1,000 Loyalty = $ $4500.
    The residual they gave me is 39% ... ugh but i drive a lot.
    I know the hold back is $924
    I figured the money factory of .00052 or 1.25% even though they don't like to call it money factory.
    I know the dealer profit margin on an explorer is 9%
    I paid for cosumer reports bottom line pricing and basically offered them 3% over the overall invoice, even the invoice on the options, less holdback.

    Their offer to me...$475 per month with $525 due a signing for 39mths
    keep in mind I am in PA so the lease tax is 9% as well.

    Please someone evaluate this.
    There is no wear care or anything additional with this offer.

    ALSO- Please respond to this as well...B/C i do 18k/year, i leave myself exposed dor 1 year to a gap in warranty because if i do 18k/year i will put 52k on it before I trade it in. Dealer is suggesting I pay extra $900 for warranty to fill gap...thoughts on the deal and warranty????Thanks!!!
  • Hi davidr719. In your post you mentioned this truck's MSRP and what cash incentives are available on it. Are you being given a dealer discount on this truck on top of these incentives? If not, you need to do some more negotiation. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If I was in the market for a 2008 Explorer right now, I personally would shoot for a selling price of around $500 over dealer invoice. If this deal is based upon full MSRP, this means that you probably will be able to negotiate another $1,250 to $1,500 off.

    I personally would pass on the extended warranty, but if you decide to get one keep in mind that the selling prices of warranties are negotiable as well. Not only that, but you do not have to purchase your truck's extended warranty from the dealer that you get your truck from. You should be able to purchase an official Ford warranty from any Ford dealer and still be able to have your Explorer serviced wherever you want.

    Car_man
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  • Hi carman. You have helped me in the past, now I have a question for my husband. He is about to lease an explorer xlt. The deal that he got was 39 months, 12k miles a year. MSRP is 34170. 2k down for all taxes, etc., and a monthly payment of $399. Do you think this seems ok?

    Also, he was "suppose" to get sync, and then dealer was going to install a factory dvd navigation system. (all included in price). Now the dealer says that you cannot have sync and nav on the 08. Is that true? Now he is also saying that the deal he offered was so good that if we elect to not take the nav he will drop the $1995 from price. If we elect to drop the sync he will not credit the $395 because he offered us such a "good" deal that he is only making $16 on the deal.....I think this sounds shady.....what do you think? Do you think that he is telling the truth that you cannot have nav and sync in this car, and what do you think about his not agreeing to credit for the sync if this is true.

    Thanks.
  • Car_man -- I am shopping hard for a 2008 Explorer to lease. I am in the Columbus Ohio area, the dealerships seem to have a week inventory of 2008 Explorers. Some are offering 2007 Explorers up to $8000 off MSRP. Here are my questions:

    1. What areas of the US are the Ford Explorer Lease programs better?

    2. When Leasing who gets the rebates? Example --- newspaper ad says "buy now up to $5000 in rebates". Leasing a car one must negotiate the lowest possible cost of the vehicle but yet I was criptically told by the dealer it depends on the leasing company as to who gets the rebates. Basically I want the rebates and the lease cash...What gives?

    3. Why are the 2008 Explorers so thin? In the past Ford has flooded the market with new models by now.

    4. What institutions can I work directly with to lease a Ford besides Ford Motor Credit?
  • kscapkscap Posts: 7
    Car_Man,

    Looking for a residual value and money factor on a 2008 Explorer XLT Limited. V6, 4 x 2, and NAV. Appreciate your help

    MSRP: $36,600
    Invoice: $34,657
    Residual Value: $_____?
    Money Factor / APR: _______

    Thanks.
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