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Ford Explorer Lease Questions

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  • Hey leslie12. You never mentioned the selling price of the Explorer that your husband is interested in leasing. This is an important number for him as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that he wants to lease he doesn't know how good a price he are getting it for. The second reason is that one needs the selling price of the vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.

    I am not sure if the Sync and Navigation systems can be offered in the same vehicle. It seems pretty strange that they can't, but perhaps in order for it to work they both have to be factory-installed.

    Car_man
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  • Hello tawright4. Ford's lease program on the 2008 Explorer is slightly better in the New York area than it is in the rest of the country. Ford is currently providing $3,000 to $3,500 lease cash on the 2008 Explorer, the exact amount varies by region. What you do with this cash is negotiate a selling price on the Explorer that you want that's as close to dealer invoice as possible and then have the dealer that gives it to you deduct the lease cash from that to arrive at the capitalized cost for your lease.

    Unfortunately, most banks do not deal directly with the general public when leasing vehicles. This is OK though because Ford Credit's lease program for this truck is so attractive that you probably won't be able to lease it for less through an independent bank anyhow.

    Car_man
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  • Here's the information that you're looking for, kscap. This truck's lease program varies by term, mileage allowance and region. You never mentioned what any 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 Explorer XLT 2WD with 15,000 miles per year are 3.5% and 42%, respectively in most of the country. It is better than this in select areas.

    Car_man
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  • Car_man,

    I'm in Maryland, and am looking at leasing a 2008 Ford Explorer Eddie Bauer v8 4x4. MSRP with options is $39,345 and the invoice is $36,411. There is an additional $3,500 lease incentive available. I am anticipating negotiating a high of $300 over invoice--$33,241.

    What is the (1) residual value and (2) interest rate to lease this vehicle for 39 months with 15,000 miles per year?

    Thanks in advance!
  • I'm from PA and I currently see a sign and drive advertised at $359/mo for 39 mos. and 10,500 miles per year for base model V6 4X4 Eddie Bauer. This price is before an additional $1,000 renewal cash, so my real monthly payment will be more like $332.

    What is the residual value and money factor for this offer? I've had another dealer quote the exact same base model for $299/mo but with 1,264 due at signing and also having to pay that first month payment. This price is after the renewal cash. Need to evaluate the two offers.

    Also, I had one dealer tell me to wait until March as there will be a better lease offer starting on 3/2. He didn't know the specifics - just said it would be better than the current offer.

    Thoughts from anyone?
  • Greetings aleatory. Thanks for providing tons of information in your post. Ford Credit's current base lease rate and residual value for a 39 month lease of a 2008 Ford Explorer Eddie Bauer V8 4WD with 15,000 miles per year are 3.75% and 42%, respectively. Let's use these numbers to calculate a sample lease payment and see what we come up with. According to my calculations, if you were to lease an '08 Ford Expedition Eddie Bauer 4WD that has an MSRP of $39,345 and a selling price of $33,211 ($300 over invoice minus $3,500 lease cash), your zero down, pre-tax monthly payment would be around $506. Wow, that's a lot of money for an Explorer. If I was in the market for a mid-size SUV right now I would be more inclined to go with a Honda Pilot or a Toyota Highlander.

    Car_man
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  • Hey wbenedict. Ford Credit's current base lease rate and residual value for a 39 month lease of a 2008 Ford Explorer Eddie Bauer V6 4WD with 10,500 miles per year in Pennsylvania are 3.75% and 45%, respectively. Ford's lease cash for the Explorer varies by region. You mentioned that you are in Pennsylvania, but not what part. The last time that I checked, Ford was providing $3,500 lease cash on the '08 Explorer in the Pittsburgh area and $4,000 on it in the Philadelphia area. I have not heard that Ford is planning to improve its lease program on the Explorer in March, but if a dealer is telling you to wait to get a new vehicle instead of trying to lock you into one right now there may be something to this rumor.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi kirk94. You're in a difficult situation. Normally I would advise someone who was so upside down on their vehicle to wait until they were less upside down to get something new. However, this does not sound like it is an option for you. If you have to get a new vehicle, at least you are able to do so through Ford's X-Plan. Access to this program should provide you with an extremely attractive selling price on the Explorer that you want without having to haggle. Since you are guaranteed to get a good price on your new vehicle, you need to focus on how much the dealer is giving you for your TL. The more the dealer gives you for your trade-in, the less upside down you are on it. Make sure to look up your car's 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 feel as though you are not being given enough for your TL, you can always comparison shop with a few other dealers in your area.

    Car_man
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  • 36 month lease on 2008 EB; Nav system; Power Moonroof; 18" Chrome clad Alum Wheel;Aux Climate Control; Reverse Sensing; 50/50 Fold 3rd Seat; Luxury Pkg;
    X-PLAN Price; Rebates total about $6.6K; Residual 17-18K; 10.5K miles per year
    Out of pocket = $1700. 36 X 480per month.
    Thanks for your comments.
  • Hi Carman,
    Looking to get 2010 Ford Explorer Sport Trac V6 4x2 Limited edition with couple of options for MSRP 34,700. I'm looking to lease, here is the info:

    Houston Area
    15,000 or 12,000 miles/year for 36 months
    want to put very little to nothing down

    Can you tell me any lease support/rebates that may apply to the price and also the money factor and residual values?
  • Greetings to the semi-appropriately named audimanhouston (you have the place right, just not the vehicle :) ). Like all domestic manufacturers, Ford has decided to cut way back on leasing over the past year. While it is providing lease support on several models, unfortunately the Explorer is not currently one of them. It might be possible to lease an Explorer through an independent bank, but even if you were able to find a bank that was willing to lease one to you it likely would be a terrible deal.

    If you really want a 2010 Explorer, you would be better off financing it through Ford Credit at 1.9% for 3 years, 2.9% for 4 years, or 3.9% for 5 years. OR financing paying cash for it or financing it through an independent bank and taking advantage of the $3,000 cash incentive that is available on it this month.

    Car_man
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  • thanks car_man, I have actually been a huge audi fan last few years and just got my second a4 in february - got a good deal on 2009 model thanks to your info on this message board. Had 2006 model before that but can definitely see how I threw you off :-).

    I'm doing a bit of car shopping for my in-laws who lease cars for their business so they don't really have the buy option and their leases expire soon. my mother-in-law is deciding between audi q5 (fingers crossed) and mercedes GLK so I'll ping you for lease advice once she makes the decision. thanks for all your help.
  • Hi everyone...
    I need help... I lost my keys for my explorer, I had the vehicle towed up to the dealership & had 2 new keys & programing done. The vehicle was driven home & then started once. I had to run back into the house after I started it the second time & took the keys out. I came back out to leave & my car wouldnt start again.
    I know it has something to do w/ the keys cause my car is in rather good shape & nothing else could be the problem.
    Of course the dealership is denying any programing they did was wrong. Do you have any ideas??
  • Hi chryssi..

    You'll have a better chance at getting an answer to your question here:

    Ford Explorer Maintenance and Repair

    Moderator - Prices Paid, Lease Questions, SUVs

  • No problem audimanhouston. Talk to you soon.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan,

    What are the current lease numbers for a 2011 Ford Explorer XLT 4X4 on a 27 and 36 month lease with 10,500 miles per year? Thanks as always and happy New Year.
  • petergriffinpetergriffin Posts: 5
    edited January 2011
    Car Man,

    Do you know the January lease rate and residual for a 2011 Explorer Limited 4WD?
    10,500 miles, 36 months. I can register it in either zip code 68103 or 51501. Thanks.

    Are there any rebates available for leases?
  • The Jan numbers are coming out tonight. I have the december. The best lease is the 24 month lease now. The XLT has a great 24 lease rate now. When I get Jan numbers I will post.
  • Here are the Dec rates. I doubt they will change since the car just landed this week. I am going to pick one up in the next week. I don't have the limited here but they are higher than these

    XLT
    24 Month
    tier 0-1 .75

    36
    tier 0-1 2.75

    Base Residual
    24 (62)
    36 (53)
  • Thanks. Was that for 10,500 miles?
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