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Ford Explorer Lease Questions

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Comments

  • First off, THANK YOU! For your swift reply and wisdom so far!!

    HERE IS the response I just received from the dealership:

    .....Just a quick recap, The incentives figured in is 1,500. That is everything included with the Lease Program. Black Friday Cash Is only offered on a retail purchase. The money Factor is correct at .75,

    Is it possible for you to purchase today? I can have you out of the store in an HR from the time you show. Just have to paperwork and detail the explorer. Hopefully my last email answered any additional questions you had. Lastly I am scheduled until 4pm today, most likely will not get out any time near 4pm.

    Please let me know as soon as possible if you would like to move forward with the deal I can start the process before you arrive today.

    ................................................................................- ..............................

    Based on the above, would you consider this a "good" deal or good enough for us to make the effort to head back today?? Thanks again!!!
  • Michaell@EdmundsMichaell@Edmunds ColoradoPosts: 1,082
    I think the deal is "good enough" to go forward.

    One last question - do you know how good your credit is?

    Let us know how everything goes!

    michaell@edmunds.com

    Moderator, Prices Paid and Leasing Experiences

    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4

  • Ford uses APRs for their money factors.... So, the MF in this case is 0.75%. Divide by 2400 to get an approximate money factor to use in lease calculations.. It won't be exact, but it will be close...

    Moderator - Prices Paid, Lease Questions, SUVs

  • Personally, I don't think the deal is that great. Pricing in Northern Virginia advertised prices has discounts of $5k to $7k off MSRP. I would check The TrueCar website pricing as it tracks actual sales prices. Also, search dealer prices online.

    Second, the I would call a couple dealer finance departments and ask for money factors and residuals for the trim level, mileage, and lease term you are looking at. These can vary by dealer.

    Lastly, as you said you are new to leasing be mindful of charges you may face at the lease termination for wear and tear beyond "normal", and excess mileage over your allowance.

    Agree with the post of limiting your down payment as it has minimal impact on interest paid (lease charge) and you won't recoup it if your car is totaled. Found this out the hard way when we lost a car to a flood.

    Good luck.
  • dawndawn1dawndawn1 Posts: 1
    edited December 2013
    I'm getting ready to lease an Explorer Sport, 401A equiptment package, tow package, 2nd row bucket seats, and dual moon roof. Right around $48K. $2K down. I'm A Plan eligible and military, so $2K off on rebates plus around $3.5K off on A-Plan. I've negotiated an amazing price on my trade, well over what KBB, NADA, and Edmunds say I should get. In fact, a tad over what those sites say the dealer can sell it for.

    36 months, 10,500 miles.

    I don't know what the residual is. I've been playing the dealerships off each other, and both want me to come in to discuss the resid. I've been successful negotiating everything else mostly phone/email.

    If my resid is 55%, or $26,400, with a decent money factor, and payments of about $540 (I'm way upside down on my trade) then I think I'm getting a deal.

    Should I push harder? The dealership doesn't seem to have needed much pushing to get them to this point.

    All it really took was my week long stand-off because I wanted a Sport with the 401A options, but NOT moonroof or tow package. So, I told them they could throw in the extras for free (by giving me more on the trade) or I'd order and they wouldn't sell it until after the first of the year, and risk the inventory if I changed my mind.

    Sorry for the long post.
  • I show a money factor of 0.75%, and a residual of 57% for 36mo, 10.5K/yr lease.

    regards,
    kyfdx

    Moderator - Prices Paid, Lease Questions, SUVs

  • I was looking for the same features but am not getting a price as good as yours

    Can you tell me where you leased your Explorer. I would lease for the same price

    Please let me know
    Thanks
  • machambimachambi Posts: 2

    XLT , 202A, trailer package, moon roof, 20' , 12K 0 down , $470pm including CA taxes. 60% residual, 1.49%MF i traded in a car but there was a lien on the car almost at KBB trade in value. hope it helps someone

  • Kirstie@EdmundsKirstie@Edmunds Posts: 10,675

    A reporter would like to speak to a new car buyer under 40 years old who purchased their car because of the connectivity features. Did you buy a Ford because of Sync and MyFordTouch, a Chrysler because of UConnect, a Honda because of HondaLink, etc.? If so, and you'd like to share your story, please send your daytime contact info to pr@edmunds.com no later than 3 p.m. PT/6 p.m. ET on Tuesday, 1/7/14.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

  • pstallinpstallin Posts: 4

    I am looking to lease a 2014 Ford Explorer Limited here in California. I want the car fully loaded and MSRP is around $45650. I have contacted one dealer in the area and he gave me quotes of money factor = 0.5 and Residual of 51% on 36 month lease with 12K per year mileage. There is currently a $1750 rebate for leases on this car.

    This seems like a horrible deal! I;ve been reading consistently on this forum of MF's of .75, and residuals in the 55-60% range.

    Any advice why my quotes are so bad?

  • sahil908sahil908 Posts: 43

    Hi, Can someone please provide MF and residual on the Explorer XLT with 201A package only? I am trying to weigh leather vs cloth.

    Also, am i correct in assuming money factor of 0.75%, and a residual of 56% for 36mo, 12K/yr lease for XLT with 202A package? Thanks!

  • sahil908sahil908 Posts: 43

    kyfdx, Like always, appreciate your help. Can you please respond t my earlier post when you get a chance! Thanks in advance!

  • pstallinpstallin Posts: 4

    Can anyone please help with current MF and Residual for a 2014 Ford Explorer with 302A package? 12K miles per year.

  • pstallinpstallin Posts: 4

    Never mind folks. Changed my mind on this one. Going with the Buick Enclave instead. Good luck to everyone in their future purchases.

  • mook12mook12 Posts: 56

    Can anyone tell me if this a good deal. I'm looking at a xlt 14 with a lot of options. Msrp $41800 I got $2750 in rebates just first payment out of pocket and $487 a month 36 months 10500miles. I wish it had the captains seats but only in a limited model and they told me I would be in mid to high 500$ I still have time so if anyone can share their thoughts I really appreciate it thanks.

  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,856

    @pstallin said: I am looking to lease a 2014 Ford Explorer Limited here in California. I want the car fully loaded and MSRP is around $45650. I have contacted one dealer in the area and he gave me quotes of money factor = 0.5 and Residual of 51% on 36 month lease with 12K per year mileage. There is currently a $1750 rebate for leases on this car.

    This seems like a horrible deal! I;ve been reading consistently on this forum of MF's of .75, and residuals in the 55-60% range.

    Any advice why my quotes are so bad?

    The MF is 0.50%, not 0.5. Ford Credit expresses their money factors in APRs, and that one is cheap. If that is the FWD model, then the 51% residual is correct.

    kyfdx

    Moderator - Prices Paid, Lease Questions, SUVs

  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,856

    @sahil908 said: Hi, Can someone please provide MF and residual on the Explorer XLT with 201A package only? I am trying to weigh leather vs cloth.

    Also, am i correct in assuming money factor of 0.75%, and a residual of 56% for 36mo, 12K/yr lease for XLT with 202A package? Thanks!

    2014 Explorer XLT 4WD 36mo, 12K/yr lease

    0.50% MF and 54% residual

    Moderator - Prices Paid, Lease Questions, SUVs

  • edamonedamon Posts: 17

    Hi, before I call the dealership (and then have a stalker calling me every other day, lol), as there is another vehicle I'm considering, all a matter of which one is going to lease better.

    So does anyone know what the current residual and money factor is for a Ford Explorer Sport currently (Jan 2014)? Have a 2011 edge limited about to come off lease in March, but they'll eat the last few payments - especially since the car only has 14,500 miles on it (they want it for the lot).

    So looking for the residual/money factor on a 2014 Explorer Sport on a 36 mo/10,500 mile/yr lease. The 10,500 should give it a +2 residual bump from the 15K you see quoted often.

    Can be either from Ford Motor Credit (have a corporate account) and/or US Bank which is often more competitive.

    Thanks in advanced, I appreciate it.

    -d

  • edamonedamon Posts: 17

    @kyfdx@Edmunds said: 0.50% MF and 54% residual

    When you say .50% -- Ford tends to use interest rates vs. traditional money factors (interchangeable of course). So I'm assuming that's .5% interest rate (very, very health) or 00028 MF.

    (easier for me to calculate a lease w/traditional money factors).

    Do you know if that's residual you listed for XLT is the same for the 2014 Explorer Sport? the 54% residual noted? (which would be 57% on a 10.5K mile lease, not bad, not great either).

    thanks, d

  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,856

    The residual for the Sport model, for 36mo, 10.5K/yr lease is 56%

    And, yes... the 0.5% is 1/2 percent... so, divide by 24 and use the resulting money factor. Your calculation won't be exact, but will be within a dollar or two... (around .00021)

    Moderator - Prices Paid, Lease Questions, SUVs

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