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Ford Explorer Lease Questions

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  • sueatoptsueatopt Posts: 22
    just got quote for 2006 Explorer EB with the Quad Seats.(NY) - the lease will run 377.84 per month with $2670.00 out of pocket. That includes all- 1st payment, tax, bank fee.(not plates) Lease is 39 month/10,500 miles per year. Trucks MSRP is $36,180/invoice is $32,788. Rebates and incentives are figured in. based on I think he said 2.5% finance (or there-abouts)Do you know what price this is based on? And is it a good deal? (It's supposedly a great deal. :confuse: .) just checking to see if it sound like it! thanks. Oh and I realize that I work for Volvo dealer. That is made by Ford- can I get X-plan and would price be better? :)
  • philh58philh58 Posts: 2
    As I near the end of my 36 month 45k mile lease, want to know how bad I got ripped off and where I screwed up

    2004 Explorer - Detroit area
    msrp 38,675
    x-plan 34,634
    Dealer charges
    22 strip
    595 acq fee
    150 x plan surcharge
    -2000 rcl incentive 33,424
    residual .46 - 17,790

    Now over to the Michigan motor vehicle lease agreement
    capitalize cost reduction 1367
    first month payment 527
    title fee 15
    registration fee 8
    gap cost reduction tax 82
    which amazingly equals the rebate of 2000

    Gross capitalized cost of 35,701 {agreed vehicle value of 34,806}
    capitalized cost reduction 1367
    adjusted capitalized cost 34,333
    residual value 17,790
    rent charge 1358
    base monthly payments 17,901
    wear care 300
    total monthly payment 527

    I don't want to get ripped off next time, not sure if I'm going to lease again or buy.

    Thank you for your help and review
    Phil
  • sueatoptsueatopt Posts: 22
    It was a deal that was put out there - that was done as a friend -of a friend - with the GM deal, type thing and I did feel like it was a good price ;) , considering the other models I looked into. One word of advice to all ~ as I do this as Internet Manager for a living - shop the Internet till ya drop. I don't think anyone should just walk into a dealership anymore - with so much info on Internet. Salespeople have free rein to quote whatever they want :mad: - they can give you full list price :mad: and if you have no info on hand - go down the block and shop it. Don't let emotion get the best of you. Wait and shop the $...but make sure nobody low balls you in from Internet ;) Be smart - it's your $.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sueatopt. Rather than trying to back into this truck's selling price, you would be much better off just asking the dealer that you are working with for it. As a consumer, you are entitled to know this information. I personally would never do business with a dealership that refused to tell me how much they were charging me for the car or truck that I wanted. Unless you are an getting an incredible deal, you will probably be better off going through the X-Plan.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Phil. If you got Ford's X-Plan price for your Explorer, you most likely got a very good deal on it. As I am sure you are aware, X-Plan provides consumers with an attractive, set price for the vehicle that they are interested in. I personally would have passed on the Wear Care, but it does have value and many consumers enjoy having it.

    Car_man
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  • shambshamb Posts: 1
    Hello all,

    What a wonderful site this is! I hope you guys can help me.

    I got a quote today for and Explorer and 4Runner, here are the details. Which should I go with. I live in Long Island NY.

    EXPLORER:
    Eddie Bauer (no third row and no navigation) 10500 miles per year. 39 months lease $389 per month with $3200 down.

    4RUNNER
    Basic SR5. No options. 12000 miles per year. 36months lease with $3000 down.

    Both down payment INCLUDES Tax, title, Destination charge., Security etc.

    Is this good. Can I get a better deal anywhere else?

    My credit score is 800 plus. Thanks!!!!
  • kirk94kirk94 Posts: 1
    Ok heres the deal, I am about 10K upside down on a 08 Acura TL. Long story short my company requires us to have a 3 year or newer vehicle for the car program they have for outside salesmen and I traded a 3 year old Titan and got into a car... 1) Hate a car 2) drive onto construction sites sometimes etc, not practical for my job big mistake.. I bought this car in hopes it would hold its value over 3 years and after running the numbers I am eventually going to be in a similar situation in 3 years as I was with the Titan by rolling over negitive equity on trade in.

    I am looking at 2008 Explorers Eddie Bauer lease with X plan and $4250 in rebates. with this much negitive equity Im told I cant look at xlt b/c they wont do the loan off the msrp. So I am looking at leasing for 39 months to get out of being upside down. My payments are going to stay the same but I want to make sure I am not getting jerked around on the lease, it is figured at 18K miles a year. Here goes.
    2008 4x4 Eddie Bauer V6. I live in Louisville Ky.

    The way I see it:

    MSRP - $35450

    X plan Price = $33,489 agreed selling price with dealer
    Lease cash - $4250
    = $29,239
    Negative Eq. + 10,000
    = $39,239
    $Down 1000

    Payments should be close to around $700 before tax.

    For some reason the dealer is figuring this and I dont know what some of the terms mean, it is off his quote worksheet.

    Selling price - $44,000
    Cap Fee Window - $1,243
    MFD Rebate - $4,250
    Cash Cap Reduction - $969
    Adj Cap Cost $40,024
    MSRP $35,450
    Residual % 39
    Residual value $13,825.50
    APR 2.75%
    Term 39
    Tax window $2125
    Base monthly Payment = $733
    Total monthly Payment = $807.72
    Due at signing - $2,160

    I dont know what to make of all this. Am I getting a good deal considering the mess I am in? The payment on the lease is to the dollar amount I am paying on the Acura on a 60 month note. In theory I want to be able to throw the keys on the table in three years and be done with upside down on every car I have ever owned. But I can't decide what to do.

    Regards
  • philh58philh58 Posts: 2
    Are these fee's all normal?
    Acq fee
    X-Plan surcharge
    Capitalize cost reduction
    Rent charge

    and a gross capitalized cost that exceeds agreed value?

    Thank you for the response

    Phil
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'm glad that you enjoy this site so much, shamb. You're credit certainly is in good shape. That's always a good thing, though Ford Credit is usually fairly lenient in who it approves for its top credit tier. In order for me to give you a detailed assessment of these deals, I need you to provide me with their full MSRPs and selling prices. These numbers will show me how much of a discount you are being given and will enable me to use their actual lease programs to estimate what their monthly payments should be. Let me know and I'll tell you what I think. For now I can tell you that it really isn't a good idea to make such a large down payment when leasing. If your truck is totaled in an accident or stolen and never recovered, your $3,000 down payment would essentially disappear. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Phil. Ford Credit charges a $595 acquisition fee on every vehicle that it leases. Individual dealers do not have any authority to waive this charge, but you can roll it into your vehicle's capitalized cost if you don't want to pay it at lease signing. Next we have the capitalized cost reduction. This is essentially the down payment that you are making to reduce the amount financed for your lease. Consumers can and should lease vehicles without making any sort of capitalized cost reduction. It is actually in your best interest not to make one because if your leased vehicle is totaled in an accident or stolen and never recovered, your down payment essentially disappears.

    All consumers who lease vehicles have to pay a rent charge. Lease payments are composed of two main parts, the depreciation portion and the interest portion. Just like with a conventional loan, you have to pay interest on leases.

    Last we have the X-Plan surcharge. I am not familiar with what this charge is. How much is it? I know that some manufacturers charge consumers who purchase new vehicles through their employee programs a tiny fee. For example, DaimlerChrysler charge consumers who purchase vehicles through its Employee Purchase Program a $75 fee. Perhaps this is what this charge is. I have never purchased a vehicle through Ford's X-Plan so I don't know for certain.

    Car_man
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  • explorerx4explorerx4 Central CTPosts: 9,797
    Car_man, thanks for an easy to understand explanation.
  • superjetssuperjets Posts: 1
    Hi I just closed a deal on a new ford explorer eddie bauer 2006 model yesterday. After shopping around for a month I feel that I got an unbelievable deal. Can you tell me what you think. The msrp was 34,825 on the car. I got the 3500 factory rebate plus the 1000 cash bonus incentive currently being offered. Long story short, i paid 2200 out of pocket which coverall all the inception fees plus the taxes. its a 36 month lease, 12 miles a year. Plus this particular eddie bauer also has the third row seating and the moonroof. My out the door monthly lease payment is $348 , only having to dish out 2200. I feel that this was a great deal. Ive been going back and forth to 5 local dealers for the past month. Other dealers were giving me quortes for over 400 a month without the 3rd row seating and that did not include the taxes. Is this really as good a deal I think it is or did I possibly miss something?
  • ocrx66ocrx66 Posts: 9
    Does anyone have an inside line on what the dealer incentives may be on the 06' explorer after 7/31/06 and also if there will be any special incentives for returning RCL customers; this is in regards to leasing and i am in the 44116 zip code; my current lease is up end of october and also wondering if they also have a lease pull ahead program on the explorer. Thanks in advance!! P.S. also any information on the lease residual and money factor for the standard terms of 24 months/12-15k and 36 months/12-15k.
  • inzaxinzax Posts: 5
    Wife wants a new vehicle. Recent purchase of a VW does not fit all the kids (plus it is mine...all mine.)

    Anyone know what the residual value, money factor is on a 10.5k a year lease, 24 and 36 month term on a Ford Explorer, Eddie Bauer?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, explorerx4. I'm glad that I was able to help you out.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on your new truck, superjets. Off of the top of my head, the monthly payment that you were quoted for this truck looks pretty good to me. I would be happy to provide you with a detailed analysis of this deal, but in order for me to do so I need you to provide me with your truck's selling price. This number will show me how much of a discount you were given and will enable me to use Ford's actual lease program to estimate what your truck's lease payment should be. I also need you to tell me what state you are in. Let me know and I'll tell you what I think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ocrx66. Ford is running a lease pull-ahead promotion on the 2006 Explorer in certain parts of the country right now. The zip code that you mentioned in your post indicates that you live in Ohio. Ohio is in Ford's Cincinnati region. I know that the aforementioned pull-ahead promotion iss available in Ford's Chicago region, but I have not seen any mention of a program like this for your area. Check with your local dealers to find out for certain if there is one available in your neck of the woods.

    Ford's lease program for the Explorer varies by trim level. I would be happy to give you an idea of what this truck's current lease program is like if you tell me the exact Explorer model that you are interested in.

    If you are not completely set on leasing, you may be interested in the fact that Ford is introducing 0% financing for up to 6 years on all of its 2006 models tomorrow. That is a heck of an attractive offer.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi inzax. Your statement about your VW almost made me spit coffee all over my monitor :) . Ford's lease program for the Explorer varies by region. I would be happy to give you an idea of what its current lease rate, residual value, and cash incentives are like if you tell me what state you are in. As I just mentioned in my previous post, if you are not completely set on leasing, you may be interested in the new promotion that Ford is rolling out tomorrow. It is going to start offering 0% financing for up to 6 years on all of its 2006 models.

    Car_man
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  • Looking for above for 12K/yr, 3yr lease
  • raynarayna Posts: 2
    Hi-I just leased a 2007 Explorer (EB) yesterday. It's basic..no 3rd row seat, moonroof, etc. I paid $3600 down and will pay $152 a month--10,500 miles/yr. It had a purchase price of $28,000. I was told (obviously) by the sales people that no one can beat this deal--they really wanted to make a sale...
  • raynarayna Posts: 2
    BTW...It's a 24 month lease
  • last month i leased a 4x4 V6 2006 ford explorer eddie bauer for 377 a month for 2 years. area code 11733 new york, i put down 2900 which included taxes and all fees except for 1st monthly payment. however, i have only a 10500k limit per year. :cry:

    moonroof, 3rd row seating, leather, advanced instrument panel, 4x4, standard cd player/mp3, cruise control, wooden trim panels, standard climate control

    no navigation, no dvdplayer or cd changer, no heated seats, no heated side mirrors, no 3rd row climate control

    there was some kinda of rebate going on at that time.....i think it was the 2k rebate......

    thanks for any help, waiting for the bad news! :cry:
  • Hi chitown03. I believe that Ford Credit's current base lease rate and residual value for a 36 month lease of a 2007 Ford Explorer Limited 4WD with 12,000 miles per year are 4.5% and 49%, respectively in the Chicago area. 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 $1,000 lease cash that Ford is currently providing on it into account. It will help you to negotiate an attractive capitalized cost for your lease.

    Car_man
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  • Hi rayna. You never mentioned the selling price or MSRP of the Explorer that you leased. These are important numbers for you 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 this truck's selling price in relation to its MSRP you don't know how much of a discount you got on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle 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 these numbers are.

    Car_man
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  • Hi silturbor. You never mentioned the selling price or MSRP of the Explorer that you leased. These are important numbers for you 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 this truck's selling price in relation to its MSRP you don't know how much of a discount you got on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle 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 these numbers are.

    Car_man
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  • sorry car_man
    the total MSRP was 35,385 (included the destination charge of 645.00

    according to my agreement the gross captalized cost is 33,345 with the agreed upon value of the car of 32,750. the captialized cost reduction is -5,510.90 which equals the adjusted captialized cost of 27834.10

    then minus the residual vallue of 20169.45 equals to the depreciation and any amortized amounts of 7664.65 plus rent charge of 1691.27 equals total of base monthly bse payments of 9355.92

    according to itemization of amount due at lease signing or delivery, a.)net trade in=0 b.)rebates and noncash credits 4,500 dollars c.)amount to be paid in cash = 2,900(my down payment)total of 7400.00

    on the right hand side that says amounts due at lease signing or delivery
    a.)captialized cost reduction=5,510.90
    b.)first monthly payment=389.83
    c.)refundable security deposit=0.00
    d.)title fees=45.00
    e.)registration fee=159.50
    f.)tax on cap red=475.32
    g.)upfront taxes=806.95
    h.)waste tire fee=12.50
    TOTAL 7400.00

    1.)amount due at lease signing or delivery=7400

    4.)total of payments=16366.09

    please help car_man

    and what is captialized cost reduction............

    and how come since the 7400 included my first monthly payment they area still asking for 24 more monthly payments, shouldn't it be 23????
  • No problem, silturbor. If you leased this truck for 24 months and paid the first month's payment at signing like you were probably required to then yes you should only have to make 23 more payments.

    Let's take a look at the price that you paid for this truck. According to your posts, you paid $32,750 for a 2006 Ford Explorer Eddie Bauer V6 4WD that had an MSRP of $35,385. I don't know the exact dealer invoice price of the truck that you got, but it looks like you probably paid only $500 to $750 over invoice, which isn't bad. Then your capitalized cost reduction was subtracted from this price. The cap cost reduction is composed of any down payment that you choose to make and any cash incentives that you are entitled to. The cap cost reduction lowers the amount that you are financing, which in turn lowers your vehicle's monthly payment. Overall I would say that you got a fair deal on this truck. Enjoy :).

    Car_man
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  • rfogrfog Posts: 2
    I recently leased a ford explorer for 24 mo. 33000 mi. and the dealer suggested a maintanence agreement for 995.00 It covers regular service @5000 miles and then the 10,00 mi checkup and the 30000 mi service. Is this a good idea or a scam?
  • 2007 Ford Explorer Limited. Total MSRP 40,825.00. 24 months, 12K/year -selling price 38,800.00, rebate 3,500.00 (2,500.00 ford and 1,000.00 customer return) aqu fee 595.00 reg fee 255.00 cap cost 35324.00
    upfront fees 2,560.12 (my out of pocket) payment 509.34
    Does this sound good?
  • Hi CarMan - Let me know what you think of this...

    2007 Ford Explorer Eddie Bauer
    MSRP: $36045
    Selling Price: $34000
    Taxes & Fees: $595
    SubTotal: $34595
    Current Red Carpet Lease Rebate: $2500
    Total: $32095
    15K miles per year / 39 month Lease
    Leasing Finance Rate = 3%
    Taxes & Fees Paid at Inception: $270
    Monthly Payment Breakdown -
    Base Payment: $467.10
    Local Excise Tax: $36.56
    Sales/Use Tax: $25.18
    Total Monthly Payment: $528.84 for 39 months.
    Buyout after Leasing Period: $16220.25

    1st Payment consists of the $270 Taxes/Fees and 1st Monthly Payment of $528.84 for a total of $798.84

    Let me know if I forgot anything. Thanks for helping all of us "Leasing Challenged"! :)
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