Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!
Ford Explorer Lease Questions
This discussion has been closed.
Popular New Cars
Popular Used Sedans
Popular Used SUVs
Popular Used Pickup Trucks
Popular Used Hatchbacks
Popular Used Minivans
Popular Used Coupes
Popular Used Wagons
Comments
What are the Jan lease #'s on the 4wd xlt. 24 and 36 month leases with 10500 milles. Also what are the current ford factory incentives?
Thank
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
I don't believe that Ford is currently providing any cash incentives on leases of this model.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Ford Credit's January base lease rate and residual value for a 24 month lease of a 2011 Explorer XLT 4WD with 10,500 miles per year are 0.75% and 65%, respectively.
The numbers for an otherwise identical 36 month lease of this truck are 2.5% and 57%.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Limited
24 month Residual at 12K is 62%, 60% at 15K - 0.75 Rate on both
36 month Residual at 12K is 53%, 51% at 15K - 2.50 Rate on both
10,500 miles is 63%
Thank you for all the help you provide on this forum.
I was just told today that my pre-ordered explorer will be delivered to the dealer during the week of Feb 7th. So I will be taking delivery of my new car sometime mid-Feb. I am in the Northern NJ region.
Can you advise me as to what I can expect as far as lease terms for either a 36 or 48 month lease and for 12K and 15K miles? I purchased a Limited 4x4, 302A pkg w/moon roof. I have excellent credit (750+) and so would expect that I would qualify for the best possible finance rate available. If you can give me MF rates as well residual rates, that would be great.
Regarding rebates, when I pre-ordered the car, I was told that I would get a $500 Ford rebate for pre-ordering before 1/3/2011 as well as $1000 bonus customer cash from Ford for a total of $1500 in rebates from Ford. Will I still be able to get this if I lease the car? Are there any other rebates being offered (eg. lease conquest rebates, etc) that I will qualify for?
Finally, do you know anything about the VIN Etching fee and if I HAVE to pay that ridiculous fee?
Thank you in advance for any help you can provide me.
Sam
Is this a good deal?
Let me know your thoughts. Thanks
Sam
I am currently trying to negotiate a company car lease & would really appreciate any help w/ understanding how this works. I am trying to FIRST negotiate the price of the vehicle BEFORE financials. Dealers seem to be hung up on whether there is a trade (N/A of course), what I want to pay per month (no giving that up), etc.
Here is what I am working with: 36 month lease with15, 000 miles/year & a down payment of $1950. Also will pay sales tax & 1st month's payment (in addition to the $1950).
For example, here is the information a dealer gave me today on the following vehicle:
2011 Ford Explorer Limited, 4X4, Rapid Spec 301A Options: White Platinum Exterior, all weather mats, 2nd row dual bucket seats, moon roof, cross bars, 2nd row console, trailer tow pkg & BLIS
MSRP $46, 195
Was quoted $44, 590 w/ $2866.78 upfront (down pay $1950 & $750 for Wear Care plus $166.78 for who knows what).
$666.77 month lease payment.
This lease payment seems really high for the cost of the car he quoted me. He told me that I either had to get the Wear Care pkg or pay a security deposit on the lease. Is this true? The numbers he gave me were higher than when I figured them on Ford's website, & it seems odd that Wear Care nor a security deposit show up as a required cost on the Ford website. I figured the same lease using 51% as the residual value percentage (I have seen mixed information posted) & came up w/$596 as the best bottom line price. It seems like there is a lot of fluff still there. I live in South Carolina, and our sales tax is capped at $300. Am I missing something here?
Thank you so much for your help!
Go to leaseguide.com (free site) that really breaks down how a lease montly payment is determined. Use the figures that you have and plug it into the formula to confrim the price you are being quoted.
I have never heard of the Wear Care pkg, but will now look into it. Perhaps the host has some more info on this?
Hope this helps.
Also, waive the Wear Care. It's just another way for dealers to make money. Check the lease turn-in templates and you'll see how big of a joke it is to pay for Wear Care. No security deposit is required either way.
I have also seen conflicting information on the residual value percentage to use for the 2011 Ford Explorer Limited. I have seen posts from 51% to 62%, so I am not sure which to use. Depending on which factor, it makes a huge difference in the payment. I thought I saw that someone had posted that the RVP was different for different regions, so if anyone knows what the correct number is for South Carolina or the Southeast, I would appreciate it!
Many thanks to the host and all who post here. I have found some very helpful information!
I thought that sounded high. Unfortunately, it is company policy to have a 36 month lease, so I do not have a choice there. Based on the formula I used from the Edmunds.com article, "Calculate Your Own Lease Payment," I was able to either get a payment of $460 (using residual value percentage of 62%) or $596 (using residual value percentage of 51%). I calculated it with both since I have seen conflicting information as to which is correct. Do you know which one is right?
The dealer told me that with the Ford Red Carpet Lease, I had to either have the Wear Care or I had to pay a security deposit. I am really irritated about how insistent the salesman was about me having to choose one or the other. I am so thankful to have access to folks here who are much more knowledgeable about this process! Many thanks!
I would start emailing 5 of you nearest Ford dealers. Ask them for their lowest sale price on a specific Explorer. When they respond, then ask what the lease rate and residual is for 36 months, 15,000 miles per year. Check them against the other dealers.
To calculate a lease you'll need the following info:
MSRP
Sale Price
Dealer Fees
Sales Tax/DMV Fees (if any)
Lease Rate
Residual
Down Payment/Trade
Don't forget to add $595 Acquisition Fee also. This is required by Ford.
Thank you
I can't afford more than about 460. Am I looking at the wrong car?
also, what was the $1500 rebate for? Was that a national Ford rebate?
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
I've leased 7 Fords since 2002. They are by far the best bang for your buck. It's easy to get $600 under invoice plus rebates on most models. Returning Red Carpet Lease customers get $1500 RCL Renewal rebate. It's hard to walk away from that deal.
Thus, Depreciation Fee = ( Net Cap Cost – Residual ) ÷ Term
Often times, dealers will use MSRP in this equation vs. Net Cap Cost. That is not right.
Your residual in dollars, however, is computed by taking the residual percentage that is being offered and multiplying by MSRP. THis is the ONLY time MSRP is used.
Also, not sure of you saw my previous post #272..since you are very experienced with buying fords, what do you think of the deal I negotiated?
Thanks
Net Cap - Residual divided by term is the Depreciation portion of your lease payment.
Conversely, the Rent Charge is Residual plus Net Cap multiplied by money factor.
I have leased so many times I can do this in my sleep. I was confused on how you were phrasing your previous post.
In regards to the rates changing, I believe these current rates end on April 4th.
The $1000 rebate is only good for retail purchase. A sale price of $42,500 would be a pretty good deal at about $200 under invoice.
The numbers for an otherwise identical 48 month lease are 5.0% and 44%, respectively.
The residual values for leases with only 12,000 miles per year are 2% higher.
I believe that the $500 cash incentive for ordering your Explorer is compatible with the lease program, but the $1,000 cash incentive is not.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
I would greatly appreciate if you could get back to me in the next day or so as my pre-order is supposed to come in this weekend.
Thank you so much for your assistance.
Area is NYC Metro Area (Queens/Long Island). Sorry for omitting that!
Also: what is an expected lease price for a 302a pkg w/ $42300 price tag (excluding taxes and fees) / (12000 miles, 36 months), including initial payment? I live in CT if that matters.
I live in NYC and I'd like to lease the 2011 Explorer Limited edition. I'd like to put down no more than $1500. What do you think is a good lease rate? Assume that the car has a MSRP of about 44k. I've been quoted $570/mn with 1300 down and I think that is very high.
Thanks in advance Car man!
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
I would be happy to work up a payment on the truck that you're considering for you. However in order for me to do so I need you to provide me with its full MSRP and selling price (I need both). Let me know and I'll crunch some numbers.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
According to my calculations, if you were to lease a 2011 Explorer Limited AWD that has an MSRP of $44,000 and a selling price of $42,000 through Ford Credit right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $587.
That's a lot of money for an Explorer, but it is what it is. That's probably what you will have to pay if you want to lease one right now.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Ok, sure. MSRP is $44200 / sale price was $42700 (excluding taxes, fees). Taxes and fees are $1400.
Options on car:
2 panel moon roof
2nd row buckets
Thank you for your help. Really appreciated.
jju
With taxes and fees included at $44200, what's a reasonable lease price for 36 mo, 12K/ yr with $1500 down? Car dealer is in southern CT.
Are Explorers overpriced in your opinion?
Thanks for your insight.
Jju7777
Also, I NEVER knew that the dealer can mark-up the APR for a lease. Even though I had perfect credit (750+), they marked up the 2.5% APR to 4%! After a lot of haggling and insisting that I should get the best rate FMC is offering, they said they are permitted ot mark it up and that was that!
Has anyone else had this experience?
Finally, I got a 52% residual (15K, 36 month, Limited 4wd, NJ) vs 51% which is what I believe CarMan indicated was the rate.
Thank you
Congrats on the new Explorer. Mine is a few weeks away still. Your info is helpful. I'm in CT and awaiting a similar vehicle. Got the 2nd row buckets and dbl moon roof. All in including taxes and fees the car is $44200. How much should the 3 yr lease be with 12K miles and $1500 down? The dealership is saying I need $3000 up front to get lease to $595. Is that too much?
I would refer you to the site, leaseguide.com, to better understand the math behind how a lease amount is calculated. This is a free site and will help you understand very clearly how to plug in your figures and determine what your number should be.
I only had to put down my first month's payment, although I did put down more. There is a $595 acq fee and probably a $399 doc fee and perhaps a $299 vin etching fee. All of these fees plus title/tags/registration, i paid upfront, but you shouldn't have too...it may be dependent on your credit..not sure.
good luck