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Let me know what would be monthly payment for the car....
Thanks,
Josh.
When Carman said the lease program is bad on the GT, he means that the lease payment will be almost the same as a finance payment.
While the residual will be 69% for 24 months, 10,500 miles, there is no rebate and the lease interest rate is 7.75%!!!! You are going to easily be over $500 a month probably close to $600 after taxes and MV fees.
Mark.
For now I can tell you that the Mustang GT's lease program is not very attractive.
Car_man
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The work sheet for purchasing the car is easy to follow and understand, but i am never comfortable following the numbers on a lease work sheet. Here is the information right off the lease worksheet. MSRP-24,850 LEV (residual - 54%) 13,419. Term 36mo, rate 6%. Cash down $2,000 (to help get monthly where i need it to be) rebate $1,000 Trade $3,500, total Working Cash $5,500. Selling Price $23,319.45, Capped adds (told was acquisition fee) $595, Cash Cap reduction $1,449.19, Total Cap reduction $5,949.19, Adjusted Cap Cost $18,722.63, Base monthly rental $227.32, total monthly payment $241.31, sales tax $1261.01 Upfrt Annual fees 39.50, Upfrt initial fees 20.00 security deposit $250.00, Amount due at start $5,500. Mileage is 12k.
If i buy the car at the end of the lease, my total outlay will be about $27,500 with property taxes included in the payments. My plan is to keep the car for a long time. Due to amount of cash needed up front for an affordable finance payment at this point in time a lease is looking to be my only option. I can get 5.56% from my credit union but would have to pay for 6 years and come up with $2,000 more for a downpayment than i will with a lease. The total monthly payments would be about $15 more a month, and the total over 6 years is close to the same, but i would have to pay the tax seperate. The sales rep is one of my clients and i trust him. I don't know if I trust the sales manager as he is the one that runs the numbers, and I don't know him. I don't know if he is taking advantage of all the hidden treasures in a lease for them to play with. Am I getting hosed on this lease???
Thanks for your help. I am supposed to sign the papers and pick up the car in 2 days.
First, one of the things that people do not realize with leaseing is that cap cost reduction gives you no benefit. When you finance a car, every dollar you use as a down payment saves you money in the long run because you pay less interest.
In a lease, the interest is considered the "rental fee" The amount of interest you pay is calculated BEFORE down payments are subtracted. The downpayment comes off of the total Your cap cost reduction of $6,000 is basically just paying your monthly payments ahead of time. BUT IT DOES NOT lower the amounth of interest you pay.
Most people lease with little or no Cap Cost reduction. Obviously this would put the payment up, but you would have a substantial sum of money in the bank to draw from to meet those higher payments.
Most people DO NOT buy their leased vehicle at the end of the lease unless they have no choice due to huge overmilage charges that they can't afford.
Your lease end value is probably much higher than the street value of the car at turnin. Accordingly, do not assume that you are going to buy the car at the end of the lease, this just may not make sense.
The selling price of the car is negotiable. Use Edmunds TMV to make sure you are getting a good deal.
If you finance, at the end of the 6 years, you'll have a car that you own. If you lease, at the end of 36 months, you have nothing. Most importantly, you do not have $3,500 in trade equity.
Mark.
PS You are kind of screwing yourself for your next purchase when the lease is over. Assuming you do not win the lottery, you are not going to have a $3,500 trade for your next vehicle. This trade is probably saving you $100 a month. Which means in 3 years you are not going to get the same car for the same payment.
Could you tell me the current residual and money factors for the Mustang GT Deluxe Coupe w/automatic? 12k, 36mo.
I know they usually are poor on this type of car.
Thanks,
Sean
First the Good news. A GT has a residule of 58%!!! for 36 mo/12kmiles/yr.
PLUS there is $995 rebate or "free auto trans".
Now that bad news. Money factor is 7%!
for comparison, the MF on a 39mo Fusion AWD is 1.25%!
Accordinly, the Mustang GT is not a very good lease.
Mark
Car_man
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I'm looking at leasing/ballooning a Mustang V6 right now. I'm in Little Rock, AR, but I've got an address in South Carolina I would use to register the car, because they get an extra $995 in customer cash. I'm going to switch the tags over after registration is complete, so for now, I'll use 29118 as the zip to do the deal. I'm only looking to keep the vehicle for 24 months, until the 2010 model comes out. I'm currently balloon financing both mine and my wife's 2006 Honda Accords, due to the tax laws regarding leasing here in AR. I've already negociated the price of the new cars down to the point where the negative equity added would still make the total sale price of the new cars less than the payoffs of both Hondas, so I'm thinking I should be able to get a manageable payment, but I know that depends on rates and money factors. Another site lists the V6 coupe as having a 63% ALG residual for 24 months, and 52% for 36 months. Total price for the one I'm trading for my use will be $22,025 with all rebates factored in, as well as what I'm upside down in the Honda for. The payoff for 30 Apr 07 on the Honda is $22,090 and I have exactly 23 payments on it totalling $8446 until the balloon is due, which I have no intentions on paying. I'm wondering what my payments would be like on a 24 month balloon or lease, and I'm also curious about the 36 month term as well. The dealership kept asking me who I was financed through for my Hondas, guess they were trying to get an idea about my credit rating. AHFC all the way, and I didn't think the 5.14% is that bad, considering I didn't even have a job at the time, because I had just come back from overseas a few months prior to that. Thanks in advance for any help you can give me.
I am contemplating a lease end of the month for a 07 GT. I was wondering if the MF and Residual have/will changed from April's 6.5%, 57%. Any ideas?
Thanks.
Car_man
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Car_man
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Been a while since I last checked in. Right now, I'm looking at a V6 deluxe coup with an MSRP of $22,300. Right now, Ford's got $3000 in rebates, plus $500 in College cash off. Also, on FordDirect.com, under incentives for 72118, they seem to list a discount of $705 for the SAB and Active Anti Theft together as the Safety discount. All the other discounts are Premium trim specific, but the Safety one just says V6 Mustang, so I assume it's for Deluxe as well. This is all for '07 models by the way, and it seems like they don't care about marking down the GT's anymore, because there are no more advertised discounts on the '07s. Anyway, most dealers here have been stating how they'll match the factory discount, which if I purchased the vehicle, would be a grand total of $7205 off sticker, not bad! I'm just curios about the dealer holdback on these cars, and what my payment should be if I decided to lease the car instead. I know I wouldn't get the $3000 in rebates, but I think you still get $1000 off? That, plus the difference between MSRP and Invoice, and also the dealer holdback, would be what you may want to work the lease numbers at, for 24 and 36 months, respectively. Thanks again as always, and sorry for info dumping. I'll try to post smaller, and more regularly from now on... :P
2. That airbag/alarm discount that you saw was a "factory discount" and is only offered on Job 1 builds its not necessarily on ever car out there, or even on the car that you saw. If the car does have this "factory discount" it is already included in the sticker price, so it really doesn't come into play.
3. I couldn't find a Mustang Dlx in my region with an MSRP of $22,300. However I did find one for $22,510. Options are Auto, Pwr Seat, Sd Air Bags, and ABS/TC.
MSRP $22,510. Invoice is $21,273. Holdback is $653.
Accordingly, a dealers net net on this car is $20,620.
Rebates: There are $3,000 in rebates with your $500 college grad rebates. Assuming the dealer will sell you a car for net net, that brings me to $17620.
If you can find a dealer that will sell you a car BELOW his net net cost, then there is going to be a catch, or somethign the dealer isn't disclosing. Like that the car is not new.
In general, If you are considering a new car that has more than a few hundred miles on it you might want to run a Car Fax to deterimine that it is still a new not previously titled vehicle.
Mark.
I have 2 on my lot with the "performance package" discount and the MSRP is $23,770. Invoice is $22,399. Hd Bck is $691. Rebates are the same.
For the Extra $1100 you are getting the Pony Pkg, the Interior Upgrade Package and Sirius with the Shker 500.
Thats alot of stuff for not a not that much money.
At my dealer, we only order our V6 Mustangs as Premiums with Pny Pkg, IUP and Sirius. Some have side bags, some have leather etc but none are Dlxes and none do not have the IUP.
If you buy a deluxe, you'll also find that the depreciation is steeper as this is the "rental car" version.
Remember, the Pony Package adds the GT suspension to the V6. Ford doesn't really advertise this cause they don't want to scare the wussies away who are worried that the ride is harsher. However, you can easily look under the back bumper and the rear anti-sway bar is clearly visible on Pny Pkg cars and missing on the non Pny cars.
Also the base car has smaller wheels and crappy tires.
Mark.
The one I'm looking at is a dlx with 5spd, IUP, ABS/TC, SAB, and the Anti-Theft system. The reason I like this, is because the Shaker radio is garbage, and I don't want to pay for something I'll replace anyway. Same goes for the wheels and tires, upgrade would make the Pony Package wheels a waste. This is going to be a project car, so I want to start with as few options as possible, but still want the safety features that SHOULD have come standard in the first place. If you check this link...
http://www86.forddirect.fordvehicles.com/Dispatch.jsp?processZipCode=&__action2=- &.CurrentState=IncentivesGrid&processModel=true&selectModel=2007+Mustang&zipCode- =72118&statetoken=
That job code restriction is not advertised, so you and I both know that if a customer pushes the issue, they'll most likely win. I'm just curious to see what the holdback would be on that car, and if Carman would be able to work a 24-36 month lease on one. On a side note, I think it's lame that AR dealers won't(not can't)balloon finance vehicles, even though Ford offers it as a finance option...
IUP, PDS, SAB, ABS/TC, AAT, 5spd.
36 months both 12k miles and 15k miles
Info on car
MSRP $35290
Selling price $32752
Tax 6%
Thanks in advance for the help
If the car did not get the discount at invoicing you can never get it on that car.
As for a lease, you really can't mod the car, unless you plan to put everything back to stock at the end of the lease.
Mark.
I'd have to disagree with your assesment of the discounts. A good example would be on the '07 GT. The automatic transmissions were being discounted to free, and still are right now. Some cars had the discount on the sticker, some didn't, but since Ford has advertised it, you get it. You just have to make sure and ask, because we all know most dealers won't tell you how to save money. I'll just mention this when we do the deal for my wife's car this week. That brings me to my next question for CarMan. Can you tell me what the prime and subprime rates are right now on the '07 Mustangs? My wife has bad credit, and I'm trying to have her build it up with this upcoming car loan. When we bought our '06 Accords, Honda was running APR specials to get rid of them. We didn't get the best rate, because her score brought our cumulative score down on the joint credit app, but we got 5.14 APR, and I didn't even have a job at the time because I had just settled down from moving back to the U.S. I guess what I'm asking is, what kind of rate could she expect at 48 and 60 months respectively, taking the low advertised rates into account with her low 500 credit score? I'd just like to know if they start from the low rate, and mark it up, the same way they would do with a regular rate, and go from there. Any feedback would be greatly appreciated. Thanks.
Car_man
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I have gotten some preliminary #s from a dealer but they seem a bit high.
I am looking at a Mustang GT with MSRP $28465.
The X-Plan price of this car is: ______________
I have Ford X-Plan. I also have a $1000 certificate from Ford.
I would like to know:
36 month lease with $0 down at signing
12k miles/yr : __________
15k miles/yr : __________
36 month lease with taxes/fees down at signing (what are approx tax/fees $________)
12k miles/yr : __________
15k miles/yr : __________
60 month buy using X-plan + $1k certificate and incentive 3.9% financing __________
60 month buy using X-plan + $1k certificate and incentive $1500 off __________
What is the residual on this car 36 months with 12k: __________, 15k: __________
Another place I saw 61% and 59% respectively, is this correct?
Anyone who can help me would be greatly appreciated, I really hope to get this car into a range I can afford!!!!
Second, visit www.fordpartner.com and have your company's Partner Code handy.
Mark
Shebah
:confuse:
Car_man
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Car_man
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Car_man
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For business purposes, I'd like to lease. What should I expect for APR/money factor? Any incentives?
3 or 4 years, 12,000 miles/year.
Thanks.
Car_man
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I found a third-party leasing company that says I can do a lease for between 3% and 5%.
Thanks.
Just be careful to evaluate the excess wear and tear / excess mileage charges and other fees that the bank charges carefully before signing anything. Independent banks don't have the vested interest in keeping you as a happy and hopefully loyal customer that manufacturers' captive finance companies do.
Car_man
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If you want to lease, the Mustang probably isn't for you. If I was in the market for one right now, I personally would finance a 2010 Mustang GT through Ford Credit at 0% for 5 to 6 years (the exact term varies by region). You can't beat that rate.
Car_man
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Yet they offer 2.9% APR on a purchase. Makes no sense. They could lowball the residual if they were really concerned about downstream liability.