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Lincoln MKX Lease Questions

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  • Hi Mr carman, I live in Sarasota, Florida
    I just put a $500 deposit on a gorgeous Red with Light wood and leather camel interior MKX on the showroom floor with 10 miles on it., Using the current 39 month lease promotion. The dealer is giving me the $2750 cashback rebate on $32,707 price for a base MKX (no elite, no ultimate). I really wanted the sunroof but was told I couldn't get it without the elite, so I'm putting $1000 down OTD (which includes the $500 dep and my first month payment) my payments will be $403.10 per month including tax for 10,000 miles year, Money factor 1.75% with 48% residual Is this a decent deal? Should I wait for the 2008 to come out and hope to make the same deal. Or am I dreaming? The only 2 lincoln dealers in my area seem to be running low on them and said they won't be getting any more in. I would love to upgrade to elite or ultimate, but really was determined to keep my payments under $400. Is this possible? I currently lease a 2002 Highlander Limited through end of December because I made my last payment (I am having it inspected tomorrow). I loved it for the past 5 years, now end of lease Purchase price is $12,116 and it is in EXCELLENT condition with 62,100 miles. I'm allowed 66,000. None of the dealers seeem to want it, but they think it looks greatI don't want to pay for 2 cars in November but the dealer wants me to take possession in October or said i could lose the deal and he pretty much told me He wouldn't be able to match this deal???? I would love to hear some advice from you!
  • Re my post above: The total MSRP on 2007 MKX sticker says $35,285.
    Dealer said lease price for me is $32,707. I thought i was getting $2750 in Rebates off sticker in rebates, but it looks like he's giving me $2578 off MSRP???
    Lease is 1000 down OTD, $403.10 month for 39 month with 10,000 miles. Money factor 1.75% with 48% residual.
    How do i find out INVOICE and if this is a good deal. i was planning on closing the deal this weekend, but would like to hear from an expert first! thanks :confuse:
  • Here's some simple math. The factory deal is $359 for MSRP of a stripped MKX at approx $34125. Your MSRP is approx $1000 higher. 52% of that is $520.00. Divide that by 39 equals $13.33 per month. Providing your out of pocket to start is $1995, do not pay more than $372 per month plus tax. BTW, the allowed miles should be 10,500 per year not 10,000. Go to another dealer if they say no.
  • askalaskal Posts: 2
    I am looking at leasing a 2008 MKX, sticker price is around 38,xxx with the ultimate package. Been quoted $489 per month with $2297 down. This is for 15,000 miles and a 36 month lease. Does this sound like a good deal?
    I was also quoted for an 2008 Acura RDX w/o the tech package: $2500 down and $459 per month for 15,000 miles, 36 month lease. Any comments would be appreciated. Al...
  • You're welcome, coco7322. You're fortunate that you will be able to get out of your Lexus lease early at no additional cost to you. Let's take a look at the selling price that you were offered on the 2007 Lincoln MKX that you are interested in. The vehicle that you are interested in probably has a spread of a little over $3,000 between its full MSRP and its dealer invoice price. Plus, Lincoln is currently providing a total of $3,000 in cash incentives on the '07 MKX. This gives you a total of $6,000 to play with. That is basically the discount that you are being given, so this looks like a very good deal to me. Just make sure that the dealer you are working with uses Ford Credit's current base lease rate of 1.75% to calculate your monthly payment and you're in business.

    Car_man
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  • Congratulations on getting your new MKX, dunepearl. Enjoy your new ride :shades: .

    Car_man
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  • Greetings allisonh. The lease program that you were quoted (interest rate and residual value) is right in line with Ford Credit's current promotion for this model. As far as this vehicle's selling price goes, shoot for $500 or so over dealer invoice minus the $3,000 in cash incentives that are currently available on the 2007 Lincoln MKX. You can look up this vehicle's exact invoice price by visiting the following section of this site: Edmunds.com - New Vehicle Pricing.

    Ford's current lease program for the 2007 Lincoln MKX is scheduled to run through the end of the year, so you aren't risking missing out on any incentives by waiting to get your new vehicle. However, as the dealer said they aren't getting any new '07 models in so the longer you wait to get to get yours the more you risk not being able to find a leftover '07 model that is equipped the way you want it.

    Car_man
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  • Hi askal. You really need to find out what this vehicle's selling price is before agreeing to lease it. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If I was in the market for an MKX right now, I personally would shoot for a selling price of around $500 over dealer invoice (you can look it up here New Vehicle Pricing) minus the $1,500 lease cash that is currently available on the '08 MKX.

    Once you have arrived at a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using Ford Credit's base lease rate. Its base rate for a 36 month lease of an '08 Lincoln MKX is currently 2.75%.

    Car_man
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  • askalaskal Posts: 2
    Greetings,
    sounds like a great deal. Could you please tell me how long your lease was for and the mileage allowance. Was it an AWD model, 2007 or 2008, ultimate package? Thanks, Askal
  • Looking at leasing a 2008 MKX FWD – Ultimate / Mileage is 15,000 / lease term is 36 months. I have been quoted the following:

    MSRP: $37,540
    Base Cap Cost: $35,302.00
    FMC Acquisition Fee: $595
    Cap Cost Reductions: $1,500 (rebate)
    Adjusted Cap Cost: $34,397.00
    Residual Value: $19,145.00
    Money Factor: 4.75%
    Base Payment: $529.08
    Sales Tax @ 5.6%: $29.63
    Total Payment: $558.71

    Seems as though the money factor is way too high. Any advice would be greatly appreciated!
  • Here is what I got today
    2008 FWD white chocolate
    36 month, 15,000miles/year
    ultimate package,panoramic sunroof,20inch wheels

    Payment is 522/month
    they are writing me a check for a 3months left of my lease 317/month(chevy malibu)
    My down payment including all fees is 768
    So I am out the door getting 915-768= 183( I walk away with 183 bucks)
    thought this was a decent deal
  • I purchased a MKX last May. Fairly satisfied but I'd suggest if you are open to options, that you look at the Ford Escape. It's carbon copy of the Lincoln for a lot less money. If you go with the MKX, you should be able to get a fully loaded unit for less around $500/month not including any trades or dwnpymt money. The car is not selling like Lincoln had hoped, most likely because the Excape is cutting deeply into sales. Obviously not a swift move on the part of Lincoln to copy cat a product and then try to sell it for 20% higher than the Ford.

    Operationly, the MKX gets about 20mpg. The A/C seats are cool [no pun intended] but very uncomfortable and the blind spots are something everyone should observe when you test drive the car.
  • You refer to the Ford Escape -- I think you mean the Ford Edge. The Ford Edge Limited 2008 with power lift gate lease rate for 36 months was $468. The Lincoln MKX without the Power liftgate is quoted as $493/month plus tax. The quote below is from my local lincln dealer for the MKX.

    24mo/10,500miles/with a rebate of $1,500 / $1,428.22 due at signing is $545 plus tax at 62% residual & .50% rate . 39mo/10,500miles/with a rebate of $1,500 / $1,372.44 due at signing is $493 plus tax at 52% residual & 3.0% rate .
  • I'm looking at a 2008 MKS AWD with a sticker of $41,725, and invoice of $38,223. Since IL taxes leasors based on the total purchased value of the vehicle, what would be reasonable 36, 39, & 48 months rates on this vehicle in IL with 15,000 miles per year?
  • I stand corrected about the Ford. The Edge is the correct model. The 39 mo. MKX lease is about what we were quoted back in June with that residual.
  • The initial quote I received for a 2008 MKX from the Lincoln dealer in Pompano Beach, FL was only about $40/month higher then the quote I got from the Ford dealer in Ft. Lauderdale for the 2008 Edge Limited with power liftgate. The Ford dealer personnel couldn't figure out how to use the Sync system so I ended up walking out and driving about 20 minutes to the Lincoln dealer. They had a Silver MKX on the lot with chrome wheels so I made an impulse lease with the Ultimate package (power liftgate, etc.) plus $895 for chrome 20 inch wheels.

    Here is the breakdown from the "Red Carpet" lease order form for a 24 month lease with 10.5K annual miles:
    Agreed Value $37023 (after $1500 rebate)
    Lessor Services $499
    Acquisition Fee $595
    Base payment $470.75
    Sales tax $28.25
    Monthly Payment $499

    Down payment of $3772 (I think this is where they got me because we started out with a down payment of $750. I got confused with all the add ons but I wanted the car so bad that I just handed the lease manager my credit card ...not a good idea)
    First payment $499
    Sales tax on down payment $236.35

    DID I PAY TOO MUCH OR DID I GET A GOOD DEAL??????

    I signed all the papers yesterday and went to pick up the car at 4pm today. After two hours the salesman could not get the Sync system to work with my new Motorola Bluetooth Krazer1 so we will try again tomorrow. I did get the Sync system to Sync up with a 40GB laptop external drive with about 8,000 songs. Sirius came with the car but on the way home it only received the Christian Broadcasting Network!

    I called my wife from my cell phone after I left the dealer and magically the call came up over the radio. I guess it takes awhile for the Sync process to work for the first time --- it had to download 250 numbers from my cell.
    Awesome sound system, terrific ride (my wife has a 2007 Cadillac SRX and I love the Lincoln 1000% more then the SRX).

    The Sync system is not for the technologically handicapped but I see its potential and with about another ten hours with someone at the dealership who remembers what they learned during training then I hope it lives up to its potential.
  • des4des4 Posts: 1
    I am looking to lease a 2008 MKX that is loaded with everything but the mood light package and no trailer package. Adding tinted windows for driver & passenger side, Cargo cover for the rear and DVD in head rests.We are tradeing in a 2004 Taurus that we still owe $8000.00 on. Every other dealer the top offer on our trade was around $4500.00 and this is the offer from the dealership.

    MSRP is $42,880
    49% Residual
    3.00 % Apr
    1,500 Rebate
    15,000 miles per year
    39 month lease

    679.33 per month, & due at signing

    How does this offer look?
  • You're right, tommyboy4. The lease rate that you were quoted does look a little high. According to the latest information that I have seen, Ford Credit's current base lease rate for a 36 month lease of a 2008 Lincoln MKX is only 2.75%. Make sure that the dealer that you get your vehicle from uses this rate to calculate your monthly payment.

    A base 2008 MKX has a spread of around $2,700 between its full MSRP and its dealer invoice price. So the $2,238 dealer discount that you were quoted on the unit that you are interested in looks pretty good to me.

    Car_man
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  • Hi lakerunner4h. Let's assume that you are able to negotiate a selling price of around $500 over dealer invoice on the MKX that you are interested in. According to my calculations, if you were to lease a 2008 Lincoln MKX AWD that has an MSRP of $41,725 and a selling price of $37,223 ($500 over invoice minus $1,500 lease cash) through Ford Credit right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $499. The payment for an otherwise identical 39 month lease would be $493. The payment for a 48 month lease is worse than both the 36 and 39 month options so you don't want to go that route.

    Car_man
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  • I was wondering if anyone has the current residuals and money factors for a 36 month, 12,000 miles per year lease?
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