Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





Ford Edge Lease Questions

1131416181927

Comments

  • tkschlegtkschleg Posts: 1
    Hey Car man,
    I'm turning in a Volvo lease on Aug. 23 and looking to lease a Ford Edge Limited in Dupage county, IL. One dealer told me that he is hearing rumors that Ford Credit will change their residual's due to the recent losses reported and the fact that Chrysler is getting out of the leasing business. He said it could save me about $100.00 per month if I sign before Aug.1.

    Do you know how often Ford updates the residuals or money factors? Is it set every month at the first of the month?

    Is this high pressure sales to get the sale in by the end of the month or is there some truth to it since Ford Credit lost $2 Billion?

    Thanks,
  • eshaneeshane Posts: 1
    in Miami, FL 15k/36mo 0 down plus plus paying my last two lease payments on acura 463/mo... msrp is 31,385...dealer offer is 479/mo all in...is this a good deal? if not, what is the ballpark i should be looking at? Thank you for your assistance!!!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tkschleg. Even though Chrysler completely stopped leasing and General Motors' lease program is much worse this month, I believe that Ford's August lease program is the same as it was in July. It is possible that Ford might reduce its lease support after its current program ends on September 2nd, but I haven't heard any rumors to that effect yet. It sounds more like the dealer was trying to create a false sense of urgency to get you to finalize your deal ASAP.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Just leased an Edge limited (FWD) 2008 -- Here is my deal, hope it helps.

    MSRP: 36,620 (Nav, Pan roof, everything but AWD)
    Sell Price: 29,999 (includes 2k factory loyalty)
    Residual = 56% (24mos)
    Money factor = .0003 (.75%)
    $300 down + drive off costs (the 300 down payment was to come off drive off but they screwed up the paper work -- no big deal)
    Base payment = $398.14

    I'm in Massachusetts so I'll have to add 5% sales tax and excise tax for a total payment of $439.00

    Good luck.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks for taking the time to give back and share the details of your deal, ihatedealers. Hopefully you didn't hate your dealer experience too much :). Don't forget to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience as well. Enjoy your new Edge :shades: .

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Thank you for the reply Car Man -- great website!
    I should explain why I am "Ihatedealers" -- I went to 3 different Ford dealers for quotes on the exact same MSRP/Equip Edge. I was quoted 3 different residual values ranging from 52% to 56% (24mo 10.5k) -- all in the same month within 4 days of each other. This website helped me determine the ballpark residual. I went with the dealer that gave me the highest. Anything under the true residual factor goes in the dealer's pocket. I hate the fact that they will look you in the eyes and LIE.

    If you are going to buy / lease a car -- this website is a MUST!

    PS - I still think I left money on the table.
  • You're very welcome. I'm glad that you like the forums so much. I'm not sure why these dealers quoted you different residual values for the vehicle that you are interested in. Unlike money factors and lease rates which dealers are often allowed to mark up, dealers are not allowed to alter vehicles' residual values. Perhaps there was some confusion surrounding the terms of the lease that you were interested in or the trim level of the vehicle that you wanted. Either way, I'm glad that everything worked out well for you.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I am looking at an '08 Edge Limited, 13500k miles, 36 month lease....looking for a ballpark as to whether the dealer is full of 'you know what'. Here is what he sent me via email....any opinions would be GREATLY appreciated. My current lease is due and I really need a new vehicle. I like the Edge but I don't want to be taken. Thanks in advance!

    Selling price: z-plan 30635.65
    Residule:43%
    Money factor: .25%
    Rebates: 1250+500=1750total
    The payment came out to 445 per month and a total out of pocket of 550.
    The mileage is 13500 per year for 36 months.
    Be careful because most of the other dealerships in the area are going
    with out side banks that charge disposition fees and other fees to lure
    you in and also pick apart you at termination. The normal disposition
    fee is around 500. at lease end.
    Our lease is a ford red carpet lease no hidden extras!!!!
  • I'm trying to find the Residual, Money Factor, and any applicable rebates for the 08 and 09 Edge SEL or Limited. I live in Dallas, TX currently, and can't seem to find these numbers anywhere online...or I'm just looking in the wrong location (most likely the case!)

    Thanks!
  • Hi morriru. You've come to the right place. Through November 18th, Ford Credit's base lease rate and residual value for a 36 month lease of a 2009 Ford Edge SEL 2WD with 15,000 miles per year are 1.25% and 45%, respectively in most areas. I believe that he numbers for an otherwise identical lease of an '08 Edge are 0.25% and 41%.

    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.

    I don't believe that Ford is currently providing any cash incentives on leases of the '09 Edge in your area, but it does have $4,000 on the '08 Edge in its Southwest region (I believe that is where Dallas resides).

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Seems like the residual has dropped SIGNIFICANTLY in the past few months...Is ford doing that badly or is it just the edge?

    I got a quote from a local dealer here with these numbers late last night:
    $30,215 msrp
    $28,899 internet price
    15k miles per year
    39 month lease
    39% residual

    First month's payment would be due at lease inception and with TX TT&L rolled into the total, the per/month payment would be $512...seems kinda high to me. Opinions?
  • You're right, morriru. It's not just Ford though, the residual values for almost all trucks have dropped significantly over the past several months. First the high gas prices and how the tight credit market / slowing economy have taken their toll on used vehicles' values.

    $500 per month is way too much money to pay for an Edge. Not to mention the fact that it's not worth it to lease any vehicle that has a sub-40% residual value. If this deal was offered to me, I'd pass.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • My husband drives about 23,000 miles a year for his business with the potential to travel more. We are currently in a lease contract with Ford.
    Is it less of a loss to continue leasing or to purchase outright? His boss just purchased a 2008 Tahoe (over $40,000). He has 30,000 miles on it already and looked at trading in and they told him it was only worth $25,000.
    I don't know how bad our lease will end up within the next 6 months, but what is the best option for us financially? Can you help?
  • Hi stines. How many miles per year does your lease allow? The highest mileage allowance that Ford Credit offers is 19,500 miles per year. So you are likely way over your mileage limit. The only way for consumers who are way over their mileage limit to avoid having to pay a large excess mileage penalty is to buy their vehicle at lease-end.

    Used vehicle prices are falling at the most rapid pace that I have ever seen. Unfortunately, that means that your Edge's purchase option price is likely much higher than its current real world value. If I was in your position, I personally would place a call directly to Ford Credit a month or two before the scheduled end of my lease to see if they would be willing to negotiate my vehicle's end of term purchase price. When you call, don't mention that you are so far over your mileage limit. There's no guarantee that they will be willing to work with you, more often than not banks won't, but you don't have anything to lose by trying.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • 2009 Edge Limited - Fully Loaded

    MSRP 38,100
    PRICE 34,087

    Money factor: 1.25%
    Residual: 16,383

    $2500 down payment (includes first month)
    $412.00+tax for 38 months
    12K

    This came from a dealership in Los Angeles.

    Opinions on this deal? :)
  • Not sure what offers they have in Cal but in the Northeast, dealers are advertising about $8k off SEL trim. I don't see why they can't do that on a limited. Only $4k off MSRP seems weak -- I would fight for more..
    Did you build and price the car in Edmunds? This will give you the invoice and average price people are paying..
    Good luck.
  • I ran the numbers through the True Value Pricing thing and it said that the our price is below the average paid in this area. We managed to get the deposit down another $500 for a total of $2000 down, but they won't budge any more on the deal. This was their final offer. :)
  • CarMan,

    Do you know the current numbers on a 2009 Ford Edge SEL 24 & 36 month leases for 10,500 miles per year?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey indianajohns. Keep in mind that Ford's lease program often varies by region. The most widely available lease rate and residual value for a 36 month lease of a 2009 Edge SEL AWD with 10,500 miles per year are 0.50% and 47%, respectively. Ford is not currently offering support on 2 year leases.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • elliemaejelliemaej Posts: 46
    does anyone have residual and rates for 24/36 month 12k miles. I am in CT. My lease is up in the summer but I got a postcard to come back now and they will make the last 2 payments.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi elliemaej. I believe that Connecticut is in Ford's New York region. In that area, Ford Credit's current base lease rate and residual value for a 36 month lease of a 2009 Edge LTD AWD with 12,000 miles per year are 1.0% and 46%, respectively.

    I only mentioned the 36 month numbers because Ford is no longer providing support on 24 month leases.

    In addition to this special lease rate, I believe that Ford is currently providing a $1,000 cash incentive on leases of this model in your area. Make sure to take this cash into account when negotiating the capitalized cost for the Edge that you're interested in.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • elliemaejelliemaej Posts: 46
    Thanks CarMan, my lease is not up until Aug but my dealer sent me a postcard that they will take it back 2 payments early. I really like my Edge and would like another one. The residuals and lease rate dont seem as good as when I leased but it could have been because it was so late in the model year.
    Now I need to dig out my old lease spreadsheets from my as last least and plug in the new numbers.
    Thanks again.
  • hardhawkhardhawk Posts: 702
    What happened to us is a classic example of why one should never put any significant money down on a lease. We put zero down on our 2008 Edge Limited lease in November of 2007. The Edge was flawless and we really liked everything about it. Late last month we had a house fire and the Edge was in the garage, going up in flames. Had we made a down payment in order to reduce the monthly payments, we would have lost that money when the Edge was destroyed and our insurance would have had to pay less. As it is, our insurance is "buying" the Edge and thus the lease is paid off and we will have payment from the company for sales tax and registration fees. Zero out of pocket costs plus no lost down payment.
    :sick:
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem elliemaej. Unfortunately, in general the residual values that are available today are not as attractive as the ones that were available several years ago. For a period of a number of years, banks were overestimating vehicles' future values. Things started to get bad when gas prices exploded last summer, which took their toll on the resale value of all trucks. As the recession began to grip the economy this weakness in resale values gripped all used vehicle prices. The banks that are heavily involved in leasing are being forced to take huge charges for their residual value exposure. As a result, they are much more conservative today with their resids.

    Good luck in your quest for your new ride. Let us know if you have any other questions and how things turn out.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • elliemaejelliemaej Posts: 46
    Hi Car Man, I was wondering if you know if the rates and residuals have changed now that we are in June. It seems that the incentives have gone up.
    The stock of Edges is pretty high in my area so I am hoping for a good deal.
    If you could give me the rate and residuals for 36/12k for the SEL and Limited Trims in both AWD and FWD, that would be great.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi elliemaej. I have seen Ford's June lease program. Unfortunately, it varies by region. For now I will take a stab in the dark and guess that you are in the NY area. Let me know if you want the program for somewhere else.

    Ford Credit's current base lease rate and residual value for a 36 month lease of a 2009 Ford Edge SEL or Limited AWD with 12,000 miles per year in its NY region are 1.25% and 44%, respectively. The numbers for an otherwise identical lease of an '09 Edge SEL or Limited FWD are 1.25% and 43%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • elliemaejelliemaej Posts: 46
    Thanks CarMan, I do believe that CT falls into the NY area but not 100% sure. I have notice lately that 2010 models are showing up in the online inventory of some dealers. Have any 2010 lease rates been announced yet?
  • elliemaejelliemaej Posts: 46
    I received an postcard from Ford stating that I can return my lease early (2 months).
    When I went to the dealer today to discuss my options, he stated that mileage would be prorated. For some reason,I was under the impression that they didnt do that. Can anyone confirm this to be true?
    My only reason for returning the car early was to avoid the over mileage fees.
    I will wait until the end of my lease and pay it then.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, elliemaej. Yes, Ford actually just introduced a special lease program on the 2010 Edge late last week.

    Ford Credit's current base lease rate and residual value for a 36 month lease of a 2010 Ford Edge SEL or Limited AWD with 12,000 miles per year in its NY region are 3.25% and 46%, respectively.

    Ford is currently providing a $1,000 cash incentive on leases of this model.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • elliemaejelliemaej Posts: 46
    Thanks for the info CarMan. I ended up with an '09 SEL w/ Sync, Auto Lift gate, Leather and Sun Roof.
    X-plan price. The dealer took back my lease 2 months early ('07 Edge SEL +, 24 month)and they ate my overmileage.
    I ended up buying because the leasing was not very attractive (compared to 2 years ago). I was able to get the 0% for 60 months.
    I am happy with my new Edge, so far. Not too many changes from the '07.
This discussion has been closed.