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Ford Edge Lease Questions

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Comments

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem, elliemaej. Thanks for letting us know how everything turned out. It sure sounds like the dealer bent over backwards to get you into a new Edge. If you had a pleasant dealer experience, you can tell others about it over in the Dealer Ratings & Reviews section of this site.

    You can't argue with 0% financing for 5 years. If I was in the market for an Edge, that's probably the way that I would go. Enjoy your new ride :shades: !

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Would like to know what the current Ford Red Carpet Lease money factor and residual values are on a 2010 Edge SEL and Limited, both AWD. Interested in a 24, 36 or 39 month lease with 10,000 miles.

    Thanks!
  • Hi Ford's lease program for the Edge was originally scheduled to run through October 5th, however I heard a rumor yesterday that it is going to enhanced its lease offers on a number of vehicles in the next day or two. I'll give you what the old program is like for now. Please feel free to check back with me in a day or two and I will give you an update on what the new program is like.

    Ford Credit's base lease rate for a 36 month lease of a 2010 Ford Edge SEL or Limited AWD were anywhere from 0.5% to 3.75%. The exact rate depends which one of Ford's myriad of regions you are in. Let me know what state you live in and I can tell you the exact rate that is available in your area. Ford Credit's 36 month, 10,000 mile per year residual value for this truck was 49%.

    The numbers for an otherwise identical 39 month lease were 0.75% to 4.0% and 47%.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Thank you Car_man!

    I live in Cleveland, Ohio. I also posted on the Ford Flex thread as I am interested in rates for that vehicle as well.

    I look forward to reading your next update.
  • I am in NJ and have a quote of $ 490 per month for a 2010 SEL AWD with a sticker price of $ 36,500. The lease is for 27 months with no out of pocket money except sales tax and motor vehicle fees. The dealer said the interest rate is 1/2 % and the residual is 48%. This residual seems low since the previous posts state the 36 month residual is 49%. Can you confirm the current money factors and residual on the new 27 month program.
  • I forgot to mention that the 49% residual in the previous quote was based upon 10,500 miles per year.
  • kinngkinng Posts: 6
    Hi All and Car_Man,

    The lease on my ford edge is up on the 11th of Oct. It was originally up on Aug 11 and I was able to get it extended for two months. The MSRP was 34265 and the buy out is $20,717. It has low miles and is in great shape. Lease payments were 440 a month.

    We are desperately in need of a car and I have the following questions:
    a) should I buy it out?
    b) if not, would there be a similar car (SEL with premium package - vista roof and leather) that I can lease with no money down and approx 450 a month?

    I look forward to any help. Please let me know if I can get into another lease at a similar rate or if this is worth buying.

    If buying is better - do they negotiate on the end of lease purchase price? If so how much!

    I cannot tell you how important this is. Appreciate anybody'd help in this matter.

    Thanks!
  • Car-Man,

    Please post the current 2010 Ford Edge SEL AWD lease rate and residual on a 27 month lease for Omaha, Nebraska. Thanks for all the great info you provide.
  • I have a quote on a 2010 Ford Edge SEL with Vista Roof, Candy Red Tinted paint, Option 201A. MSRP is $35,670. Rebates are $3750. Trade equity $2762.26.

    $298 per month for 27 months including 7% tax with only first payment due at signing. What do you guys think?
  • Wow!

    You better jump on it!

    What area do you live in? I would like to know what interest rate and residual value they quoted you. I'm in the Cleveland, OH area and I was quoted WAY higher even with A Plan.
  • In Omaha, Nebraska. Residual was 53% and lease rate was 0,25%. I had initially contacted the dealer where I leased my last Ford because they are the highest volume Ford dealer in the area. They offered me $200 under invoice. I sent an email to this dealer and they were WAAAYYY under invoice and he said $298 including tax. I will probably do it.
  • Very nice residual and rate considering the times. That is the the best I've seen. Doing some calculations you are basically getting the A Plan price with great terms and all the rebates.

    Here in OH it is 49% residual, 1.00% rate and higher tax...big difference!

    Enjoy your new Edge!
  • cey1cey1 Posts: 2
    Does anyone know what the residuals and rate are in the Atlanta Area for a SEL? Also what are the incentives?
  • wnukwnuk Posts: 40
    Anyone know what the residual and money factor for an SEL AWD in Northeast Pennsylvania are? Also- Ford has so many incentives and I'm not sure which are available on their Red Carpet Leases. Would like to know for both 27 and 36 month leases.
    Thanks
  • Hi chornie. I believe that the 3.75% rate is the one that is available in your area.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Hi varick222. I can indeed confirm that the lease rate and residual value that you were quoted are correct.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi kinng. In order to determine whether you should purchase your vehicle at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though it states your car or truck's purchase option price on your lease contract, you should place a call to the bank that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.

    As I said earlier, once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".

    If your vehicle's purchase price is less than or similar to its current value on the open market then you may want to consider buying it. If not, walk away.

    As far as how much a similar new Edge would cost to lease, I would be happy to work up a sample lease payment for you if you provide me with the MSRP and approximate selling price of the truck that you're interested in. You can find that information over in the New Vehicle Pricing section of Edmunds.com.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • I have a question about a Ford Edge 2010 lease "deal"...

    2010 Ford Edge Limited FWD
    MSRP: $38,915.00
    Z Plan Pricing: $35,000.00 (I am not sure what the actual price is)
    Doc Fee: $275.00 (I thought this was max $75)
    Title, License: $400+ (They are not sure of the actual amount but will charge this and if it is less, I will get a refund)
    Wear Care: $675.00 (I think this was the actual price)
    Acquisition Fee: $595.00
    Rebates: $3,500

    39 month 10,500

    $537 per month for 39 months

    Residual is 47%
    Interest Rate/Money Factor 4%

    This "deal" is in Central Florida. After they told me one price and then I met with Finance to sign the papers, the price was different - higher of course. Even though I was told by the salesman the price included tax, finance told me the price went up because tax was not included.

    I asked to see all the numbers. The finance person became very sarcastic and started belittling me, she was also rolling her eyes and making a lot of movements - very unprofessional. She started reading off the prices from her computer screen and tilted the screen so I could barely see it.

    To get the price back to the original quoted price the salesman gave me, finance changed the warranty to 36 months to leave me without a warranty for the last 3 months of my lease.

    I took out my phone and started searching the web to show them how I believed the Doc Fee is only supposed to be $75. The salesman came into the finance office as I was searching and wanted to know what I was doing. I told him and he became irate. The salesman and finance woman mentioned how I can trust them and I am getting a sweet deal. They are not making a profit - they are losing money. When I mentioned the spif(?) check, I was told the dealership gets that and they are personally losing money by putting this deal together.

    They told me if I don't sign tonight, I could forget the deal. So, I got up and left.

    The salesman called me 20 minutes later asking me to come back tomorrow night.

    Questions.....
    1) Is this a good deal?
    2) Do I have to take wearcare?
    3) Why am I being charged for a warranty?
    4) Shouldn't I be charged the exact amount for registration and license fees?
    5) What is the Residual and Interest Rate/Money Factor for Florida. I have good credit if that makes a difference.
    6) Isn't the doc fee supposed to be $75?
    7) What is Acquisition Fee?

    Thanks in advance!
  • wnukwnuk Posts: 40
    I personally would not work with a dealer that did business like this. You have every right to know the full deatails of the deal before you sign anything and to walk away was the right thing to do. In order to see if your price was fair, can you provide a little more information?

    1. Is "Z" plan pricing the price the dealer would give you on the vehicle before any rebates?
    2. Did you put any money down?
    3. Are rebates applicable to "Z" plan pricing or do you just get the "Z" without rebates?
    4. What is the sales tax rate percentage in Flordia?

    I'll use your provided numbers, make some assumptions and detail the lease calculations below:

    Known Factors:
    MSRP: $38915
    Residual: $18290 (MSRP multiplied by 47%)
    Money Factor: .00166 (4% divided by 2400)
    Toal Dealer fees: $1945 (Doc fee $275, Title $400, Wear Care $675, Acq. fee $595)

    Selling price of vehicle:
    "Z" plan pricing $35000 minus Rebates $3500 = $31500

    Depreciation Value: (amont of vehicle you will lease)
    Selling price ($31500) plus dealer fees ($1945) minus residual ($18290) =$15155

    Depreciation Payment on Lease:
    Depreciation ($15155) divided by 39 (length of lease in months)=
    $388.59/month

    Interest Payment on lease:
    Selling Price ($31500) plus residual ($18290) multiplied by money factor (.00166)=
    $82.65 per month

    Base Payment on Lease:
    Depreciation Payment ($388.59) plus Interest Payment ($82.65) =
    $471.24 per month

    Sales Tax Payment: (I am using 9%, that's what it is here in PA)
    Base Lease Payment ($471.24) multiplied by slaes tax rate (.09) =
    $42.41 per month

    Total Lease Payment:
    Base Lease Payment ($471.24) pus Sales Tax Payment ($42.41) =
    $513.65 per month

    These calculations assume you can use rebates and a sales tax rate of 9%. It also assumes you put no money down. If you put any OOP, deduct it from the selling price of the vehicle. I'm not sure on the Wear Care, I personally would not accept it. If you choose not to, deduct it from the dealer fees listed above to refigure the payment. One more thing to check is I was told by a dealer here in PA just yesterday that the residual on a 10,500 mile lease of an Edge SEL AWD was 50% and not 47%. 47% was for a 15K a year lease. This is becuase of the lower miles the vehicle would have at the end of the lease. Hope this helps some.
  • I just picked up my 2010 Edge SEL AWD, MSRP $35,670. Payment is $297.81 on a 27 month, 10,500 mile per year lease. This includes 7% sales tax. Had to go about 50 miles away to get it. My local dealer was stuck at $372 a month on the exact same vehicle, exact same terms.

    My advice is to shop around. The higher the MSRP, the lower they can go on sale price. (more money to play with). So on your Limited you better get a ton off that price. Go to the highest volume Ford dealer in your area. Tell them upfront that you do not want to mess around. Tell them you want their best sale price and it better be well below invoice and then you want the rebates deducted on top of that. Worst case scenario is they say they can't do it.

    Some states LIMIT the amount a dealer can charge for a document fee and some states do not regulate it at all. I personally limit it to ZERO dollars as it is just extra dealer profit and every dealer who charges it will gladly waive it if you ask. It's just paper. Why should I pay $199 for paper? What's next, they charge you a light fee for sitting in the office with the flourescents on? A chair fee for waiting for 30 minutes for the finance guy to get his papers shuffled correctly? An ink pen fee for having to use their ink to sign the contract? Etc, etc, etc. They are already charging you for all this stuff. It's called selling you a vehicle. McDonalds doesn't sell you a Big Mac and then ask you to buy the container for an extra dollar and napkins for 50 cents each and another 50 cents for the bag. All that should already be figured into the price of the Big Mac.
  • jayriderjayrider Posts: 3,342
    Price the lease at 36 months -- no need for a extra warranty and you won't have to pay car registration at 36 months for the year when you only have it for 3 months
  • cey1cey1 Posts: 2
    What city are you in?? I have been quoted over $500 a month for a similar lease with Z plan pricing. Does your price include a down payment?
  • A and Z Plan pricing is a tad better than X Plan pricing.
    No money down.
    Rebates are applicable just like X Plan pricing.
    Sales tax is 6% here.

    I called the dealership and told them to forget it. I just don't get it, the way the market is - why are they still playing their damn games. It is getting annoying.

    This dealership is about 40 miles from me. There is a dealership extremely...A LOT closer - a couple of miles away. I went to them first and I was told...

    A Ford Edge lease is approximately $700 - $800 per month. They told me it is that high because Ford is not in the leasing business and rather you finance the vehicle than lease. So Ford keeps their lease rates high to prevent people from leasing.

    WTF?!?!

    I have a car - a fairly new one. I want (don't need) a bigger and more comfortable ride. The Edge met my needs but I will not play their games and I really don't feel like playing these games anymore.
  • The same with me - $536 is the lowest I have been quoted.
  • Did you put any money down?

    Was any extras thrown in such as Wear Care, Acquisition Fee?
  • wnukwnuk Posts: 40
    rockymtnwulf:

    Just by getting rid of the wear care and using 6% sales tax I come up with a payment of $481.17 per month. Funny you should mention about the first Ford dealer you went to. First thing- he is badly mistaken and sounds like he just doesn't want to deal with leasing a vehicle. Secondly, I went to a Ford dealer on Tuesday this past week to get leasing prices on an Edge he had on the lot. I still have yet to hear back from him. A dealer like that won't get my business. I agree with you, as bad as it is in the auto industry right now, I'm amazed how some dealers still treat people. With the advent of the internet, so many more people are educated on car buying yet dealerships still come up with some crazy numbers sometimes.

    On the other hand- I have also been getting lease prices from Chevy dealers on a new Traverse. Two dealers have been bending over backwards to get me the numbers I want- once they realized I can calculate my own figures using their pricing, residual, and money factors. Heck, I just had a sales manager yesterday admit to me he didn't know chevy was leasing again and he e-mailed me this morning (Sunday morning mind you) saying he is calling GMAC on Monday to get all their leasing info, he doesn't even have it. He did tell me that if the numbers I gave him are correct (they are based on another dealer I'm working on), he should be able to do the deal I'm looking for.
  • wnukwnuk Posts: 40
    Just a heads up: I was qouted the follwing information today on an Edge SEL AWD here in the Northeast Region-

    27 Month lease rate with 10,500 miles per year
    Residual of $53%
    Money Factor is .0001 (.25%)
    $2250 Red Carpet lease rebate

    36 Month with 10,500 miles per year jumped to
    Residual of 50%
    Money Factor of .00166 (4%)
    $2250 Red Carpet lease rebate.

    I asked about the rebate as Edmunds.com is showing this additional rebate:
    "$1,000 Promotional bonus cash is available towards the purchase of a new 2010 Edge. May be combined with other cash programs, APR or lease specials."

    edmunds rebates

    I was told there is nothing showing on Ford's end about this, only the $2250 Red Carpet Lease rebate. Anyone have any idea or knowledge of the $1000 rebate being shown on edmunds?
  • stoopystoopy Posts: 105
    The only other rebates I am aware of for the Edge would be $500 Military, $500 Police Union, and the Red Carpet Lease Renewal rebate of $1500. The latter is why I went with the Edge. When I turned in my leased 2007 F-150 I got $3750 total in rebates and $2700 trade-in value for my truck which had only 15,000 miles on it. Also got a heckuva sale price too. Dealer went invoice minus half the holdback, basically $500+ under invoice price. I went for the 27 month as it was really cheaper than the 36 month. I walked out of there with a 2010 Edge SEL AWD, 10,500 per year, 27 months, only first payment due, $293 a month including sales tax.
  • wnukwnuk Posts: 40
    Sounds like you got a heck of a deal. Hope you enjoy it. What color and options does it have? The $2250 rebate I was refering to is listed in this link:
    edge rebates

    It looks like you got $1500 for being a current Ford leasee, but shouldn't you still have got the $2250 Red Carpet lease rebate too? The $1000 rebate here on Edmunds still gets me though: It's Ford's program number # 11736 I believe. The way Edmunds has it written implies (to me at least) you can use the bonus cash toward a lease too. At any rate, enjoy your new Edge!

    edit: I just noticed that link I gave above defaults back to the Taurus rebates. Just change the selection to Edge instead.
  • stoopystoopy Posts: 105
    All of those rebates that have the word "RETAIL" in them are solely for purchasing the vehicle. They will not be available for leases. You can still get the military or police $500 rebates and a $1500 Red Carpet Lease renewal on top of the $2250 Red Carpet Lease Cash. I got $3750 total, $2250 RCL Cash and $1500 RCL Renewal.

    That is standard across the board. If any rebate has the word "RETAIL" in it, you cannot use it on a lease.
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