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Ford Edge Lease Questions

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Comments

  • chuck68516chuck68516 Posts: 195
    Wear Care can, and should be, waived. It is a rip-off. Residual should be 52-54% depending on lease miles, and whether or not it's FWD or AWD. Your highest offer should be X-Plan minus rebates of $750 to $1250. That's worst case scenario. You can do WAY better than X-Plan and rebate(s) if you have time to play the games. $491 is WAY TOO HIGH. Good luck getting the acq. fee waived, I have tried on 3 of 4 of my Ford leases and never had it happen. I would shoot for a monthly payment of about $400. You can lease a Lincoln MKX (Edge) for about $450 with only first payment due.
  • Tidwell Ford Kennesaw. It seems either my sales rep played uninformed or was uninformed when it came to the specific details of the leasing process. I think this helped them bamboozle me. I am not happy. With a Z-plan, SEL Plus, AWD, Navig, 18", DVD ent, Rev sens, I ended up with:

    MSRP = $32,690
    Gross Cap Cost = $34,424.78
    Residual = $19,485.90
    Acq Fee = $0 "waived" yeah right, more like hidden elsewhere
    Depreciation = $13,200.81
    Rent Charge = $1,944.03
    Total of Base Payments = $15,144.84
    Lease Payments = 36
    Base Payment = $420.69
    Sales Tax = $25.24
    Total Payment = $445.93
    Trade-in = $1,500
    Rebates = 750
    Total of ALL Monthly Payments = $17,857.55

    With all my homework, calculations, plans, it seems I still got messed over. The highlight would be that I spent no money and left with my car, IF you can call that a highlight.
  • discover3discover3 Posts: 8
    I hope that I have all the pieces to the puzzle of leasing because I need to make a quick decision. I've read the Edge thread forward and backward but still can't decide if this is a deal worth signing. Here are the numbers:

    Edge Sel+
    Sticker: $30,865.00
    Rebates and Incentives: -$2,000
    Cap Cost: $29,464
    Lease Term: 36 months
    Lease End Value: $15,332.00
    Residual: 53%
    Money Factor: .5
    Base Monthly Payment: $352.00
    Sales Tax: 6%
    Monthly Payments: $373.00

    The salesman wants me to give $1000.00 at signing to cover first months payment, tag, taxes on something I can't remember, taxes on the rebates and incentives, plus whatever else is considered inception fees. Any left over money is, I guess, considered money down, which I know is a no no.

    Can someone please tell me if this is a deal worth signing?
    Thanks a million!!
  • chuck68516chuck68516 Posts: 195
    Just a thought or two...
    A: isn't 53% of $30,865 = $16,358.45?
    B: You don't pay taxes on rebates or incentives.
    Inception fees due at signing should only be an acquisition fee, documentation fee, and first month's payment. Waive the Wear Care Program (security deposit) it isn't required and is pretty much a rip off.
    C: If the Sticker is $30,865 and cap cost reduction (rebates) is $2000 CAP COST SHOULD BE $28,865. If they are adding in acquistion fee, documentation fee, security deposit (Wear Care) to make the CAP COST TOTAL $29,464 then they shouldn't be asking you to pay it all again (the $1,000 you were talking about at closing).

    I would seriously challenge some of these tactics. They can play "shuffle the numbers" all they want but YOU need to decide what makes sense and after reading that, I don't think much of it does.
  • discover3discover3 Posts: 8
    Hmmmmmmmmmm, what you say makes a lot of sense. Okay, tomorrow I need to ask why the Cap Cost is higher than it should be, and what the $1000.00 covers exactly, and why the residual value he quoted me is less than it should be.

    However, when I plug in your numbers:

    Cap Cost: $28,865.00
    Residual: $16,358.45

    I come up with:

    Base Payment: $347.40
    Monthly Finance Charge: $9.42
    Tax: $21.40
    Total Monthly Payment: $378.22

    Which is more money than the $373.98 the salesman quoted me.

    Perhaps the only discrepancy is the $1,000 and what it is used for??

    In any case, aside from the fact that some of the salesmans explanation sounds weird, is the final monthly payment, with tax, of $373.98 reasonable?
    Thanks again!
  • chuck68516chuck68516 Posts: 195
    The monthly payment of $373 isn't bad at all. Some people were at $400 or more putting down $2000.
    However, I was able to whittle them down to $349 per month on a SEL+ MSRP $32690. I would shoot for that if possible. Good luck. And don't get the Wear Care.
  • mallrattmallratt Posts: 1
    I'm looking to lease a 2007 Ford Edge SEL+ with leather seats, trailer tow pkg, vista roof, cargo mgmt, reverse sensing system, 18" wheels, sirius, 6-CD changer. Invoice is $31,383.85. I'm already over my mileage on my current Ford lease which terminates in October, so I want to get out early and Ford will pay my last three payments owed. On my initial visit to a local dealer in Florida, I was quoted the following: $1750 cash incentive; 15,000 miles; 39 months at $416.97 per month plus tax of 29.19 per month for a total of $446.00 per month. Initial payment due at signing. After reading what others are paying, I'm realizing that this is NO deal which really irritates me since I'm returning to the same dealer I leased my current car from. How should I factor in the fact that Ford is paying the last three payments of my current lease plus (hopefully) paying my overage miles? What would be considered a good deal in this situation? Thank you!!
  • chuck68516chuck68516 Posts: 195
    On two of my previous four leases, ALL Fords, I traded my lease in just like I was trading in a car I owned. They gave me a trade-in price minus the pay-off price. One was 6 months early the other was 4 months early with no penalty at all. The dealer just has to get your info (social security number etc) and call Ford Credit to get your pay-off. The last time I did this I got a plus $1100 trade value even though I still had 4 months left on the lease. As far as you being over your mileage, I haven't ever been in that situation so I don't know what to tell you. I have been told the only way to get out of that is to buy the car at lease end otherwise you have to pay the fee per mile of whatever your contract says. Good luck.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Congratulations on getting your new Edge, buffalo78. Thanks for taking the time to share the details of your deal with everyone. Enjoy your new ride :) .

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome, rwheiler. I'm glad to see what everything worked out well for you. Thanks for reporting back to let us all know how everything went. Enjoy your new Edge!

    Car_man
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    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi hardhawk. Unfortunately, I don't believe that the $500 dealer cash that Ford is currently providing on the 2007 Edge is available on units that are leased through Ford Credit.

    Car_man
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    Prices Paid Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi kat123. A $690 security deposit sounds too high to me. Banks usually charge a security deposit that's equivalent to vehicles' monthly payments rounded up to the nearest $25 or $50 increment. Wear Care is not a security deposit. It's something that you don't need and just a way for the dealer to add additional profit to your deal. The $595 acquisition fee that you were quoted is in line with the fee that Ford Credit charges on every vehicle that it leases.

    Car_man
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    Prices Paid Forum
  • discover3discover3 Posts: 8
    I just wanted to write in and post what my final deal was, as I drove home my new Edge today!
    MSRP: 31,060.00
    Cap Cost: 29,830.00
    Acquisition Fee: $595.00
    Cap Cost Reduction: $1,750.00 (incentives, not cash down)
    Net Cap Cost: 28,675.00
    Residual Value: 16,462.00
    Money Factor: .5%
    Term: 36 months
    Sales Tax: 6%
    Least Payment with tax: 377.30 (I added the maintenance plan that covers oil changes, tire rotation, free rental if necessary, etc. for 7.00 (was 15.00 but sales guy cut payment in half!)
    I paid 797.00 for inception fees. Dealer also threw in a free pinstripe worth 75.00.

    All in all I think I got a good deal. I paid 200.00 over invoice.

    If anyone has anything good or bad to say about this deal, please write in!! :D
  • hardhawkhardhawk Posts: 702
    What are "inception fees"? I have never seen that on a lease.
  • discover3discover3 Posts: 8
    Inception fees are things like: 1st months payment, licence, tag, and registration, taxes, etc.
  • chuck68516chuck68516 Posts: 195
    Sounds like you got a pretty good deal. I probably wouldn't have gotten the maintenance plan based on the principle of that always being a scam but I guess for onoly $7 it is worth it if you figure 12 oil changes on the lease for $252. Just oil changes alone works out to only $21 not to mention tire rotations. It makes sense. Walmart isn't even that cheap.

    That's a great deal just beware of some of these "PLANS".
    Example, a friend of mine leased a VW and they told him they would give him back the security deposit of around $500 if he gets it serviced by VW. He's a dumb a$$ and takes it in every 3 months to get a $75 oil change. $75 times 12 oil changes = $900. What a sucker.
  • hardhawkhardhawk Posts: 702
    Thanks for the info. I had never heard of those items being called inception fees before. Learn something new every day!
    :)
  • discover3discover3 Posts: 8
    I don't usually go for any type of plan, not on a car, and not on big purchases I make, but this one seemed okay. I even joked with the guy about him making a profit on selling it to me! I can service my car at this dealership or any ford dealership nationwide or at most major tire places like Tire Kingdom, etc.

    Your welcome, Hardhawk! It's important to know which inception fees are on the up and up and which ones just increase the dealers' profit.
  • I think I have the same questions as are addressed in this dialogue as it applies to entry 63. Anyone?
  • chuck68516chuck68516 Posts: 195
    I didn't see a question in #63, just a bunch of statements. What is your question?
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