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Ford Edge Lease Questions

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Comments

  • hardhawkhardhawk Posts: 702
    If the deal you are being offered is the best the dealer will do, and other dealers are not willing to do better, then I would ask a number of dealers in your area if they would order a 2008 Edge per your specifications, without you being bound to buy it. What you want is a popular model/options/color combo, so it would not be hard to sell if you don't lease it. You could then see what interest rates, etc. will be available when it comes in. You could extend your current lease by a month or two without any problem to give you breathing room and take the urgency out of your situation. My Magnum lease ends in Oct. and I still don't know what I am going to do. My dealer has offered to order any models I want just like I want them, and then I can pick which one I want to lease. I am also looking at 2007 leftovers in larger SUV's since they are having huge lease cash and bonus cash added right now. I love the Edge/MKX, but also like the MKZ, Aspen, Durango, and Expedition. It is great having so many choices. The Edge has had cheap lease interest rates for months, so my guess is that that will continue for the 2008 models. Ususally no later than December the great deals will start being offered on the 2008's. If you must act now, you might try to find out what dealer the Edge you want is located at and contact them directly to see what kind of deal they will give you. Good luck and keep us posted!
  • chuck68516 - Your entry on August 5, stated you leased Ford Edge four months ago for what appears to be a great deal. I'm currently working out the details of a lease.........is it possible to get a lead on the state and/or possible dealerships that offered you such a deal?

    Or anyone else for that matter....
  • chuck68516chuck68516 Posts: 195
    The dealer's name is Woodhouse Ford in Blair, Ne. Just outside of Omaha. They sell cars all over the U.S. becuase they can beat almost any deal. I think the salesman said they sold around 27,000 cars to EVERY state in the U.S. in 2005.

    My brother just bought a 2007 Chrysler from them and they didn't have what he wanted on the lot so they had to get one from Illinois. They drove 300 miles to his house to let him use one of their new Dodge Calibers as a rental car until his car could be transported to the lot (about 10 days). Then they still beat his local dealer's best price by $1200. They are amazing. I will be leasing/buying from them forever.
  • In some states/cities it can be a benefit.

    I'm in Northern Virginia. In Virginia, Ford state-averages the property tax and you pay an average of all the counties. If you live in a high-cost area, such as Fairfax, it can be a benefit.

    Ford may do this in other states but I'm not sure.

    -Larry
  • Picked up a 2007 Edge SEL Plus AWD in Light Sage. ALL options except for the BAMR (I'm 6'4" tall, and the mechanics take up too much headroom...):

    Sticker Price: $35,455.
    Sale Price: $33,991 ($500 over Invoice).

    Down Payment: $7700
    Rebate: $1250

    36 months/10.5k miles.

    Residual Rate: 53%
    Residual: $18796.45.

    Monthly Payment: $324.52. Includes all taxes, fee's and property tax payments.

    I know that's a large down payment but folks, I've done the $450 to $500 payment thing and I was on pins and needles the entire contract. I'm just not going to do that to myself any more. It's a comfort thing :)

    -Larry
  • My dealer is having a real hard time locating the combo that I want. I have compromised on the FWD vs AWD, now I am not going to get my 1st or 2nd choice of colors. At this point I may be better off extending my current lease and order an '08. I'm assuming that I will loose the incentive cash but does anyone have any ideas of what the residuals and money factors will look like. If I order what I really want, it will definately lower the MSRP but if I lose the $1750 and the good money factor, it may end up costing me more. Any ideas??
  • chuck68516chuck68516 Posts: 195
    I'm not sure how much your property taxes are but unless they are $120 per month, you got taken on this deal. Your payment pre-property tax, should have been about $200 per month including sales tax. Your base payment before rent charge should be about $175 per month.

    You're right about your $7700 down payment being "large" but it is also not a very good idea. If you're car were to be totalled tomorrow, you would be out that $7700. The insurance company will not reimburse you for your down payment. Drive extremely defensively for the next 36 months. What fees or other charges did they put in the lease? Wear Care? Undercoat? Etc.
  • Can you break this down for me? I don't see how $200 a month figures... That's only $7200 in payments, not including any taxes at all.

    -Larry
  • chuck68516chuck68516 Posts: 195
    Consider expanding out your search area. Like I said in a previous post, my dealer sells cars to every state in the U.S. including Alaska and Hawaii. I'm not saying they are necessarily the answer but if you have driven the Edge and know what options you want on it any dealer should be able to easily locate an Edge and you could lease it over the phone/internet. Your dealer probably just wants you to buy the one sitting on their lot. They most likely aren't even trying to look for an Edge elsewhere.

    What options and colors do you want? I'm sure we would all be happy to look/search around for you.
  • chuck68516chuck68516 Posts: 195
    You said the sales price was $33,991
    Rebates $ 1,250
    Down Payment $ 7,700

    Base payment
    (pre-rent charge,taxes) $25,041 minus residual of $18796.45 equals $6244.55 divided by term (36) = $173.46 BASE PAYMENT PER MONTH.

    I don't know your rent charge or sales tax or property tax but my base payment on my lease of ZERO DOWN, 36 month, 10,500 miles per year on MSRP $32,690 was $326.17 and my sales tax was $22.83 with a total payment of $349.

    So with the limited info you gave I am estimating your monthly payment should be under $200. AGAIN, DEPENDING ON YOUR PROPERTY TAX. But there is no way your property tax is $120 per month.
  • My dealer does not have any Edges on his lot. I have checked other local dealers and nothing to be found. I have seen the invoices that the dealer has found so far and we cannot find a match or the other dealer is not willing to give it up. My ideal Edge would be a Creme Bruelle FWD with BAMR, Sirius, and reverse sensing. I have compromised up to the AWD. I am ok with a few other colors but the Creme is my first choice. One of the reasons that I want to use this dealer/salesman is the proximaty to my home/office and it is also the same dealership that I am returning my current lease to. I need for them to overlook a few minor issues with my current car. I dont think I will have any leverage if I do not purchase my next car from them.
  • chuck68516chuck68516 Posts: 195
    Bottom line...

    You leased approx $6200 over 36 payments
    I leases approx $11,800 over 36 payments

    Yet your payment is only about $25 less than mine. Even though I "financed" almost twice as much as you did. Hence, your payment should be around half of what mine was as described in my previous post.
  • chuck68516chuck68516 Posts: 195
    That is a common misconception. You can turn your vehicle in almost anywhere. I have turned my leased vehicles in to dealers in another state in one case. My aunt just turned her Chevy in to a Nissan dealer where she decided to lease a new Altima. Also, I have never had any of my leases even looked at when I turned them in. I would look elsewhere.
  • The rent charge was around $2200. What is included in that typically?

    I expect PP Tax to be about $600 per year.

    Also, I had a typo above when I said at $200 a month, that was only $7200 in payments. I obviously only multiplied 24 instead of 35 :)

    Thanks

    -Larry7
  • Ok, here is ALL the data I can get off the official Ford Lease Agreement for Virginia. I suspect yours is similar:

    Section 1, amount due at lease signing = #8950.

    Section 2, Payments = $324.52 X 35.

    Section 3, other charges = 0.

    Section 4, Total of Payments = $20306.20.

    Section 5, Amounts due at lease signing
    Capital Cost Reduction = $8625.48.
    First Monthly Payment = $324.52
    Total = $8950.00

    Section 6, How amount due at lease signing will be paid
    $7700 Down Payment
    $1250 Rebate
    $8950 Total

    Section 7, Payment determined as shown below:

    Gross Capitalized Cost = $36,279.15 broken down as follows:
    Agreed Purchase Price = $33,991
    Sales/Use/Other Taxes = $1112.15
    Title Fee = $10
    License/Registation Fee = $41.50
    Acquisition Fee = $595.00
    Documentation Fee = $529.50 (Yeah, I know. I missed it darnit)
    Total = $36279.15

    Cap Cost Reduction = $8625.48
    Rent Charge = $2825.50.
    Total of Base Payments = $11682.72
    Payments = 36
    Base Payment = 324.52

    Section 13, Official Fee's and Taxes = $1226.55

    That's pretty much all the numbers.

    Thanks

    -Larry
  • chuck68516chuck68516 Posts: 195
    Yeah, the document fee was HUGE. My dealer tried to get me to pay $120 documentation fee but I talked them out of it. Obviously ANY fee adds up to a higher payment but that's not the only place where you got hit. Your Rent Charge was $2825.50 and mine was only $342.98. The #13. Official Fees and Taxes is normally just an estimate of how much you would expect to pay in registration fees etc. over the lease term, but it seems like they probably added that in too. I think the Sales/Use/Other taxes must be your property taxes and sales tax which isn't really that much at all. That seems to be actually lower than I anticipated.

    However...
    Your Rent Charge was $2482.52 more than mine.
    Your documentation fee was $529.50
    Total of those two alone was $3012.02 more than mine. I litterally could have had your deal for under $200 per month. The fees add up quick. That's the dealer's game. They lure you in to the office then they start hiding the fees and shove the pen at you and say "sign" "sign" "sign." Before you know it you are S.O.L. You just really have to go over the contract with a magnifying glass to make sure they aren't adding in fuzzy math and made up fees.

    Also in Nebraska we pay property tax when we go to register the vehicle at the DMV, it isn't included in our lease payment. It is still $500+ dollars a year depending upon the MSRP, but at least we don't pay interest on it.

    Lesson, DON'T EVER, EVER, EVER, put money down. That's the whole point of leasing. Sign & drive. Always waive the security deposit. Heck you don't even have to pay your 1st monthly payment if you don't want to. You could have bought that car for about $400 per month on a 72 month bank loan. After 3 years if it was worth the even the presumed residual, you could have sold/traded it and made your $7700 down payment back.

    I recommend reading this link about how to calculate a lease so you will know when the rent charge is way too high.
    http://www.leaseguide.com/lease08.htm

    Rent charge is ( Net Cap Cost + Residual ) × Money Factor then divided by the lease term
  • agamnyagamny Posts: 6
    Hi guys,

    Thanks for the great posts on this site - I've learned a lot from here.

    I have to lease my car within the next couple of days and would appreciate any help. A dealer has quoted me a rate of 407.15/mo (Registration, Taxes, everything inclusive) for a Carbon metallic SEL+ (MSRP incl. dest and del = $34,265). It has the Vista roof, 18", reverse sensing and CDX6 and the lease term is 24 months. Other details:
    Down payment = $2000
    Rebates applied = $1750
    Sale price = $32411.19 (I think this is the price he agreed to sell it for)
    Residual 64%
    Money factor .03125% which gives an APR of .75%.

    Please let me know if this is a decent price/ deal. I have access to an X-Plan pin.

    Thanks for your urgent help folks. Please let me know if there are other things I should ask the dealer before I sign this Saturday morning.

    Thanks again,
  • chuck68516chuck68516 Posts: 195
    If $32,411.19 is the "sale price" then you are subtracting the rebate and down payment, then adding in an aquisition fee of $595 your
    NET CAP COST would be $29,256.19

    Depreciation Fee = ( $29256.19(net cap cost) – $21929.60(64%residual) ) ÷ 24 = $305.27

    Finance Fee = ( $29256.19 + $21929.60 ) × .0003125(.75) = $16

    —

    BASE Monthly Lease Payment = $305.27 + $16 = $321.27
    Add in Sales Tax of say 8% (my estimate) = $346.97

    This should be your monthly payment based upon the info you provided. Obviously I don't know what else they are putting in to get the $407 such as DMV fees etc. In Nebraska that is not included in a lease. We pay that at the DMV. Just be sure that they don't have a bunch of crap rolled into the other fees. The only legitimate fee is the acquisition fee and perhaps your DMV fees and/or property tax depending upon where you live.
  • chuck68516chuck68516 Posts: 195
    Larry- I had a chance to really break down your contract and found out exactly what went wrong in addition to the document fee.

    Your money factor was about 0.0017213 or 4.13% APR. The current Ford Credit lease rate is 0.75%.

    I figured that if you would have just had your property taxes ($1112.15) and acquisition fee ($595) and would have gotten the .75% lease rate, your monthly payment would have been $236.56

    Your property tax ($1112.15) which I wouldn't have had to pay in MY lease adds up a little but there isn't anything you could do about that except move to somewhere that doesn't have it.
  • chuck68516chuck68516 Posts: 195
    elliemaej- You can have Ford search for your vehicle at this link.

    https://www90.forddirect.fordvehicles.com/

    Click Edge then go to Ford Direct Search "Let Us Find The Vehicle"
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