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Ford Expedition Lease Questions
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Car_man
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I live in SC (10 miles from NC), and am looking to lease a 07 Expedition EL Eddie Bauer 2wd, 36mon 12k miles yr. MSRP was $46405, but they are quoting me $98 over invoice ($42682.84) total $42780.84. 3.75%, w factor of .50, payment $663.79. with $1689.79 upfront. How do I determine if this is a good deal? I have copy of invoice that shows hold back of $1370, A&Z Plan $, D Plan $ and X Plan amount. What does all this mean? They didn't mention any incentives. Are they keeping any cash backs deals and not letting me in on it?
I HAVE ALWAYS LEASED A GM AND KNOW HOW THEY FIGURE LEASES. I GOT NO MORE INFO FROM THE DEALER THAN ABOVE.
DOES IT SOUND OK? SHOULD IT BE LESS PER MONTH? I WANT TO PUT NOTHING DOWN, AND USE CASH FOR SALES TAX, AND FEES.
ANY ADVICE. I WOULD APPRECIATE IT.
I was wondering if you could tell me the current Ford deals for a 36 month (15K/yr) lease on a 2007 Expedition EB -- do you know the MF and the residual? I am looking to shop this week, but I want to be armed with data before going to the dealer. Many Thanks!
Car_man
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Car_man
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Car_man
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Car_man
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Thanks for all your help!!!
Ford Credit's current base lease rate and residual value for a 36 month lease of a 2007 Expedition Limited 2WD with 15,000 miles per year are 2.0% and 44%, respectively. You should be able to fully residualize any factory-installed options and roll them into your lease payment. Dealer invoice is an excellent selling price for this truck, if you are able to have the $2,000 lease cash that is available on it subtracted from that before calculating your lease payment.
Car_man
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Car_man
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thanks,
Scott
Car_man
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I am trying to figure out what a lease package would be with the numbers listed below I was thinking that since it is a 2007 that the selling price should be around $34,500 to $35,000 after rebate. Please let me know you thoughts and what the average lease price would be on the vehicle listed below. Base the lease package on 3 year / 36,000 miles...
Thank you Any help would be greatly appreciated
2007 Ford Expedition Eddie Bauer 2WD
MSRP $40,055
INVOICE $38,138
Rebate ($2007)
Total $36,131.00
thanks for all the info
the car will be leased from either a
NE Pa. NJ, NY or Ct. dealer
2008 Expedition Limited EL 4x4
MSRP 50,275
24 month
19,500
no money down
1,029 a month out the door (including tax and title etc)
he didn't mention a security deposit
he told me the Value would be 52% from 56% due to losing 1% for every 1,500 miles over 15,000
vs a 2007 at 52% - 4% due to mileage and a 2,000 rebate
the value is 52% of what ever I pay for it in this case it is rated on $50,275?
Money factor was 1% if I divide this 1% by 2400 I get 0.0000041666666667 is this the correct number to use?
Does the dealer get a holdback for a customer ordered car?
This dealer is also a Certified Blue dealer.
He also told me that he was sure that he will give the best price around. I don't know how much if he did take off, since I just wanted to get an idea of lease payments and I didn't even start neg. price.
So just wondering if I'm using the numbers correctly
52% of what and finding the money factor so I can plug those numbers in and do it myself
thanks
Anthony
Bronx NY
Car_man
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I was just looking at '08 Expedition EL pricing and I was having a hard time finding one that would have an MSRP of $50,000. How is this truck equipped? Regardless of how it is equipped you need to find out what this truck's selling price is. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without knowing what this truck's selling price is, it is difficult to tell how good a deal you are getting on it.
Ford Credit's current base lease rate for a 24 month lease of a 2008 Ford Expedition EL Eddie Bauer AWD is only 1.0%. 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.
Car_man
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I've been back in forth on the '08 Tahoe and the '08 Expedition. The Expedition proposal that I am closest to right now is as such:
The dealer's MSRP quote on the '08 Limited built out the way I want matches the Edmunds built out MSRP of $47,910. The dealer tells me that he is selling at invoice to me, which he quotes as $44,200. Even if I add in the $300 for the chrome grill they are putting into the Limited (you can't order it as an option from the factory and we don't like the body color grill) he is still a little north of the Edmunds invoice quote. So be it for now:
Can you offer an opinion on the whole package:
MSRP $47,910 (or $48,210 if you want to add the grill here)
Invoice quote of $44,200
12m miles/$634 a month/and a $2,500 check for whatever else (inceptions, cap cost, I don't think I care how they use it do I)
The uncomfortable part is that he is telling me that the program can change by the time the truck gets delivered - say mid to late October. How does anyone sign on for that? I think I know my payments but then they change when I actually get it? He says the current program is a $500 rebate, 3.25%, and a 48% residual.
I'll take anyone's advice - thumbs up or down? Many thanks.
For what it's worth this is being done in Central/Northern New Jersey.
To answer your questions in addition to every number the dealer gave me that is figured in the prices below. So here we go, thanks again
2008 Ford Expedition 4x4 EL (600A order code)
everything below is in the purchase price of $46,673.08 from the dealer's
"VEHICLE ORDER CONFIRMATION" SHEET
Skid Plate
Daytime running lights
Power moonroof
rubber floor mats
rearview camera
trailer tow
navigation
chrome rack with cross bars
power lift gate
rear seat entertainment
8 U.S. Gal gas charge $24.08
FDAF assessment $578
Dest and Deliver $900
all for $46,173.08 plus $500 his commission = 46,673.08
and an additional 25 gallons of gas (full tank on delivery is in this price)
now he gave me a copy of the "Deal Worksheet" with the following numbers from his
Lease Work sheet from Ford's dealer website
FIRST COLUMN
Lease Source - RCL
Price -$46,740.00 ($66.92 more then his quote price)
trade in amt - $0.00
trade in payoff - $0.00
cash down - $0.00 (no check mark in the box next to this number)
Rebates -$500.00 (no check mark in the box next to this number)
Lease Rate - 1
Term -24
payment per yr - 12
next payment due
MSRP - $50,420.00
other - $0.00
SECOND COLUMN
Insurance -none
credti life -none 0.00 (a check mark in check box)
credit A/H -none 0.00 (a check mark in check box)
ext. srv -none 395.00 (Red Carpet Lease wear care) (check mark in check box)
ext. srv plan code- blank
garage location
Mileage Allowed -15,000 (.20 mile over 30,000 at the end of 24 months)
mileage purchase - 0
mileage cost -$0.15
THIRD COLUMN
residual % 56 - $28,235.20
sales tax% 8.375 - $1,844.58 (check mark in check box)
property tax - 0.00 (no check mark in box)
luxyrt tax - 0.00 (no check mark in box)
office fees - $57.50 (no check box available)
title/reg - $45.00 (check mark in check box)
license/lien - 0.00
soft adds - 0.00
ACQ Fee - $595.00 (what is this) (check mark in check box)
security deposit - $0.00
TWO BOXES DOWN AT THE BOTTOM SAID
amount due at signing ------- monthly payment
$1,40.09 ------- $903.09
I would also get any additional rebates at the time the car
was delivered if anything better was in affect at the time of delivery.
which he was told by his rep that these cars are "FREE WHEELING", built in 4 weeks and up to 2 weeks to deliver. Not unless if ordering the power running boards the built time could be doubled.
Also if he was to order this car he would need a $500 deposit
that would be applied to the $1,403.09 so all I need at pick up is $903.09
he also told me if I order this in silver and were to change my mind he would give the $500 deposit back, if I ordered any other color I would lose the deposit. so happens I like the silver car anyway.
So is this a deal worth going for?
Is this dealership giving me more info that usual?
Is Ford strict when they evaluate the car at the end of the lease? The dealer said Ford wants you back so they are somewhat lenient. He wasn't pushing the Red lease care package. But Ieft it in for now.
(I am planning on buying car seat covers with 4 car seats in the car)
I noticed he used the Residual valvue against the MSRP price is the correct?
Which number did he get the tax of $1,844.58 from?
ACQ Fee do you know what that is for?
Also I found strange is that he told me in writing .20 cents per mile over 30K at the end of 24 months and another dealer told me
.25 cents a mile over $30,000 at the end of the 24 months. Who is correct?
This is every piece of info that I have from the dealer, he gave me all print outs off the computer from Ford's dealership website.
Hope I gave you all the info you need to determine if the $903 is good or not?
Is this dealer on the level with everything he supplied?
what would the payment be if I was to put 1,000 or 2,000 down?
Thanks again
Anthony
bx, ny
Aside from the residual differences between 2WD and 4WD models, does FMC have any other adjustments to the residual percentage based on vehicle features? My main question is if there are any residual deductions on XLT models with the front split-bench seat and/or no 3rd row seat? Also, what's residual bump for mileage lower than 10k vs 12k/yr? Is there an 8k option?
Thanks!
Thank you
I'm looking at 36 months, with 10K miles per year...zero down.
-MSRP $46,265. with final (x plan) selling price at $40,681.
-2nd choice vehicle....same terms... MSRP $43,775 with selling price of $38,416.
Would I save much by going out to 39 months?
Thanks.
when will you be able to answer post #83
thanks
anthony
The lease rate that you were quoted for this truck looks about right to me. Vehicles' residual values are always calculated as a percentage of their full MSRPs. The acquisition fee is OK as well. Ford Credit charges a $595 acquisition fee on every vehicle that it leases.
I have never personally leased a vehicle through Ford Credit, but I have never seen anyone complain about them being unusually strict when evaluating vehicles for excess wear and teat at lease-end. I have found that most manufacturers' captive finance companies are very reasonable when evaluating the lease-end condition of vehicles. If I was leasing this truck, I personally would pass on any additional excess wear and tear coverage.
Car_man
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I believe that 10,500 miles per year is Ford Credit's lowest mileage option.
Car_man
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Car_man
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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 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 you believe that your Explorer is worth significantly more than it would cost you to purchase it, then you might want to consider trying to profit from its low mileage. If not, then just walk away at the end of your lease.
Car_man
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Car_man
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I found the leases complicated but had 2 dealers explain it because it seemed too good to be true. Was better off with an 08 rather than an 07. The fact that this is an 07 with miles may hurt you in trying to lease it.
The advantage I had with the lease is that you still get the rebates but the lease financing was only 0.5% on my loan. With a 2 year residual of 52%, that means I'm basically financing half of the vehicle close to 0% anyway. Comparing the lease to a loan from my Credit union, I actually can lease and then buy a lot cheaper than just buying.
0% is a good thing but don't try to fool yourself if you know you're going to trade in a few years. In two years your 07 will be 3 years old and worth about 45% of MSRP.
If you don't believe that how about the $10.5 they are offering you now?
Also with 87K miles on an 04, I'm guessing you drive a lot and that could be pretty expensive on a lease. I have the max at 19,500 miles per year and anything over that is 20 cents a mile (unless I buy it)
The monthly lease payment is looking to be $430 for me. I am doing 39mths at 18k per year with first month + tag fees for a total of $520 out the door. I am in Phila, PA. I would really like to see if I can get more off from their end because so far, the dealer hasn't discoutned anythign or is tht considered when the manufacturer builds in those rebates. If i can negotiate, what is reasonable? Thanks