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Ford Explorer Lease Questions

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  • steevosteevo Member Posts: 389
    I was being facetious .... implying that the shock of how much cheaper those leases are would be too much for the op to handle ;)
  • jpp75jpp75 Member Posts: 1,535
    I definitely agree, that's way too much for an Explorer. I would go a little higher than $550 for the Limited 4WD with the 302A package as it includes several premium features such as ventilated seats, adaptive cruise control, BLIS, etc. When you price out a similarly equipped MDX or etc it's pretty pricey, but I still agree, for a $45,000 vehicle $780 is too high.
  • lovebenzlovebenz Member Posts: 9
    700 bucks is insane for this car! I am Z plan and I have 3k equity from my previous lease to put towards it. I am going to be around 400 a month on a limited 24 month lease. I was going to get an ML350 but I felt like the limited had way more options ( i know that is wired to say!) They have really upped the explorers. You might want to look at the XLT for 24 months since it has 70% residual right now.
  • bretebrete Member Posts: 8
    Car man,

    What are the Jan lease #'s on the 4wd xlt. 24 and 36 month leases with 10500 milles. Also what are the current ford factory incentives?

    Thank
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi chuck68516. Ford's lease program varies by region. Let me know what state you are in and I'll be happy to try to find out the details of this vehicle's program in your area.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi petergriffin. Ford Credit's January base lease rate and residual value for a 36 month lease of a 2011 Explorer Limited 4WD with 10,500 miles per year are 2.5% and 54%, respectively.

    I don't believe that Ford is currently providing any cash incentives on leases of this model.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    That is correct, sloretto. The cash incentives that are currently available on the 2011 Explorer are not compatible with its special lease program.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I take back what I said before about the Explorer's lease program being regional. It appears as though Ford is currently running one national program on this model.

    Ford Credit's January base lease rate and residual value for a 24 month lease of a 2011 Explorer XLT 4WD with 10,500 miles per year are 0.75% and 65%, respectively.

    The numbers for an otherwise identical 36 month lease of this truck are 2.5% and 57%.

    Car_man
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  • lovebenzlovebenz Member Posts: 9
    Car man quick question. I am getting a limited 10500 lease and just got the numbers from the dealer yesterday. They didn't have the 65% residual. They only had it at 63%. Where did you get your number? that would help reduce the payment. I was told they were going up but weren't posted yet....
  • lovebenzlovebenz Member Posts: 9
    Here are the correct residuals from Ford

    Limited

    24 month Residual at 12K is 62%, 60% at 15K - 0.75 Rate on both
    36 month Residual at 12K is 53%, 51% at 15K - 2.50 Rate on both

    10,500 miles is 63%
  • sddreamssddreams Member Posts: 15
    edited January 2011
    Dear Car Man,

    Thank you for all the help you provide on this forum.

    I was just told today that my pre-ordered explorer will be delivered to the dealer during the week of Feb 7th. So I will be taking delivery of my new car sometime mid-Feb. I am in the Northern NJ region.

    Can you advise me as to what I can expect as far as lease terms for either a 36 or 48 month lease and for 12K and 15K miles? I purchased a Limited 4x4, 302A pkg w/moon roof. I have excellent credit (750+) and so would expect that I would qualify for the best possible finance rate available. If you can give me MF rates as well residual rates, that would be great.

    Regarding rebates, when I pre-ordered the car, I was told that I would get a $500 Ford rebate for pre-ordering before 1/3/2011 as well as $1000 bonus customer cash from Ford for a total of $1500 in rebates from Ford. Will I still be able to get this if I lease the car? Are there any other rebates being offered (eg. lease conquest rebates, etc) that I will qualify for?

    Finally, do you know anything about the VIN Etching fee and if I HAVE to pay that ridiculous fee?

    Thank you in advance for any help you can provide me.

    Sam
  • sddreamssddreams Member Posts: 15
    edited January 2011
    I was quoted $42,500 for a 2011 Explorer Limited, 4x4 with 402A pkg plus dual-pane moonroof. This figure includes the dealer destination fee. I am told that Ford will be giving total of $1500 in rebates ($500 for pre-ordering and $1000 for lease conquest), giving me final price of $41,000 plus tax. I put down a $500 deposit, which I am told is refundable.

    Is this a good deal?

    Let me know your thoughts. Thanks

    Sam
  • sbgurlsbgurl Member Posts: 3
    edited January 2011
    Hi there,

    I am currently trying to negotiate a company car lease & would really appreciate any help w/ understanding how this works. I am trying to FIRST negotiate the price of the vehicle BEFORE financials. Dealers seem to be hung up on whether there is a trade (N/A of course), what I want to pay per month (no giving that up), etc.

    Here is what I am working with: 36 month lease with15, 000 miles/year & a down payment of $1950. Also will pay sales tax & 1st month's payment (in addition to the $1950).

    For example, here is the information a dealer gave me today on the following vehicle:
    2011 Ford Explorer Limited, 4X4, Rapid Spec 301A Options: White Platinum Exterior, all weather mats, 2nd row dual bucket seats, moon roof, cross bars, 2nd row console, trailer tow pkg & BLIS
    MSRP $46, 195
    Was quoted $44, 590 w/ $2866.78 upfront (down pay $1950 & $750 for Wear Care plus $166.78 for who knows what).
    $666.77 month lease payment.

    This lease payment seems really high for the cost of the car he quoted me. He told me that I either had to get the Wear Care pkg or pay a security deposit on the lease. Is this true? The numbers he gave me were higher than when I figured them on Ford's website, & it seems odd that Wear Care nor a security deposit show up as a required cost on the Ford website. I figured the same lease using 51% as the residual value percentage (I have seen mixed information posted) & came up w/$596 as the best bottom line price. It seems like there is a lot of fluff still there. I live in South Carolina, and our sales tax is capped at $300. Am I missing something here?

    Thank you so much for your help!
  • sddreamssddreams Member Posts: 15
    SBGurl,

    Go to leaseguide.com (free site) that really breaks down how a lease montly payment is determined. Use the figures that you have and plug it into the formula to confrim the price you are being quoted.

    I have never heard of the Wear Care pkg, but will now look into it. Perhaps the host has some more info on this?

    Hope this helps.
  • djhalptertdjhalptert Member Posts: 115
    That payment is WAY high. You're better going with the 24 month anyways. It'll probably be $30-$50 cheaper a month at least. Still sounds like they are trying to scam you. You should easily be able to get invoice pricing.

    Also, waive the Wear Care. It's just another way for dealers to make money. Check the lease turn-in templates and you'll see how big of a joke it is to pay for Wear Care. No security deposit is required either way.
  • sbgurlsbgurl Member Posts: 3
    Thanks so much for the information about the leaseguide.com website. It looks to be A LOT easier to plug the numbers in than what I used. I had used the formulas from the "Calculating Your Own Lease Payments" article I found on the Edmunds site. The formula I used from Edmund's uses the MSRP and Invoice price of the car, so I ended up with a lower potential payment using that formula. That was helpful because in some cases, I am trying to figure the bottom line lease payment BEFORE I go talk to the salesperson so I don't yet have a price from the dealer. I have bought several cars before using MSRP/Invoice firgures, but leasing is new territory for me. I have an upcoming negotiation class for work, so I would love to be able to have a great story to tell about getting a super deal - especially since this is for a company car! :)

    I have also seen conflicting information on the residual value percentage to use for the 2011 Ford Explorer Limited. I have seen posts from 51% to 62%, so I am not sure which to use. Depending on which factor, it makes a huge difference in the payment. I thought I saw that someone had posted that the RVP was different for different regions, so if anyone knows what the correct number is for South Carolina or the Southeast, I would appreciate it!

    Many thanks to the host and all who post here. I have found some very helpful information!
  • sbgurlsbgurl Member Posts: 3
    Hi djhalptert,

    I thought that sounded high. Unfortunately, it is company policy to have a 36 month lease, so I do not have a choice there. Based on the formula I used from the Edmunds.com article, "Calculate Your Own Lease Payment," I was able to either get a payment of $460 (using residual value percentage of 62%) or $596 (using residual value percentage of 51%). I calculated it with both since I have seen conflicting information as to which is correct. Do you know which one is right?

    The dealer told me that with the Ford Red Carpet Lease, I had to either have the Wear Care or I had to pay a security deposit. I am really irritated about how insistent the salesman was about me having to choose one or the other. I am so thankful to have access to folks here who are much more knowledgeable about this process! Many thanks!
  • djhalptertdjhalptert Member Posts: 115
    You need to quit talking to the dealer you got that quote from. They are trying to upsell you on the Wear Care. It IS OPTIONAL. It is 100% designed for dealer profit. Ford does not REQUIRE a security deposit on it's RCL programs. Any dealer that tells you differently is lying.

    I would start emailing 5 of you nearest Ford dealers. Ask them for their lowest sale price on a specific Explorer. When they respond, then ask what the lease rate and residual is for 36 months, 15,000 miles per year. Check them against the other dealers.

    To calculate a lease you'll need the following info:
    MSRP
    Sale Price
    Dealer Fees
    Sales Tax/DMV Fees (if any)
    Lease Rate
    Residual
    Down Payment/Trade
    Don't forget to add $595 Acquisition Fee also. This is required by Ford.
  • sddreamssddreams Member Posts: 15
    Do you have any idea what February lease numbers look like? How are you able to obtain these figures?

    Thank you
  • denisempmp1denisempmp1 Member Posts: 14
    When the lease prices get better for an explorer 2011-and why can I get a pathfinder nissan sv for a lease of 460 all included taxes and all. Forgive me I don't undersand anything about cars but will the expplorer have any better prices in june 2011?

    I can't afford more than about 460. Am I looking at the wrong car?
  • exp3exp3 Member Posts: 2
    I was quoted a lease payment of $550 including tax on a 24 month lease for a 2011 explorer XLT. MSRP 35,785. sales price of 33,424 which includes 1500 rebate. Seems high to me based upon various lease calculation sites on the internet. Residual was quoted at 65% for 12,000 miles per year, with a lease rate of .75%. Salesman stated the lease included fees for acqusition of 595, DMV fees of 475, doc fee 45, state tax fee of 35. I agreed to pay only 500 up front. Does anyone think this is a good deal.
  • sddreamssddreams Member Posts: 15
    something is off...monthly lease payment based on cap cost of 33,424 should be appx $441 plus tax. Make sure they are using the adjusted cap cost and NOT the MSRP to calculate your depreciation fee and finance fee.

    also, what was the $1500 rebate for? Was that a national Ford rebate?
  • exp3exp3 Member Posts: 2
    You were right, the dealer is using the MSRP for the depreciation figure. This does not seem right. There is a 1500 rebate for leasing the vehicle if you have leased a car within 90 days of the transaction from ford or anyone else.. This is in place of the 1000 rebate if you purchase. Thanks for your input.
  • kyfdxkyfdx Moderator Posts: 236,537
    All residuals are based on a percentage of MSRP..

    Edmunds Price Checker
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    Did you get a good deal? Be sure to come back and share!

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  • djhalptertdjhalptert Member Posts: 115
    In ANY lease the highest MSRP (before package savings, etc.) is used to calculate the residual. I don't know what you mean by "depreciation fee" but the RESIDUAL is the percentage multiplied by MSRP.
  • djhalptertdjhalptert Member Posts: 115
    The lease rates and residuals vary by region. The best way to find out what the rates and residuals are is to simply ask your local Ford dealers.

    I've leased 7 Fords since 2002. They are by far the best bang for your buck. It's easy to get $600 under invoice plus rebates on most models. Returning Red Carpet Lease customers get $1500 RCL Renewal rebate. It's hard to walk away from that deal.
  • sddreamssddreams Member Posts: 15
    Depreciation fee is part of the lease payment equation. The residual is a factor used to compute it. The depreciation fee portion of your payment simply pays the leasing company for the loss in value of its car, spread over the lease term (number of months), based on the miles you intend to drive and the time you intend to keep the car.

    Thus, Depreciation Fee = ( Net Cap Cost – Residual ) ÷ Term

    Often times, dealers will use MSRP in this equation vs. Net Cap Cost. That is not right.

    Your residual in dollars, however, is computed by taking the residual percentage that is being offered and multiplying by MSRP. THis is the ONLY time MSRP is used.
  • sddreamssddreams Member Posts: 15
    edited January 2011
    thanks for your reply. Do these numbers change every month? If I am taking delivery of my card in Feb, should I call my dealer at the start of Feb to get the current numbers, or could he give that to me now?

    Also, not sure of you saw my previous post #272..since you are very experienced with buying fords, what do you think of the deal I negotiated?

    Thanks
  • djhalptertdjhalptert Member Posts: 115
    I get what you are saying, now. You are correct.

    Net Cap - Residual divided by term is the Depreciation portion of your lease payment.

    Conversely, the Rent Charge is Residual plus Net Cap multiplied by money factor.

    I have leased so many times I can do this in my sleep. I was confused on how you were phrasing your previous post.

    In regards to the rates changing, I believe these current rates end on April 4th.
  • djhalptertdjhalptert Member Posts: 115
    I've never heard of Rapid Spec 402A package. If it's 302A and the dual panel moon roof you are looking at an Invoice price of around $42,700 including national advertising fee and fuel. MSRP would be $45,690.

    The $1000 rebate is only good for retail purchase. A sale price of $42,500 would be a pretty good deal at about $200 under invoice.
  • denisempmp1denisempmp1 Member Posts: 14
    Okay I am new to all of the leasing stuff--but plan to lease in June. The last post stated the currnet rates end on April 4. After this do you think they will get any better? I want about a 460 payment total and would like an XLT to lease. Is this even possible?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello Sam. Ford Credit's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Explorer Limited 4WD with 15,000 miles per year are 2.5% and 51%, respectively.

    The numbers for an otherwise identical 48 month lease are 5.0% and 44%, respectively.

    The residual values for leases with only 12,000 miles per year are 2% higher.

    I believe that the $500 cash incentive for ordering your Explorer is compatible with the lease program, but the $1,000 cash incentive is not.

    Car_man
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  • emd2emd2 Member Posts: 1
    I have owned 3 ford explorers. Currently I have a 2006 Eddie Bauer Explorer, fully loaded with 40k miles on it. I have 4 payments left. Unfortunately I have been out of work and need to see if I can get any money out of the car. I am trying to find out if I can sell this car which blue books at 17k trade in and use no more then 5k of it to lease a new one. I need as much cash as I can get out of the car. I need low payments preferably no more then $350 a month on a fully loaded explorer. I am clueless on leasing and not sure if i am dreaming. I live in San Diego. If anyone has any ideas how I can go about doing this I would appreciate any input and advice. I don't even know where to start and what information I should be armed with going into a dealer. How negotiable are lease prices and how do I go about getting the lowest payment. I would keep the car for the term of the lease and would not buy it at the end of the lease term.
  • sddreamssddreams Member Posts: 15
    Thank you for getting back to me and it is great timing. I just spoke to my dealer and he went over the lease figures with me indicating that the tier 1 apr was 2.75% and not 2.5%. Can you verify if this is in fact true or could it be true if purchasing in NJ? How do I keep them honest on this and prove to them that it is 2.5%?

    I would greatly appreciate if you could get back to me in the next day or so as my pre-order is supposed to come in this weekend.

    Thank you so much for your assistance.
  • urbanplanurbanplan Member Posts: 8
    Just Checking if lease rates are correct and good value. Quoted $472 month with no money down (except first months payment and taxes) for 36 months. Seems there is a $1000 Conquest cash. Is this comparable to existing leases.It seems the car is almost impossible to get from any dealer and they are reluctant to spec the way i want it.
  • denisempmp1denisempmp1 Member Posts: 14
    what model ?
  • urbanplanurbanplan Member Posts: 8
    I was looking at a XLT with 202A package, navigation and power liftgate. nothing more. I was open to colors but prefered dark gray or dark red.

    Area is NYC Metro Area (Queens/Long Island). Sorry for omitting that!
  • plus11plus11 Member Posts: 6
    With an MSRP of 35,500 and I give them 1500. I live in upstate NY. I'm thinking a 10,500 24 month lease. I know the negotiated price will be lower than MSRP The 1500. can be applied any way they like, but I don't want to put in any more. I would much appreciate a ballpark monthly cost number in mind when I speak to a dealer. I currently have a GMC Acadia coming off lease i 2 months. Thanks for any help.
  • urbanplanurbanplan Member Posts: 8
    edited February 2011
    Actually got a little more information. $430 a month on MSRP of 38,360. No money down and taxes up front. . Im thinking this is a pretty good deal.
  • jju7777jju7777 Member Posts: 4
    Question: do leases have an X Plan like purchasing?
    Also: what is an expected lease price for a 302a pkg w/ $42300 price tag (excluding taxes and fees) / (12000 miles, 36 months), including initial payment? I live in CT if that matters.
  • shaib52shaib52 Member Posts: 6
    Hi,

    I live in NYC and I'd like to lease the 2011 Explorer Limited edition. I'd like to put down no more than $1500. What do you think is a good lease rate? Assume that the car has a MSRP of about 44k. I've been quoted $570/mn with 1300 down and I think that is very high.

    Thanks in advance Car man!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome sddreams. I've seen a 2.5% lease rate for the 2011 Explorer, not 2.75%. That's not a big difference, but you still should see if you can get the dealer to use the 2.5% rate to calculate your payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jju7777. If you qualify for Ford's X-Plan, you should still be able to lease.

    I would be happy to work up a payment on the truck that you're considering for you. However in order for me to do so I need you to provide me with its full MSRP and selling price (I need both). Let me know and I'll crunch some numbers.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi shaib52. Let's assume that you were given a $2,000 dealer discount on this truck.

    According to my calculations, if you were to lease a 2011 Explorer Limited AWD that has an MSRP of $44,000 and a selling price of $42,000 through Ford Credit right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $587.

    That's a lot of money for an Explorer, but it is what it is. That's probably what you will have to pay if you want to lease one right now.

    Car_man
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  • jju7777jju7777 Member Posts: 4
    Car man,

    Ok, sure. MSRP is $44200 / sale price was $42700 (excluding taxes, fees). Taxes and fees are $1400.

    Options on car:
    2 panel moon roof
    2nd row buckets

    Thank you for your help. Really appreciated.
    jju
  • jju7777jju7777 Member Posts: 4
    edited February 2011
    Car Man,
    With taxes and fees included at $44200, what's a reasonable lease price for 36 mo, 12K/ yr with $1500 down? Car dealer is in southern CT.
    Are Explorers overpriced in your opinion?
    Thanks for your insight.
    Jju7777
  • sddreamssddreams Member Posts: 15
    My 2011 explorer finally came in and I picked it up yesterday! Great car, but getting the deal done was not so pleasant. The main issue was that when I pre-ordered the vehicle, Ford was offering a $500 pre-order discount, but because I was leasing, the dealer could no longer offer it.

    Also, I NEVER knew that the dealer can mark-up the APR for a lease. Even though I had perfect credit (750+), they marked up the 2.5% APR to 4%! After a lot of haggling and insisting that I should get the best rate FMC is offering, they said they are permitted ot mark it up and that was that!

    Has anyone else had this experience?

    Finally, I got a 52% residual (15K, 36 month, Limited 4wd, NJ) vs 51% which is what I believe CarMan indicated was the rate.

    Thank you
  • jju7777jju7777 Member Posts: 4
    Sddreams,
    Congrats on the new Explorer. Mine is a few weeks away still. Your info is helpful. I'm in CT and awaiting a similar vehicle. Got the 2nd row buckets and dbl moon roof. All in including taxes and fees the car is $44200. How much should the 3 yr lease be with 12K miles and $1500 down? The dealership is saying I need $3000 up front to get lease to $595. Is that too much?
  • sddreamssddreams Member Posts: 15
    Thanks jju7777...car is great!

    I would refer you to the site, leaseguide.com, to better understand the math behind how a lease amount is calculated. This is a free site and will help you understand very clearly how to plug in your figures and determine what your number should be.

    I only had to put down my first month's payment, although I did put down more. There is a $595 acq fee and probably a $399 doc fee and perhaps a $299 vin etching fee. All of these fees plus title/tags/registration, i paid upfront, but you shouldn't have too...it may be dependent on your credit..not sure.

    good luck
  • djhalptertdjhalptert Member Posts: 115
    $595 with $3K down!!! Are you joking? I leased an XLT, loaded, MSRP was $41K and I had only $2000 trade equity on my old lease and got a payment of $390.81. That $595 can't be right. Even if I wouldn't have had $2000 trade-in my payment would've only been about $475 MAX and they are telling you to put down $3000 to get to $595????
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