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Lincoln MKX Lease Questions

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  • Car_Man

    I was just offered the following deal:

    2009 MKX FWD
    39 months 12k/yr
    MRSP 39180
    Invoice : 37073 { includes advertisement fee of $ 935)
    Rebates $3000
    Bank fee - $595
    Price paid - 33741 (after rebate) + 595 bank fee
    Cap Cost 34336
    Residual 43% 16847
    Money factor 0.25%
    Monthly rate with $0 down and all taxes included in monthly rate (8.25%)
    is $505
    and first month paid by Ford - current promotion. Due at signing license and title fee of $ 68.

    Is this a good deal?

    Car_man, you mentioned in a previous post the residual value on an AWD 39 months is 44%. Is the residual value on a FWD different ie. 43 % ( this was dealers residual value)
  • Hi Zack99. The lease rate is same for the FWD model as it is for the AWD model, but the FWD's residual values are 1% lower.

    Car_man
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  • Hi boomboom4. The lease rate that you were quoted looks good. It's right in line with Ford Credit's base rate for this model. Now let's take a look at this truck's selling price. A base 2009 Lincoln MKX AWD has a spread of around $3,150 between its full MSRP and its dealer invoice price. Add to this the $1,250 cash incentive that is currently available on leases and you have a total of at least $4,400 to play with during your negotiations.

    You were quoted a $2,766 discount on this truck. That would not be enough of a dealer discount for me if I was in the market for one. I personally would want at least another grand knocked off of the selling price.

    Car_man
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  • Hey Zack99. It's weird that the dealer used the $3,000 consumer cash that is currently available on the '09 MKX in the lease. I don't believe that this cash is available on vehicles that are being leased through Ford Credit. Instead there is a $1,250 cash incentive on leases.

    The lease rate that you were quoted and dealer invoice minus all of the available cash incentives is a great deal though if that's what you are getting.

    Car_man
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  • Dealer changed price after signing binder for 505/month. Now wants 543/month.
    I refusedl. Dealer would not honor signed binder.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey Zack99. Wow that's annoying, but it makes sense I guess. I didn't think that the dealer was applying the available incentives correctly. If I was in your situation I would definitely take my business elsewhere.

    Car_man
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  • They paid off out my Lincoln LS v8 3 months early for a total of $1250. Sign and Drive MKX AWD, the new Dark Silver Ultimate Package for $450 per month sign and drive. They even paid my first payment.
    Don't have to make a payment until April.
  • KMS2009KMS2009 Posts: 3
    Hi Car man

    it looks like Lincoln is currently pushing their "low mile" lease on the MKX. on their web site they are advertising 0/0/0 for 499 a month.

    Can you please tell me the MF and residual value on a FWD 39 month/10,500 miles per year lease, Is lincoln still offering the "$1250" discount? Thanks in advance
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi KMS2009. Ford Credit's current base lease rate and residual value for a 39 month lease of a 2009 Lincoln MKX AWD with 10,500 miles per year are 0.50% and 45%, respectively. Ford's lease programs often vary by region. If you tell me what state you are in I can confirm that this is the program that is available in your area.

    As you can see, Ford Credit publishes lease rates instead of money factors for the vehicles that it leases. You can convert its lease rates into approximate money factor equivalents by dividing them by 2400.

    Ford is providing a cash incentive of up to $500 on leases of the '09 MKX in select regions.

    Car_man
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  • ebeyderebeyder Posts: 1
    Hey Car Man,

    Are there currently any incentives (specifically lease cash/rebate) available for the MKX, MKS, and MKZ in the NY region?

    I am looking at all three depending on which is the best value.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ebeyder. Lincoln is currently providing a $500 cash incentive on leases of the 2009 MKX through Ford Credit. It also has $1,500 on the 2009 MKZ, but no cash on the 2009 MKS.

    If you're talking about just regular old consumer cash that is not available on leases, there is $3,500 on the '09 MKX / MKZ and again none on the '09 MKS.

    Car_man
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  • 4x44x4 Posts: 112
    What kind of payment am I looking at on a loaded out FWD MKX.....msrp on these has been around 45K....nav, sun roof, etc....and how much do you have to put down on a lease? i assume the smallest amount possible

    also looks like there are no incentives for June?
  • jcurtistxjcurtistx Posts: 1
    My wife and I are looking at a 2009 MKX to lease for 39 months and I am trying to figure out if the price I am getting is a decent deal or not. The sticker price for the car is $46035 and they are willing to take the price down to $500 below invoice plus take another $2100 (some kind of rebate) off the price of the car taking with the selling price down to just over 40k. After all is said and done and they factor in something called a "Tax Credit" which knocks my tax down to 1.25%, my monthly payments are about $640 ($0 down).

    I have never leased before so we are doing our homework to see if this is a decent price or not. The residual price they are giving me is 43% which is about $19,500 after 39 months.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi 4x4. Ford is providing incentives on the Lincoln MKX in June.

    As far as how much you have to put down on a lease goes, consumers can and should put nothing down when leasing. When I say nothing down, I mean no capitalized cost reduction. Even on a zero down lease, lessees still have to pay their vehicle's first month's payment, security deposit, acquisition fee, and any other required fees at signing (unless they roll some of these charges into their car or truck's capitalized cost).

    Let's work up a sample lease payment on the truck that you are interested in and see what we come up with. According to my calculations, if you were to lease a fairly loaded 2009 Lincoln MKX FWD that has an MSRP of $45,575 and a selling price of $39,901 ($500 over dealer invoice minus the $2,100 bonus cash that is available right now) through Ford Credit right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $596.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi jcurtistx. $500 under dealer invoice and the deduction of the available $2,100 bonus cash is an excellent price on a 2009 Lincoln MKX.

    Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Check out the articles and let us know if you have any specific questions.

    Car_man
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  • stunts1stunts1 Posts: 3
    On 7/7/09 I signed a contract to lease a new 2009 Lincoln MKX. I live in N.Y. (I also brought the car home that day) (The rebates totaled $2850.00 ) Two days later (7/9/09) I got a call from the dealer saying that Ford will not reimburse him on one of the $750 rebates because I leased a Lincoln and not a Ford. He is saying that I have to come down to the dealer and sign a new contract and that my monthly payment would have to go up. Do I have to go and sign a new contract since I have already signed the contract, all of the other paper work and have had the car for 2 days?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi stunts1. If Ford did not accept your contract you probably will have to sign a new one in order to keep your MKX. If I was in your situation I would put up one heck of a fight to make sure that my monthly payment didn't increase. From my perspective, the dealer made a mistake and they should eat the difference in order to keep your payment the same. If they won't do that, then tell them that you will give the truck back and that you want the money that you paid at signing refunded. There's no guarantee that this will work, but it's worth a shot. Good luck, and let us know how everything turns out.

    Car_man
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  • ajoagajoag Posts: 4
    Car_man,
    What is the residual and current lease rates for 2010 MKX? Also, are there any thing changed for August 2009? I believe, last promotions and incentives ended Aug 3, 09.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ajoag. Lincoln's incentives on the 2010 MKX are basically the same in August as they were in July. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2010 MKX AWD with 15,000 miles per year are 2.75% and 48%, respectively.

    When negotiating on this truck, which I was pleasantly surprised with when I had an opportunity to spend some time with one, make sure to take advantage of the $1,000 bonus cash that Ford is currently providing on it.

    Car_man
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  • ajoagajoag Posts: 4
    Thanks car_man. A dealer in my area is offering lease rate of 3.0% and 48% residual for 36 months/10500 miles per year. He says is lease program has changed this month. Wonder if that is true?
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