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36 mos. lease with 13,500 miles/yr. allowance, cash due of $1,200 and trade-in of $16,000 on a Lincoln MKX AWD ultimate demo model with 5,500 miles:
List Price 40,725
less Cust. Disc. 3,245
Selling price 37,480
less Trade-in Value 16,000
Trade Diff. 21,480
+ Sales Tax 1,511
+ Doc. Fee 197
+ Motor Vehicle Fees 351
Sub-total 23,536
less Lien Payoff 16,000
Sub-total 39,539
less MFG Rebate 3,000
Total Purchase Price 36,539
Summary Lease Numbers:
36 mos. at $475.87 a month with residual value of $20,362.50
Thanks, in advance.
Anyway, I don't know if including the trade-in value of my current lease is better, or if I should just take the early termination discount (up to 3 last payments) and consider a brand new lease of a Lincoln.
MKX AWD 24mos/12k lease
$1750 rebate
APR of 0.25%
Residual of 61%
Thanks very much.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
You never mentioned the lease rate that is being used to calculate your payment, but make sure that the dealer you are working with uses Ford Credit's current base rate of 1.5%.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I leased the MKX from Flemington Ford Lincoln and appreciated how well they attended to me that I gave them the following review:
http://www.edmunds.com/dealerships/NewJersey/Flemington/FlemingtonFordLincolnMer- curyNissan/fullsales.4301.newOld.html
Regardless, you should still continue to do your homework and negotiate the best deal you can, especially if you choose a 2007 model. The 2008 version is coming soon and dealerships will want to make room for them by clearing out this year's model.
Good luck!
If you're leaning towards a 10K mileage plan with a residual of 51% (39 months) or 52% (36 months) and then buying the car at the end of the lease, you really should negotiate the best deal you can (i.e., with the lowest selling price as the starting point).
Car_man
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So now why would I want to rent? For what reason would I make payments of say $380/mo for 39 months, plus 2G down = $16800 then at the end of the lease turn right around and go to the bank and get a used car loan, and make what? 4 yrs payment of the same amount. @7% for a total of 7+ years?
Was this just another way for the manufacturer to get people into a vehicle? I follow the school that there is no free lunch. I've seen people talk about the great lease they got, then 3 years later really upset, and regretting what they knew at the beginning, The trade-in made the first vehicle payments so low, but the second one had no trade.
I have no idea where this credit fallout will land, but I'm sure it will trickle down to all auto manufacturers, and credit will dry up, to the point that you need a good rating and people will purchase what they can afford.
Oct/Nov. 2001 saw no interest loans, 6 years later look what has happened. Same with employee pricing for everyone, Leasing has to come next now. Grandpa did it properly, save until you can pay cash. I did it with my first Lincoln. Yes stupid I know, just like I was to pay off my house and pay the balance on credit cards and still save for retirement. I also know a vehicle loses money, but I didn't buy the Lincoln because i HAD to, I bought it because I wanted it. And now it sits in the garage for me to admire and buff. I'm too old school to accept why someone would get a lease for the reason's I mentioned. And by rights's I have 13 more years to go to normal retirement age.
Car_man
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You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. 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". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.
If you are set on getting out of your Lexus lease now to lease a new Lincoln, the best way to get a good deal is to negotiate the selling price of the MKX that you are interested in before having the dealer calculate your lease payment. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. It is difficult to tell how good a deal you are getting on your new vehicle without knowing what selling price you are being charged. Once you arrive at a selling price that you are comfortable with, have the dealer calculate your monthly payment using its base lease rate.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I just put a $500 deposit on a gorgeous Red with Light wood and leather camel interior MKX on the showroom floor with 10 miles on it., Using the current 39 month lease promotion. The dealer is giving me the $2750 cashback rebate on $32,707 price for a base MKX (no elite, no ultimate). I really wanted the sunroof but was told I couldn't get it without the elite, so I'm putting $1000 down OTD (which includes the $500 dep and my first month payment) my payments will be $403.10 per month including tax for 10,000 miles year, Money factor 1.75% with 48% residual Is this a decent deal? Should I wait for the 2008 to come out and hope to make the same deal. Or am I dreaming? The only 2 lincoln dealers in my area seem to be running low on them and said they won't be getting any more in. I would love to upgrade to elite or ultimate, but really was determined to keep my payments under $400. Is this possible? I currently lease a 2002 Highlander Limited through end of December because I made my last payment (I am having it inspected tomorrow). I loved it for the past 5 years, now end of lease Purchase price is $12,116 and it is in EXCELLENT condition with 62,100 miles. I'm allowed 66,000. None of the dealers seeem to want it, but they think it looks greatI don't want to pay for 2 cars in November but the dealer wants me to take possession in October or said i could lose the deal and he pretty much told me He wouldn't be able to match this deal???? I would love to hear some advice from you!
Dealer said lease price for me is $32,707. I thought i was getting $2750 in Rebates off sticker in rebates, but it looks like he's giving me $2578 off MSRP???
Lease is 1000 down OTD, $403.10 month for 39 month with 10,000 miles. Money factor 1.75% with 48% residual.
How do i find out INVOICE and if this is a good deal. i was planning on closing the deal this weekend, but would like to hear from an expert first! thanks :confuse:
I was also quoted for an 2008 Acura RDX w/o the tech package: $2500 down and $459 per month for 15,000 miles, 36 month lease. Any comments would be appreciated. Al...
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Ford's current lease program for the 2007 Lincoln MKX is scheduled to run through the end of the year, so you aren't risking missing out on any incentives by waiting to get your new vehicle. However, as the dealer said they aren't getting any new '07 models in so the longer you wait to get to get yours the more you risk not being able to find a leftover '07 model that is equipped the way you want it.
Car_man
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Once you have arrived at a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using Ford Credit's base lease rate. Its base rate for a 36 month lease of an '08 Lincoln MKX is currently 2.75%.
Car_man
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sounds like a great deal. Could you please tell me how long your lease was for and the mileage allowance. Was it an AWD model, 2007 or 2008, ultimate package? Thanks, Askal
MSRP: $37,540
Base Cap Cost: $35,302.00
FMC Acquisition Fee: $595
Cap Cost Reductions: $1,500 (rebate)
Adjusted Cap Cost: $34,397.00
Residual Value: $19,145.00
Money Factor: 4.75%
Base Payment: $529.08
Sales Tax @ 5.6%: $29.63
Total Payment: $558.71
Seems as though the money factor is way too high. Any advice would be greatly appreciated!
2008 FWD white chocolate
36 month, 15,000miles/year
ultimate package,panoramic sunroof,20inch wheels
Payment is 522/month
they are writing me a check for a 3months left of my lease 317/month(chevy malibu)
My down payment including all fees is 768
So I am out the door getting 915-768= 183( I walk away with 183 bucks)
thought this was a decent deal
Operationly, the MKX gets about 20mpg. The A/C seats are cool [no pun intended] but very uncomfortable and the blind spots are something everyone should observe when you test drive the car.
24mo/10,500miles/with a rebate of $1,500 / $1,428.22 due at signing is $545 plus tax at 62% residual & .50% rate . 39mo/10,500miles/with a rebate of $1,500 / $1,372.44 due at signing is $493 plus tax at 52% residual & 3.0% rate .
Here is the breakdown from the "Red Carpet" lease order form for a 24 month lease with 10.5K annual miles:
Agreed Value $37023 (after $1500 rebate)
Lessor Services $499
Acquisition Fee $595
Base payment $470.75
Sales tax $28.25
Monthly Payment $499
Down payment of $3772 (I think this is where they got me because we started out with a down payment of $750. I got confused with all the add ons but I wanted the car so bad that I just handed the lease manager my credit card ...not a good idea)
First payment $499
Sales tax on down payment $236.35
DID I PAY TOO MUCH OR DID I GET A GOOD DEAL??????
I signed all the papers yesterday and went to pick up the car at 4pm today. After two hours the salesman could not get the Sync system to work with my new Motorola Bluetooth Krazer1 so we will try again tomorrow. I did get the Sync system to Sync up with a 40GB laptop external drive with about 8,000 songs. Sirius came with the car but on the way home it only received the Christian Broadcasting Network!
I called my wife from my cell phone after I left the dealer and magically the call came up over the radio. I guess it takes awhile for the Sync process to work for the first time --- it had to download 250 numbers from my cell.
Awesome sound system, terrific ride (my wife has a 2007 Cadillac SRX and I love the Lincoln 1000% more then the SRX).
The Sync system is not for the technologically handicapped but I see its potential and with about another ten hours with someone at the dealership who remembers what they learned during training then I hope it lives up to its potential.
MSRP is $42,880
49% Residual
3.00 % Apr
1,500 Rebate
15,000 miles per year
39 month lease
679.33 per month, & due at signing
How does this offer look?
A base 2008 MKX has a spread of around $2,700 between its full MSRP and its dealer invoice price. So the $2,238 dealer discount that you were quoted on the unit that you are interested in looks pretty good to me.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum