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Ford Edge Lease Questions
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Comments
Go to the biggest Ford dealer you can find and they will give you what you want. Who cares if you have to drive a couple hours. You can do all your dealings by email or phone then drive down to pick it up.
Also, no one shifted numbers around on my Edge lease. I got $349 per month with 0 down. I have never been taken on a car deal. It just takes some will power and common sense.
Did you see that my Hummer H3 gets better mileage than your Expedition? You learn something new everyday
You said the H3 gets terrible gas mileage but you were wrong.
You said the trade-in value is based on wholesale pricing, you were wrong.
Pretty much every post you are just making assumptions not providing a single factual piece of evidence AND I'M GOING TO CALL YOU ON IT.
I'll give you a great chance to shut everybody up. If you can find me a $0 down, 36 mo., 12K per lease on an AWD Edge with LTHR, Roof, SatRad for $349 I'll overnight Maine lobster to your door. I've been contacting any Ford dealer I can find with more than 20 Edges in inventory and I am getting the same price back across the board: $400 to $440 monthly (including TT&L). I'll go get the car anywhere east of the Mississippi River (or Nebraska). Are you up for the lobster challenge?
and if he fails try the following...ALL American Ford in Hackensack NJ...ask for Vic D. Piano, tell him what you are looking for,maybe he can help on this.. phone # 201-487-6700
or 1-800-789-2492....or this site..http://www.allamericanford.net/...good luck
Mr. Brains...
ps: if it works send the lobster to the kid in NB....it goes well with the corn..
.....and holy central casting: "Hi, Vic Piano, I sell Fords in Hackensack." I'll try him, too.
I understand you are trying to get the best possible deal and since I have dealt with this guy in the past I thought to recommend him to you with my best wishes.
As far as the praise and lobster,save them for Chuckie, like I said it goes well with the corn out there..
ps: the above comment (..."the holy central casting etc" means that you call the place already and that is how the answer the phone?.... I am only curious..
MSRP: 33,775
SALE PRICE: 30,688
REBATE: 1,250
RESIDUAL: 21,616 QUOTE WAS ON 24 MONTH BUT DOESN'T AFFECT SALE PRICE
ACQ FEE: already included
Get your calculator....$4,932 off MSRP. THAT WAS ONLY GETTING $1,250 rebate. IF YOUR AREA GETS THE $1750 IT WOULD BE.....CALCULATOR......$5,432 OFF MSRP. CALL THEM.
PS: I GOT THIS QUOTE BY EMAIL. CALL THEM AND NEGOTIATE AND WHO KNOWS WHAT WILL HAPPEN.
ALSO THE DEAL I POSTED ABOVE $1,750 REBATE AND A 36 MONTH LEASE =
$339.78 PLUS TAX ZERO DOWN
I contacted them earlier in the week and they came back (twice) with their best offer of $360 plus tax, zero down for a SEL you just described. That includes the $1,750 rebate and tier 1 qualifying.
I'm in California, but the emissions does not have any affect on the price of the lease (quote from dealership). They continued to state that they did not have any vehicles in stock and would obtain one from California. (???)
Are you dealing with someone in particular?? The person who I contacted refused to negotiate any further and stated that was his managers best offer.....period.
I truly appreciate your help, but I'm still a bit taken by the lease process.
From previous post:
MSRP - 30265
Sale Price - 29765
Invoice - 28817
- 1750 rebate
Residual is 49% with a guaranteed future value of 14830 at the end of the lease.
The money factor is 1.25 (??)
$375.80 + tax (8.25) for 39 months and 12,000 miles.
**Their final offer was $360 plus tax, zero down for 39 months and 12,000 miles.
I don't know why they would say "we don't have any in stock" the website says they have 42 Edges, 14 SEL+, 12
SEL. Perhaps the price was based on aquiring one from YOUR local dealer. I still don't get the 1.25%, what's up with that?
I hope I have helped a few people out in here. I really get sick of FORUMS and MESSAGEBOARDS and certain types of people in them. I won't be posting here again. I really like my Edge and was hoping to spread the gospel so to speak. Good luck to everyone on getting the vehicle they want.
I'm out.
Here are the U.S. residuals effective the fourth quarter of 2006 for New 2007 MY Ford Edge.
Edge 24-Month 36-Month 39-Month 48-Month
FWD SE 62% 52% 50% 44%
FWD SEL 62% 52% 50% 44%
FWD SEL PLU 62% 52% 50% 44%
AWD SE 62% 52% 50% 44%
AWD SEL 62% 52% 50% 44%
AWD SEL PLUS 62% 52% 50% 44%
Aphyd
Actually they were a little bit higher than they are now:
3rd Quarter residuals for New MY 2007
Edge24-Month 36-Month 39-Month 48-Month
FWD SE 60% 49% 47% 41%
FWD SEL 60% 49% 47% 41%
FWD SEL PLUS 60% 49% 47% 41%
AWD SE 61% 50% 48% 42%
AWD SEL 61% 50% 48% 42%
AWD SEL PLUS 61% 50% 48% 42%
Keep in mind both sets of published residuals I've posted assume a 15,000 miles per year contract.
Aphyd
Total MSRP = 31860
Ford incentive = 1250
Dealer's offer:
sell price = 30433
lease term = 36 months
milage allowance = 15k
monthly payment = 468.75
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
2007 Ford Edge SEL Plus AWD
MSRP: $36860
Neg. Price: $35272
Cash Back: $3000 (several offers combined)
Adjusted Price: $32272
24mo/12k lease
.75% lease rate
63% residual value
(All taxes, tags, doc fee etc. to be paid at inception)
I'm located in New Jersey. I have researched the invoice price and worked the numbers on several lease calculators and have come up $100/mo LESS than the dealer! So, I would really like to see what you come up with. Car dealers make me :mad:
Thank you!!
Proper terminology is extremely important. In order to determine the correct payment, you need to confirm the following...
Adjusted Capitalized Cost: Is this the same as $32,272???
Residual Value: 63% x MSRP = 63% x $36,860 = $23,221.80
Lease Rate: 0.75%
Term: 24 months
I'll assume you're paying Ford's acquisition fee at lease inception which I believe is $595. Are you paying your first payment and security deposit (if required) at lease inception as well or; are they being capitalized? It's very unclear as to what you're paying up front. And so, I need an itemization of exactly what is being paid up front.
However, assuming the above is true, then the base monthly payment (without tax) amounts to $394.31 and so there is absolutely no way possible for the dealership to be $100 higher unless you have neglected to factor in capitalized amounts.
As you are aware, Ford Credit uses an interest rate; not a money factor. And please, don't let them tell you that 0.75% is not an interest rate because it most certainly is. An interest rate is simply the rate paid for the rental of capital. The payment can be easily calculated using annuity formulas or a TI83/84 calculator.
John
Medina, Ohio
You had better inquire about the acquisition fee. All fund providers charge this fee. If the adj cap and residual are what you say, then the payment must be $394.31 assuming a 0.75% lease rate for 24 months. Trust me. If you like, send me an email and I will be happy to intercede of your behalf because something is seriously wrong.
You
Thanks for your help and patience..
Yes; the residual, acquisition fee, and cost of money are set by Ford. DO NOT allow the dealer to be in control... EVER! The three main ingredients are KNOWLEDGE, RESEARCH, and PREPAREDNESS. Otherwise, you're dead in the water.
ALWAYS establish selling price (agreed upon value) first just as you would if you were buying. Research MSRP/Invoice pricing as well as all incentives and factor in market supply and demand to arrive at a realistic sell price. DO NOT be concerned about dealer advertising costs. That is on their cost side of the ledger and, accordingly, is a cost of doing business. In a competitive market structure, costs DO NOT dictate revenue. The market establishes pricing and the dealer is a price taker; not a price setter. I couldn't care less about their costs. That's their problem, not mine.
Because you're eligible for the X-Plan, you should be okay. However, make sure that you completely understand how it works, its limitations, etc. Do the necessary research.
Find out the residual factor as well as the lease rate with 0% reserves. This is called the buy rate or base rate. Dealers have some flexibility. And so, reserves are a potential profit center for the dealer. Fund providers use a tiered rate structure. For example...
0.00140 + 0% reserves
0.00150 + 1% reserves
or, in the case of interest rates (like Ford)
3.00% + 0% reserves
3.25% + 1% reserves
etc.
The dealer is free to select from this tier. The consumer would never know it because reserves are embedded in the money factor or interest rate. Hence, "hidden profit". Reserves are similar to points paid for a mortgage loan. For instance, if the reserve level is 1%, the fund provider compensates the dealer 1% of the adj. cap cost (less applicable banks fees) as a reward for writing the lease at a higher rate. If the dealer insists on say 2% reserves, simply deduct the dollar equivalent from the sell price. Does the X-Plan automatically entitle you to the base rate?
Another thing you should be aware of is security deposit waivers often mean a slightly higher lease rate. Some fund providers will even lower the lease rate if you make multiple security deposits. The BMW finance captive does this and it's a fabulous deal.
You may want to examine my posts in other forums (Infiniti G35, Acura TSX) and examine my lease proposal samples. It's a good idea to FAX/email a one page lease proposal to the dealer because it will save lots of money, time, and aggravation.
My numbers are always spot on and so there is no negotiating. If the dealer agrees, I've made it very simple for them. All they need to do is transfer the numbers on the proposal to the lease agreement. There are no ball park figures, estimates, abouts or guesses. It's dead accurate and, if the dealer wants my business, they better sharpen their calculation tools so that their numbers mathematically agree with mine to the penny.
Hope this helps.
John
Medina, Ohio
I set up a spreadsheet to run the calculations. They are pretty simple. I would be happy to share it with you, if you would like.
The main variables are MSRP, Selling Price, Residual % and money factor/APR.
With X-plan, you can look on Fords website to see what the X-plan price is.
You will only be charged the 595 acquisition fee plus DMV cost.
That is all they are allowed to charge you. The cannot charge you any documentation fee (my dealer tried to make me pay it and I got it removed). They also tried to sell me VIN etching and Wear Care. You can and should decline these.
You are correct that the price should not change from Dealer to Dealer with X-plan. Assuming you are looking at identical vehicles, the lease price would be exactly the same.
I hope this helps.
Thanks for all your help guys..
Leasing makes much more sense. As you said, you can definately get more car for your money. I wish I had this site when I did my last lease.
I am paying less per month for 24 months than I was paying for 39 months for a car that is about $1500 higher in MSRP.
Do your homework and stand your ground!
I do believe that sometimes one is better off with strangers when it comes to business.If I know what I am talking about..well in a word is better to be prepared ALL the time,right?..and since I can get X-Plan I can go anywhere.
The dealer biggest concern is to get the vehicles out of the lot as quickly as possible so the "floor plan" is a low as possible (read bank interest).
Information is our only weapon in this deals and that brings me to my original concern would I be best served buying? rather than leasing?..even thou I know the it will be cheaper to lease?...buying is the only way to be in total control if using X-PLAN, I think
Good luck to you and enjoy it in the best of health..let us all know how you like it when you get and how long it took..