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Ford Edge Lease Questions

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Comments

  • chuck68516chuck68516 Member Posts: 195
    I got what you were saying also. But you are missing the key point of every car deal --- you DON'T HAVE TO BUY A CAR. NO ONE HAS A GUN TO YOUR HEAD MAKING YOU BUY. If the deal isn't good enough for you, LEAVE. IF THEY WON'T GIVE YOU WHAT YOU WANT, GO SOMEWHERE THAT WILL. They will realize that is not how they can keep the bills paid and they will concede to your realistic demands and give you a good deal.

    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 :D
  • svofan2svofan2 Member Posts: 442
    Chuck, you are so sensitive, you take things to serious, you speak like you are the most valuable customer a dealer needs...come on...think, you are part time buyer facing full time sellers...you appear to be very young and continue to yell at me...why,Chuck?....all I am doing is presenting you to another or rather different part of the World that you have not being exposed to..mileage?...H3 vs EXpedition...my friend wake up and smell the Colombian coffee...and to use your capital lettering...THEY BOTH SUCK WHEN IT COMES TO MILEAGE!!!!!!!...got it?
  • svofan2svofan2 Member Posts: 442
    ...will someone please help Chuck?....this kid needs help...please anyone.....
  • chuck68516chuck68516 Member Posts: 195
    I said that to show that you don't know anything.

    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.
  • svofan2svofan2 Member Posts: 442
    ... I can't take it anymore.....ok...ok...kid you are 1000% correct ok?...you win...satisfied?.....please say yes and go away...better yet I will go away so can continue to show the World how much you know about cars and dealers and sales..and...whatever else you want to brag.....sorry HOST, I was hoping that yu would jump in and help.....bye!
  • shite4brainsshite4brains Member Posts: 7
    Chuck:

    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?
  • svofan2svofan2 Member Posts: 442
    oh boy!!! ..this is getting good now....a challenge to the "NeBraska Kid"...lol....
    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..
  • shite4brainsshite4brains Member Posts: 7
    For the record, I'm not down on Chuck or anyone else on this forum. I'm just trying to get a good lease deal on the Edge. If Chuck can do it he deserves praise and lobsters. And I'm prepared to give him both....same goes for anyone else who can find me a dealer to give me $0 down, 36/36 for $349 per month on an AWD Edge w/ LTHR, Roof, and SatRad.

    .....and holy central casting: "Hi, Vic Piano, I sell Fords in Hackensack." I'll try him, too.
  • svofan2svofan2 Member Posts: 442
    Hey 4Brains..for one I know you are not down on anyone....I am just kidding around with Chuckie, since he is so darn serious about this buying skills of his.
    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..
  • shite4brainsshite4brains Member Posts: 7
    No. It just sounds like a character from The Sopranos.
  • chuck68516chuck68516 Member Posts: 195
    You're right you should go away. I'm trying to help people. You are just getting in the way. For every post I make figuring someone's monthly payment, etc, I have to post to correct you. You don't know what's going on. How many cars have you ever bought? How many this decade?
  • svofan2svofan2 Member Posts: 442
    You are right,I never thought about it.....next time I see him i will mention it to him...as a person he is a nice guy (belongs to our Mustang Club (GSRMC), but nevertheless never let your guard down since he is a ..CAR SALESMAN...right?...He is been a sales manager before and now at this big dealership is probably right up there..knows his business quite well...let me know how you do with him,if decide to call him...good luck..
  • chuck68516chuck68516 Member Posts: 195
    Call Woodhouse Ford. Or go to www.woodhouse.com. Just last week they quoted me on an AWD SEL+, leather, sat radio, towing, rear seat entertainment, NO Vista Roof

    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.
  • chuck68516chuck68516 Member Posts: 195
    Where are you? What dealers did you call?

    ALSO THE DEAL I POSTED ABOVE $1,750 REBATE AND A 36 MONTH LEASE =
    $339.78 PLUS TAX ZERO DOWN
  • leaserbuyleaserbuy Member Posts: 10
    Chuck, I'm a bit confused......

    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.
  • leaserbuyleaserbuy Member Posts: 10
    Chuck, here is the original info I listed for help

    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.
  • elliemaejelliemaej Member Posts: 79
    CarMan or anyone... Does anyone have any idea of what the residuals will be on the '08 Edges? :confuse:
  • chuck68516chuck68516 Member Posts: 195
    I don't know what to tell you. I got the lease quote from James Walsh at Woodhouse. I didn't negotiate. That was FIRST OFFER. I cut and pasted it here from my email. If you want, I can forward the email to you directly.

    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?
  • leaserbuyleaserbuy Member Posts: 10
    As for the 1.25%, I'm still clueless.
  • hardhawkhardhawk Member Posts: 702
    Since the 2008 model Edge's are not yet in production, I doubt the company has set them yet. My dealer told me Monday they don't have them yet and it is unlikely the residual and lease interest rates will be set until the 2008 models are actually being built and shipped to dealers. Some 2008 Ford models are already at dealers and they have numbers for those. The Edge and MKX are delayed a bit since they got off to a late start. They are also going to feature the new SYNC system which may not be ready yet. We all know that anything Microsoft is rarely on time. My guess is that the rates and residuals for the 2008's will not be far from the 2007's. The residuals will, of course, be higher, as those are adjusted quarterly. The interest rate may be a little higher until the 2007 leftovers are mostly gone. The Edge has had great lease residuals and rates almost the entire time it has been on the market. With the economy continuing to tank, Ford will have to do something to keep the sales going. ALl of this is, of course, just my opinion, which is worth no more than any one else's.
  • elliemaejelliemaej Member Posts: 79
    Thanks Hardhawk...I appreciate the opinion. Not that it is a prediction of what the '08s will be but does anyone know what the '07s residuals were when they first came out?
  • chuck68516chuck68516 Member Posts: 195
    The residuals shouldn't have changed. That's why it is important to negotiate the lowest possible sale price. Otherwise, you are paying full price for a 1 year old vehicle, what's the advantage of waiting so long for better pricing? If you can't get a really low price, I'd wait for the 2008's with SYNC.

    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.
  • hardhawkhardhawk Member Posts: 702
    I have enjoyed your contributions Chuck. Sorry to see you go. At the risk of offending some, WE WILL MISS YOU! :shades:
  • aphydaphyd Member Posts: 2
    elliemaej,

    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
  • elliemaejelliemaej Member Posts: 79
    Thanks..wow interesting. They were actually lower than they are now. You would think that as the model year progresses, the residuals will get lower, not higher. But I guess, an '07 is an '07 to the next buyer. They would only look at the miles used.
  • aphydaphyd Member Posts: 2
    eilliemaej,

    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
  • elliemaejelliemaej Member Posts: 79
    That clarifies that...I am looking at 12k mile lease.
  • hardhawkhardhawk Member Posts: 702
    Add 2% to the 15,000 mile residuals for a 12,000 mile lease.
  • ajm4ajm4 Member Posts: 1
    2007 Edge- SEL PLUS FWD
    Total MSRP = 31860
    Ford incentive = 1250
    Dealer's offer:
    sell price = 30433
    lease term = 36 months
    milage allowance = 15k
    monthly payment = 468.75
  • gel2223gel2223 Member Posts: 1
    Hello my name is Angelica and I have a brand new 2007 Ford Edge that I just leased in May. Unfortunately I have been laid off and cannot afford the lease payments and will soon be in debt because of this. I put down $4,000 and pay $555 a month for 36 months with 15,00 miles a year. I am willing to transfer my lease with absolutely no money down and I will even give you a month's payment in advance for the first month. Let me know if you are interested it only has 3500 miles and fully loaded, gold exterior and almond interior with all the extras. My email is angelica.carfi@gmail.com Thanks!
  • svofan2svofan2 Member Posts: 442
    I am no expert but it looks like that dealer is not discounting the vehicle at all....he is only deducting the incentive...you should be doing a LOT BETTER..and I mean a lot BETTER....specially at this point when the 08 are about to start building...they are begining production on Sept 17...go somwhere else...deal..good luck
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ajm4. If the $30,433 selling price that you mentioned in your post is after the $1,250 lease cash that is available on the 2007 Edge in your area has been taken into account then this is not a very good deal. You should be able to negotiate a larger dealer discount than $177 on this model right now. I suspect that you should be able to negotiate at least a $1,000 discount if not more.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • tellis3tellis3 Member Posts: 3
    Hi. Could you please work these numbers and tell me what my payment should be?
    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!!
  • elliemaejelliemaej Member Posts: 79
    I came up with $394 not including sales or property taxes.
  • delta737hdelta737h Member Posts: 626
    tellis,

    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
  • tellis3tellis3 Member Posts: 3
    Thanks for your help. To answer your questions, yes, the $32272 is the Adjusted Cap Cost. The residual number you posted is correct. At time of sale I will pay 7% sales tax...first months payment...$119 Doc fee and NJ Tags and Registration(not sure of the amount, roughly $250, I believe).The aquisiton fee was never mentioned by the dealer. I did ask what, if any, other fees were associated with this lease, and I was told "none". I also got $394 as a payment, last dealer came in at $460/mo and assured me that their numbers were on the up and up. And perhaps it was MY calculations that were wrong. I'm confused.
  • delta737hdelta737h Member Posts: 626
    tellis,

    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
  • svofan2svofan2 Member Posts: 442
    After coming to these forums and listening to all the knowledge dispensed here, I have to appologize,but help get the facts straight on the lease options. I do get x-plan pricing on an EDGE and I want to lease,first is the residual,acquisition fee and the percentage set by Ford, correct?, if so then what kind of money games can a dealer play on the buyers if evrything is set upfront, of course not the selling price vs MSRP but in my case with the x-plan am I correct in assuming that the lease pricing should not change from dealer to dealer?..or is there anything else that can and should be negotiated?...
    Thanks for your help and patience..
  • delta737hdelta737h Member Posts: 626
    svofan2,

    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
  • elliemaejelliemaej Member Posts: 79
    I have to admit, I learned alot from this forum. I just picked up my '07 Edge today. After learning what I did, I realized how badly I was taken on my last lease.
    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.
  • svofan2svofan2 Member Posts: 442
    Everyday that I come here I get really amazed at the knowledge that is provided. The previous person that gave that long and well thought explanation was terrific,but he or she is aware of figures and facts that most of us are far..very far away from fully understanding. On the other hand your explanation was simple enough for me to understand. yes the beauty of the X-Plan pricing is that the dealer is controlled by Ford on what they can charge and I fully aware of that.So based on your expiriences x-plan is the way to go since the selling price is already established by FORD. Sometimes I wonder if it is really that much better to lease than to buy based on all the pitfalls,granted leasing is the only way to get more car for less money but then one could be paying more (because of dealers tactics) than if you could buy..just my thoughts.

    Thanks for all your help guys..
  • jak51jak51 Member Posts: 17
    I used X-plan and it quite simple. However, you still need to know what is the current money factor or percentage in Fords's case for leasing. The are bound to sell you the vehicle at x-plan price but they can mark up the money factor/percentage whether it be x-plan or not. I knew the money factor going into the negotiations and one dealer tried to mark it up on me. Needless to say they lost the deal.
  • elliemaejelliemaej Member Posts: 79
    I used to lease years ago when I travelled for business. Then I purchased for a few more years. But, as I got older and more spoiled, I really want a new car every 2 - 4 years.
    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!
  • svofan2svofan2 Member Posts: 442
    Thanks for the advise, the reason for all my asking is that the dealer I do business with are,well good acquaintances of mine, but as the old saying goe "business is business" and the ones doing the grunt work (even thou they know who I am) may try to "manuever" numbers around (that the owners may not know about or may know about).
    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.
  • hardhawkhardhawk Member Posts: 702
    Hooray for you in getting a good deal! It does pay to do your homework. I just wish there was a site where we could get residuals, interest rates (or money factors), acquisition fees, etc. for the various models out there. I am looking at several makes and models and the information changes every month. I hate to keep asking CarMan here and just wish there was one source where all of that could be found each month of all of the vehicles. Does any place like that exist or am I exercising wishful thinking? I'd pay for such a service as I am getting down to the end of my lease and want to make a decision soon.
  • svofan2svofan2 Member Posts: 442
    I hear you and I are in similar positions. My 05 Expedition lease ends in April 08 and I do want an 08 EDGE LIMITED with all bells and for what I hear they will take long on orders at the begining...and guess what my time frame is...you got right at the begining of production (placing order in Nov or Dec)even thou I have been told that by Nov and Dec the shortages will be over. At any rate it seems that some of the ingridients of the leases are a moving target and we as buyers hope to be as close as possible to honest numbers. I agree with you about a central site where all this numbers could be accessed,but don't hold your breath I guess that is the nature of the beast....A car salesman friend of mine (he sells Lexus) said to me once that the selling business changes so rapidly that someone buying the same car from the same dealer and same salesman acouple of hours apart may pay different prices. Of course negotiating skills play a big role on this but also it depends on what the sales manager's orders are to the sale staff.
    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
  • hardhawkhardhawk Member Posts: 702
    One of the cars I like is the Edge. My dealer has ordered a 2008 Edge Limited with everything (BAMR,Nav,20" wheels, and SYNC is standard on the Limited) so we will see when it comes in. I am not obligated to lease it, but considering a sold order gets higher priority than a stock order, they are happy to do it. We will see what the numbers are when it comes in, if I have not gotten something else by then.
  • svofan2svofan2 Member Posts: 442
    That is great!...where are you located?...what color did you order?....did they give you a clue as too how long it will take to arrive?....please let us know...thanks
  • hardhawkhardhawk Member Posts: 702
    Black Limited, camel leather, BAMR, Nav, 20" wheels, power rear hatch, basically everything you can get except AWD. They gave no clue on time, but did offer an interesting comment on the SYNC system. They feel that the Limiteds will still get built even if SYNC is not ready yet with a price reduction for the stand alone option cost then simply add the cost back in when the SYNC becomes available. They wanted to know if SYNC is critical to me or not. I am in KS.
  • svofan2svofan2 Member Posts: 442
    ..great SYNC will be critical to me....I want the bluetooth capability for the phone and all wheeel drive also the dvd entertainment..so I guess I will have to give up the BAMR...I wonder if you can 18"wheels instead of 20" with the LIMITED..
    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..
This discussion has been closed.