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Ford Edge Lease Questions
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I'm turning in a Volvo lease on Aug. 23 and looking to lease a Ford Edge Limited in Dupage county, IL. One dealer told me that he is hearing rumors that Ford Credit will change their residual's due to the recent losses reported and the fact that Chrysler is getting out of the leasing business. He said it could save me about $100.00 per month if I sign before Aug.1.
Do you know how often Ford updates the residuals or money factors? Is it set every month at the first of the month?
Is this high pressure sales to get the sale in by the end of the month or is there some truth to it since Ford Credit lost $2 Billion?
Thanks,
Car_man
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MSRP: 36,620 (Nav, Pan roof, everything but AWD)
Sell Price: 29,999 (includes 2k factory loyalty)
Residual = 56% (24mos)
Money factor = .0003 (.75%)
$300 down + drive off costs (the 300 down payment was to come off drive off but they screwed up the paper work -- no big deal)
Base payment = $398.14
I'm in Massachusetts so I'll have to add 5% sales tax and excise tax for a total payment of $439.00
Good luck.
Car_man
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I should explain why I am "Ihatedealers" -- I went to 3 different Ford dealers for quotes on the exact same MSRP/Equip Edge. I was quoted 3 different residual values ranging from 52% to 56% (24mo 10.5k) -- all in the same month within 4 days of each other. This website helped me determine the ballpark residual. I went with the dealer that gave me the highest. Anything under the true residual factor goes in the dealer's pocket. I hate the fact that they will look you in the eyes and LIE.
If you are going to buy / lease a car -- this website is a MUST!
PS - I still think I left money on the table.
Car_man
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Selling price: z-plan 30635.65
Residule:43%
Money factor: .25%
Rebates: 1250+500=1750total
The payment came out to 445 per month and a total out of pocket of 550.
The mileage is 13500 per year for 36 months.
Be careful because most of the other dealerships in the area are going
with out side banks that charge disposition fees and other fees to lure
you in and also pick apart you at termination. The normal disposition
fee is around 500. at lease end.
Our lease is a ford red carpet lease no hidden extras!!!!
Thanks!
As you can see, Ford credit publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400.
I don't believe that Ford is currently providing any cash incentives on leases of the '09 Edge in your area, but it does have $4,000 on the '08 Edge in its Southwest region (I believe that is where Dallas resides).
Car_man
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I got a quote from a local dealer here with these numbers late last night:
$30,215 msrp
$28,899 internet price
15k miles per year
39 month lease
39% residual
First month's payment would be due at lease inception and with TX TT&L rolled into the total, the per/month payment would be $512...seems kinda high to me. Opinions?
$500 per month is way too much money to pay for an Edge. Not to mention the fact that it's not worth it to lease any vehicle that has a sub-40% residual value. If this deal was offered to me, I'd pass.
Car_man
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Is it less of a loss to continue leasing or to purchase outright? His boss just purchased a 2008 Tahoe (over $40,000). He has 30,000 miles on it already and looked at trading in and they told him it was only worth $25,000.
I don't know how bad our lease will end up within the next 6 months, but what is the best option for us financially? Can you help?
Used vehicle prices are falling at the most rapid pace that I have ever seen. Unfortunately, that means that your Edge's purchase option price is likely much higher than its current real world value. If I was in your position, I personally would place a call directly to Ford Credit a month or two before the scheduled end of my lease to see if they would be willing to negotiate my vehicle's end of term purchase price. When you call, don't mention that you are so far over your mileage limit. There's no guarantee that they will be willing to work with you, more often than not banks won't, but you don't have anything to lose by trying.
Car_man
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MSRP 38,100
PRICE 34,087
Money factor: 1.25%
Residual: 16,383
$2500 down payment (includes first month)
$412.00+tax for 38 months
12K
This came from a dealership in Los Angeles.
Opinions on this deal?
Did you build and price the car in Edmunds? This will give you the invoice and average price people are paying..
Good luck.
Do you know the current numbers on a 2009 Ford Edge SEL 24 & 36 month leases for 10,500 miles per year?
Thanks
Car_man
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I only mentioned the 36 month numbers because Ford is no longer providing support on 24 month leases.
In addition to this special lease rate, I believe that Ford is currently providing a $1,000 cash incentive on leases of this model in your area. Make sure to take this cash into account when negotiating the capitalized cost for the Edge that you're interested in.
Car_man
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Now I need to dig out my old lease spreadsheets from my as last least and plug in the new numbers.
Thanks again.
:sick:
Good luck in your quest for your new ride. Let us know if you have any other questions and how things turn out.
Car_man
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The stock of Edges is pretty high in my area so I am hoping for a good deal.
If you could give me the rate and residuals for 36/12k for the SEL and Limited Trims in both AWD and FWD, that would be great.
Ford Credit's current base lease rate and residual value for a 36 month lease of a 2009 Ford Edge SEL or Limited AWD with 12,000 miles per year in its NY region are 1.25% and 44%, respectively. The numbers for an otherwise identical lease of an '09 Edge SEL or Limited FWD are 1.25% and 43%.
Car_man
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When I went to the dealer today to discuss my options, he stated that mileage would be prorated. For some reason,I was under the impression that they didnt do that. Can anyone confirm this to be true?
My only reason for returning the car early was to avoid the over mileage fees.
I will wait until the end of my lease and pay it then.
Ford Credit's current base lease rate and residual value for a 36 month lease of a 2010 Ford Edge SEL or Limited AWD with 12,000 miles per year in its NY region are 3.25% and 46%, respectively.
Ford is currently providing a $1,000 cash incentive on leases of this model.
Car_man
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X-plan price. The dealer took back my lease 2 months early ('07 Edge SEL +, 24 month)and they ate my overmileage.
I ended up buying because the leasing was not very attractive (compared to 2 years ago). I was able to get the 0% for 60 months.
I am happy with my new Edge, so far. Not too many changes from the '07.
You can't argue with 0% financing for 5 years. If I was in the market for an Edge, that's probably the way that I would go. Enjoy your new ride :shades: !
Car_man
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Thanks!
Ford Credit's base lease rate for a 36 month lease of a 2010 Ford Edge SEL or Limited AWD were anywhere from 0.5% to 3.75%. The exact rate depends which one of Ford's myriad of regions you are in. Let me know what state you live in and I can tell you the exact rate that is available in your area. Ford Credit's 36 month, 10,000 mile per year residual value for this truck was 49%.
The numbers for an otherwise identical 39 month lease were 0.75% to 4.0% and 47%.
Car_man
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I live in Cleveland, Ohio. I also posted on the Ford Flex thread as I am interested in rates for that vehicle as well.
I look forward to reading your next update.
The lease on my ford edge is up on the 11th of Oct. It was originally up on Aug 11 and I was able to get it extended for two months. The MSRP was 34265 and the buy out is $20,717. It has low miles and is in great shape. Lease payments were 440 a month.
We are desperately in need of a car and I have the following questions:
a) should I buy it out?
b) if not, would there be a similar car (SEL with premium package - vista roof and leather) that I can lease with no money down and approx 450 a month?
I look forward to any help. Please let me know if I can get into another lease at a similar rate or if this is worth buying.
If buying is better - do they negotiate on the end of lease purchase price? If so how much!
I cannot tell you how important this is. Appreciate anybody'd help in this matter.
Thanks!
Please post the current 2010 Ford Edge SEL AWD lease rate and residual on a 27 month lease for Omaha, Nebraska. Thanks for all the great info you provide.
$298 per month for 27 months including 7% tax with only first payment due at signing. What do you guys think?
You better jump on it!
What area do you live in? I would like to know what interest rate and residual value they quoted you. I'm in the Cleveland, OH area and I was quoted WAY higher even with A Plan.
Here in OH it is 49% residual, 1.00% rate and higher tax...big difference!
Enjoy your new Edge!
Thanks
Car_man
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Car_man
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As I said earlier, 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".
If your vehicle's purchase price is less than or similar to its current value on the open market then you may want to consider buying it. If not, walk away.
As far as how much a similar new Edge would cost to lease, I would be happy to work up a sample lease payment for you if you provide me with the MSRP and approximate selling price of the truck that you're interested in. You can find that information over in the New Vehicle Pricing section of Edmunds.com.
Car_man
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2010 Ford Edge Limited FWD
MSRP: $38,915.00
Z Plan Pricing: $35,000.00 (I am not sure what the actual price is)
Doc Fee: $275.00 (I thought this was max $75)
Title, License: $400+ (They are not sure of the actual amount but will charge this and if it is less, I will get a refund)
Wear Care: $675.00 (I think this was the actual price)
Acquisition Fee: $595.00
Rebates: $3,500
39 month 10,500
$537 per month for 39 months
Residual is 47%
Interest Rate/Money Factor 4%
This "deal" is in Central Florida. After they told me one price and then I met with Finance to sign the papers, the price was different - higher of course. Even though I was told by the salesman the price included tax, finance told me the price went up because tax was not included.
I asked to see all the numbers. The finance person became very sarcastic and started belittling me, she was also rolling her eyes and making a lot of movements - very unprofessional. She started reading off the prices from her computer screen and tilted the screen so I could barely see it.
To get the price back to the original quoted price the salesman gave me, finance changed the warranty to 36 months to leave me without a warranty for the last 3 months of my lease.
I took out my phone and started searching the web to show them how I believed the Doc Fee is only supposed to be $75. The salesman came into the finance office as I was searching and wanted to know what I was doing. I told him and he became irate. The salesman and finance woman mentioned how I can trust them and I am getting a sweet deal. They are not making a profit - they are losing money. When I mentioned the spif(?) check, I was told the dealership gets that and they are personally losing money by putting this deal together.
They told me if I don't sign tonight, I could forget the deal. So, I got up and left.
The salesman called me 20 minutes later asking me to come back tomorrow night.
Questions.....
1) Is this a good deal?
2) Do I have to take wearcare?
3) Why am I being charged for a warranty?
4) Shouldn't I be charged the exact amount for registration and license fees?
5) What is the Residual and Interest Rate/Money Factor for Florida. I have good credit if that makes a difference.
6) Isn't the doc fee supposed to be $75?
7) What is Acquisition Fee?
Thanks in advance!
1. Is "Z" plan pricing the price the dealer would give you on the vehicle before any rebates?
2. Did you put any money down?
3. Are rebates applicable to "Z" plan pricing or do you just get the "Z" without rebates?
4. What is the sales tax rate percentage in Flordia?
I'll use your provided numbers, make some assumptions and detail the lease calculations below:
Known Factors:
MSRP: $38915
Residual: $18290 (MSRP multiplied by 47%)
Money Factor: .00166 (4% divided by 2400)
Toal Dealer fees: $1945 (Doc fee $275, Title $400, Wear Care $675, Acq. fee $595)
Selling price of vehicle:
"Z" plan pricing $35000 minus Rebates $3500 = $31500
Depreciation Value: (amont of vehicle you will lease)
Selling price ($31500) plus dealer fees ($1945) minus residual ($18290) =$15155
Depreciation Payment on Lease:
Depreciation ($15155) divided by 39 (length of lease in months)=
$388.59/month
Interest Payment on lease:
Selling Price ($31500) plus residual ($18290) multiplied by money factor (.00166)=
$82.65 per month
Base Payment on Lease:
Depreciation Payment ($388.59) plus Interest Payment ($82.65) =
$471.24 per month
Sales Tax Payment: (I am using 9%, that's what it is here in PA)
Base Lease Payment ($471.24) multiplied by slaes tax rate (.09) =
$42.41 per month
Total Lease Payment:
Base Lease Payment ($471.24) pus Sales Tax Payment ($42.41) =
$513.65 per month
These calculations assume you can use rebates and a sales tax rate of 9%. It also assumes you put no money down. If you put any OOP, deduct it from the selling price of the vehicle. I'm not sure on the Wear Care, I personally would not accept it. If you choose not to, deduct it from the dealer fees listed above to refigure the payment. One more thing to check is I was told by a dealer here in PA just yesterday that the residual on a 10,500 mile lease of an Edge SEL AWD was 50% and not 47%. 47% was for a 15K a year lease. This is becuase of the lower miles the vehicle would have at the end of the lease. Hope this helps some.
My advice is to shop around. The higher the MSRP, the lower they can go on sale price. (more money to play with). So on your Limited you better get a ton off that price. Go to the highest volume Ford dealer in your area. Tell them upfront that you do not want to mess around. Tell them you want their best sale price and it better be well below invoice and then you want the rebates deducted on top of that. Worst case scenario is they say they can't do it.
Some states LIMIT the amount a dealer can charge for a document fee and some states do not regulate it at all. I personally limit it to ZERO dollars as it is just extra dealer profit and every dealer who charges it will gladly waive it if you ask. It's just paper. Why should I pay $199 for paper? What's next, they charge you a light fee for sitting in the office with the flourescents on? A chair fee for waiting for 30 minutes for the finance guy to get his papers shuffled correctly? An ink pen fee for having to use their ink to sign the contract? Etc, etc, etc. They are already charging you for all this stuff. It's called selling you a vehicle. McDonalds doesn't sell you a Big Mac and then ask you to buy the container for an extra dollar and napkins for 50 cents each and another 50 cents for the bag. All that should already be figured into the price of the Big Mac.