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Leased a 2016 Ford Explorer Sport today for $499 a month, $0 down...

howie07howie07 Posts: 7
I went to a Ford dealer today and asked what the monthly lease payment would be on an Explorer Sport on their lot with an msrp of $46165, putting $0 down (36/12 in NJ). The salesman came back and said $615 a month and I said it didn’t fit in my budget, then the sales manager came over and was ready to compromise around $550 a month with adding $1500 down. I told him I appreciated his willingness to negotiate closer to my range, but I would have to think about it. He asked me to write down my ideal number and I wrote $515 a month with $0 down. He spoke with his manager and they accepted it. I said thank you so much, I'll almost definitely come back within a week or two and take the deal, but had to discuss it with my wife. I was headed toward the door and he came back with a paper that said $499 a month with $0 down, good for today only. No question this was a sales pressure tactic but it was $116 a month less then their original offer, $4176 over 3 years. I shook his hand and said yes. For the next 3 years I'll be driving a $46,000 car which cost me about $18000. I didn't plan to lease a new car today, but this guy made it happen.

Question to the Edmunds community, was it a great deal, good deal, or mediocre deal considering they started the negotiation at full sticker price? Looks like they used .57 residual and the rent charge came out to $558 so the money factor was .000221. These are the numbers from the lease agreement:

msrp: 46165
gross cap cost: 45218
cap cost reduction: 1499
adjusted cap cost: 43719
residual value: 26314
depreciation: 17405
rent charge: 558
total of payments: 17964
499 a month

Comments

  • marcie123marcie123 Posts: 10
    howie07 said:
    I went to a Ford dealer today and asked what the monthly lease payment would be on an Explorer Sport on their lot with an msrp of $46165, putting $0 down (36/12 in NJ). The salesman came back and said $615 a month and I said it didn’t fit in my budget, then the sales manager came over and was ready to compromise around $550 a month with adding $1500 down. I told him I appreciated his willingness to negotiate closer to my range, but I would have to think about it. He asked me to write down my ideal number and I wrote $515 a month with $0 down. He spoke with his manager and they accepted it. I said thank you so much, I'll almost definitely come back within a week or two and take the deal, but had to discuss it with my wife. I was headed toward the door and he came back with a paper that said $499 a month with $0 down, good for today only. No question this was a sales pressure tactic but it was $116 a month less then their original offer, $4176 over 3 years. I shook his hand and said yes. For the next 3 years I'll be driving a $46,000 car which cost me about $18000. I didn't plan to lease a new car today, but this guy made it happen. Question to the Edmunds community, was it a great deal, good deal, or mediocre deal considering they started the negotiation at full sticker price? Looks like they used .57 residual and the rent charge came out to $558 so the money factor was .000221. These are the numbers from the lease agreement: msrp: 46165 gross cap cost: 45218 cap cost reduction: 1499 adjusted cap cost: 43719 residual value: 26314 depreciation: 17405 rent charge: 558 total of payments: 17964 499 a month
    What dealership did you go to?
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