Hi, is this a good Explorer lease deal for my fiance?

eli0295eli0295 Member Posts: 4
edited June 2016 in Ford
Thanks so much in advance for any feedback. Lease details provided by a northern New Jersey dealer:

2016 Ford Explorer XLT AWD with navigation, dual moon roof and remote starter.

MSRP: 43905
Residual Value: 25525
Interest rate: .25%
Vehicle cost: 42000
Lease terms: 36 months with 10500 miles
Taxes: 1599.54
Plates & registration: 200
Bank fee: 645
Title & documentation fee: 289
Due at signing: 550
First payment due 8/1: 486

My fiance has 5 payments left on her lease, the dealer stated they will cover the cost of those payment. I don't think she should pay any bank or doc fees, but is this a good deal? Thanks again... EL

Answers

  • kyfdxkyfdx Moderator Posts: 207,907
    eli0295 said:

    Thanks so much in advance for any feedback. Lease details provided by a northern New Jersey dealer:

    2016 Ford Explorer XLT AWD with navigation, dual moon roof and remote starter.

    MSRP: 43905
    Residual Value: 25525
    Interest rate: .25%
    Vehicle cost: 42000
    Lease terms: 36 months with 10500 miles
    Taxes: 1599.54
    Plates & registration: 200
    Bank fee: 645
    Title & documentation fee: 289
    Due at signing: 550
    First payment due 8/1: 486

    My fiance has 5 payments left on her lease, the dealer stated they will cover the cost of those payment. I don't think she should pay any bank or doc fees, but is this a good deal? Thanks again... EL

    Looks like the $42000 might be the full CAP cost, with the tax and other fees added in.
    All leases have a bank fee.

    Are they taking her current lease in trade? Or, just cutting her a check for the payments?

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  • eli0295eli0295 Member Posts: 4
    Hi, it's my understanding they are cutting Ford a check for the remaining payments, Thanks.
  • kyfdxkyfdx Moderator Posts: 207,907
    eli0295 said:

    Hi, it's my understanding they are cutting Ford a check for the remaining payments, Thanks.

    If that's the case, then you can be sure that the deal would have been better without the current lease to pay off. Does she have any liability for lease end charges on the current lease, or is the slate wiped clean.

    Those are the things I would worry about. Any reason why she wants out of her lease early?

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  • eli0295eli0295 Member Posts: 4
    Hi, no she has no liability for any charges and she is below the miles restriction. The slate should be wiped clean. No she wasn't looking to turn it in early but everything was put into motion based upon a call from the dealer offering her this new lease agreement. Thanks
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