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Ford Edge Lease Questions

kyfdxkyfdx Moderator Posts: 250,442
Ask your Ford Edge lease questions here!

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Comments

  • jdiversjdivers Member Posts: 4
    Hello! Does anyone know what residual & money factors are for the Edge? I had read a few places it would be 59%, but my dealer is saying 52%. Also, he lists the "lease factor" at 1.5 - is that the same as a .00063 money factor?

    Thanks!
  • colecole Member Posts: 67
    My Ford dealer is quoting 52% residual for a 39-month lease at 15,000 miles/year. They quoted an interest rate of 3.5% (MF of .00145. This was last month, though, so the MF may have changed on 1/2.
  • oxford3oxford3 Member Posts: 6
    In the New York area the lease quotes are crazy.I have been to 2 dealers and have been quoted 530-580 a month with $2000 down.I have excellent credit.I have been loyal to Ford and have a 04 Explorer but I could drive a Lexus with those #s.
  • suttonssuttons Member Posts: 3
    It was my understanding that conventional leases are not legally available in New York State (hence the residency restrictions apply disclaimers on most lease ads).
    Have you tried a retail balloon loan? With a retail balloon, there is no security deposit, first month payment or acquisition fee required at signing. I just got a voicemail from a dealer in Mahwah, NJ informing me of special lease deals on the Edge that go thru April of 2007. I'll post what info he provides me with.
  • oxford3oxford3 Member Posts: 6
    Leases are back in New York.We had been the only state where you could sue the manufacterer in case of an accident.Congress attached a change at the end of some bill and Bush signed it much to the trial lawyers chagrin.Mahwah is not to far.I have traveled to P.A.(Reedman) before and have gotten better prices then N.Y.
  • akirbyakirby Member Posts: 8,062
    It wasn't accidents as much as parking tickets and moving violations. The cities were suing Ford if the leasees didn't pay their fines.

    There was no real difference in the RCO vs. RCL dollars anyway.

    When did the new law go into effect?
  • jdiversjdivers Member Posts: 4
    (in CA) I just went in and started paperwork on one Friday, the residual had changed from 52% to 51%. I'm getting $1000 competative lease cash because I currantly lease a Toyota. And I found out that the $500 student/graduate cash isn't available with the X-plan. My payments for the 39 mo lease will be just over $400 after tax.

    But.. my Edge should be in from LA tomorrow, so I'm excited nonetheless :)
  • dspdavedspdave Member Posts: 7
    Just picked up my edge. 2000 grand down a-plan red carpet lease 290.00 a month, a-plan price 26233. Have 300 miles on it averaging 19.7 mpg. New 3.5 liter and tran is smooth with plenty of power.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello jdivers. This vehicle's lease program varies depending upon how long you lease it for and what mileage allowance you need. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. If you were to lease a 2007 Ford Edge through Ford Credit right now for 36 months with 15,000 miles per year, its base lease rate and residual value should be 0.75% and 51%, respectively. As you can see, Ford Credit publishes lease rates instead of money factors for the vehicles that it leases. You can convert its lease rates into approximate money factor equivalents by dividing them by 2400.

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  • jschaffjschaff Member Posts: 1
    I am going to be getting an SEL Plus tomorrow. I spoke with two dealers and was offered 15000 miles, 0.75% for 36months or 1.00% for 39 months. And a residual of 53% at 36 months, and 51% at 39 months.

    Agreed on a deal of $500 over invoice price. They want to add in something called Certified Gold to fix door dings (can't find this online) and the price is $540/month.

    Called back today to get the final figures (so I can check it out) and the finance guy would not give me any info until I drove 250 miles there to sit with them. I kept pushing them to give me info. Their lease deal now says 2%interest rate with a residual of 49%.

    I got mad with the guy and said to quit the bait and switch business.

    Does anyone have a URL to a page with the Ford 0.75 lease deal on it to show these guys? And the residual page too?

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jschaff. The lease rates that you were quoted for the Edge look good to me. Moreover, $500 over invoice is a good price for one. Just make sure to pass on the door ding repair policy. It is probably overpriced for what it is. I always advise consumers to pass on stuff like this, paint protection, etc... Unfortunately, I am not aware of any web site that provides consumers with information on manufacturers' current lease programs.

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  • fpdafishfpdafish Member Posts: 20
    I was kinda rushed into this after totaling my other car so I was just wondering if this sounds reasonable.

    SEL Plus, AWD, Vista Roof, Sirius Radio, All-Weather Mats, Reverse Sensing.

    MSRP= 33,285 price= 32,500 resid= 17,974

    36 mos./10.5 k. Lease Rate=0.75 $478/mo $0 down ($546 for fees & stuff) 1520 in taxes put into payments.

    Please tell me I didn't get boned too bad. BTW, I'm in Long Island, NY.
  • oxford3oxford3 Member Posts: 6
    After much shopping and internet work I found 2 dealers in Jersey who were actually reasonable.New York dealers are IMPOSSIBLE.In Staten Island we have 1 dealer and they feel that they can charge what they want because people dont want to leave the Island.I ordered a pretty well loaded FWD for 410 a month,no money down plus tax.I wanted the awd but took the saved money and got chrome rims and best stereo figuring I could enjoy them on a more regular basis.
  • fpdafishfpdafish Member Posts: 20
    Just to clarify, the 478/mo is including the taxes.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi fpdafish. I'm sorry to hear that you totaled your previous vehicle. At least it sounds as though you weren't badly injured. That's the more important thing. Let's take a look at the deal that you got. The lease rate that was used to calculate your vehicle's payment looks right and it is very attractive. As far as the selling price goes, a base 2007 Ford Edge SEL Plus AWD has a spread of over $1,800 between its full MSRP and its dealer invoice price. You were given a $785 discount on the Edge that you leased. If you had time and were able to comparison shop a little bit, you may have been able to beat this price by $500 or so. Overall though this isn't a bad deal.

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  • julie_gramerjulie_gramer Member Posts: 1
    I am new to leasing. I did my homework and realized that for me the best way to go is a lease verses buying. I am interested in the 07 Ford Edge. I can afford the car payment and insurance, all is well there. The problem is i dont have a lot of credit. Most of the credit i do have is not good. I have heard that it is harder to get a lease then a loan. My question is what are the odds of a person such as myself actually getting a lease on my own? Also, I know that you can shop leasing company to find the lease that works best for you. Once you have found it. How dose the buying process work as far as the dealership is concerned?
  • laurenf1laurenf1 Member Posts: 1
    Can you possibly email me the figure you got? I was quoted $415 with $1700 down on the Edge SEL PLUS AWD. I am trying to get the payment down to $390-$400/monthly. How do I obtain the $1000 competitive lease cash?

    Any numbers you can provide would be helpful.

    Thanks!
  • bassfan13bassfan13 Member Posts: 1
    My wife and I looked at an Edge. We liked it, but ultimately went with a 2007 BMW X3.

    Do you guys realize that you can lease a 40k BMW X3 for 36 months for $460/mo. (tax included) with no cap cost reduction? The low residual value makes the Edge lease unattractive IMO.
  • colecole Member Posts: 67
    We also compared the Edge to the X3, but felt that the rear legroom is the X3 was not competitive. Additionally, getting the Edge at A-plan pricing made the X3 lease deals less of an advantage.

    Hope you enjoy the X3!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Julie. It definitely is not very difficult to lease a new vehicle through Ford Credit. It usually seems to be fairly lenient in who it approves to lease vehicles. If your credit is in rough shape, you may not qualify for its best rates though. As far as shopping around for a good lease goes, I personally doubt that you are going to be able to find an independent bank that has a more attractive lease program on the Edge than Ford Credit does right now.

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  • chuck68516chuck68516 Member Posts: 195
    Most companies will give you an APR of say 7%. These are easy to convert to money factor by simply dividing by 2400. However it seems you can't do this with Ford's "money rate" which is .50 or .75. How do you determine money factor on the Ford Lease? I was quoted $364 per month on a 36 month 10,500 mile/year lease with ZERO due at signing, (not even first payment,) on a 2007 Ford Edge AWD SE at invoice pricing and $1250 rebates. He said the money rate was .50 on the 36 month and .75 on the 39 month. Please help...
  • crispyjcrispyj Member Posts: 8
    I believe Ford doesn't use money factors to calculate, but instead the actual percentages.

    .5% to .75% interest rate.
  • chuck68516chuck68516 Member Posts: 195
    How could they offer 0.5% when other car companies leases are 5% or more? Impossible.
  • crispyjcrispyj Member Posts: 8
    FYI -- from CAR_MAN:

    "You can convert lease rates into approximate money factor equivalents by dividing them by 2400.

    Car_man
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    Which would give this car a money factor ranging from .000208 to .0003125
  • kyfdxkyfdx Moderator Posts: 250,442
    I don't know the specifics on the Edge lease, but it all depends on where they want to put the incentives..

    $3000 rebate or 0% financing or .5% equivalent money factor, or even a higher than market rate residual..

    So.. the lease rate could be that low..

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  • crispyjcrispyj Member Posts: 8
    CarMan - do you know the current lease percentage/residual rate for a Ford Edge SEL Plus - 3yr/12k.

    has anyone had experience getting these for below-invoice?
  • advequityguyadvequityguy Member Posts: 138
    .5% 36 mo lev 0-1, .75% 36 mo. lev 2, 50% res at 15k / yr on the SE. Interest is higher on the SEL / SEL+. $750 rebate. It's all good.
  • advequityguyadvequityguy Member Posts: 138
    dealers are more willing to bargain on the ones that do not have the vista roof. Most dealerships will honor all of the "plans" on the SE / SEL. Not much sense for them to honor "xplan", or a price anywhere close to that on an SEL+ w/ vista roof since the market currently brings way more than that and supply is low. They shouldnt have a problem offering one up on one of the plans or at a good discount it if you were to order it, though. On the Edge, an ordered unit would not involve an opportunity lost cost like an in stock one would.
  • ejonseyejonsey Member Posts: 2
    I am about to lease an Edge and want to know if I am getting a good deal. I couldn't find a SEL Plus with what I wanted so I found a SEL with the premium package. My MSRP is $32,385 with the vista roof. I have $1000 coupon for leasing a previous car and there is a $1250 rebate. The sales person said he would sell me the car for $28,157 with a payment of $370 (including tax), 36 month lease, 15K miles with $2,000 drive off. Is it a good deal.

    My previous car was a Mercedes C class and had the same payment but the car was $3,000 more, so I just want to make sure the payment is good for the Edge.
  • vkeanevkeane Member Posts: 5
    Hey all, my wife and I are about to lease an Edge and here's the deal they gave us. Is it any good? We researched Edmund's and Lease Kit so we have a vague understanding...the MSRP is 34,230, he knocked it down to 32,810. It's for an SEL/black/leather/premium pkg/17" chrome rims//vista roof/audiophile/parking sensors/seat settings and I think that's it..
    The money factor is .5 and he said the residual was 17,500. it's a 36 month lease. the down payment is 2,300 the taxes (which we were told to pay upfront) are about 1,300 and our payment will be 350.00. they are offering a 500.00 return to us as a deal by the dealer...please help! I hate math!!! :-)
  • crispyjcrispyj Member Posts: 8
    Don't fear the math. Math is your friend and will save you money. Just TAKE YOUR TIME to make sure everything makes sense ;D

    The offer is decent (in addition to the $500 customer cash, there is also $1250 lease money he's apparently applied). Couple thoughts:

    1 - try not to put ANY money down - as you will see from reading these forums, it's a bad idea because if the car gets jacked up somehow or stolen, you're out that money. In this case, if you don't put any money down, your monthly payment will jump to approx $420/mo (BUT, you can take that money you were going to use as a down payment, put it in a savings account, and pay that extra $70/month that way)

    2 - Again, the offer is decent, but I think you can do a bit better. Looks like he's offering the car at around $1000 OVER invoice (inv. is approx $31,900), so you have room to maneuver. If you bargain him down to invoice, you can get a no-money-down payment of around $390/mo.

    3 - Taxes, schmaxes. Whether you pay them now or later is irrelevant - you're gonna be taxed either way - don't let that confuse the issue.

    4 - And just for you, Mr. Fear-The-Math, here's how he came up with the numbers for your CURRENT offer on the Edge (you can use these formulas to figure everything out yourself in the future - just plug in numbers):

    ---

    Lease payments are figured by adding the monthly rent PLUS interest PLUS tax to get your monthly payment.

    So...

    To calculate the monthly "rent"(on the depreciated value of the car)
    ($28760.00 - $17500.00)/36 months = $312.78 (monthly "rent")
    (Cap Cost* MINUS Lease-end value) DIVIDED BY the term

    To calculate the monthly finance charges
    ($28760.00 + $17500.00) X .0002083 = $9.64 (monthly finance charge)
    (Cap Cost PLUS Lease-end value) MULTIPLIED BY Money Factor**

    To calculate the monthly tax
    ($312.78 + $9.64) X 8.25% = $26.60 (monthly tax)
    (rent PLUS finance charges) MULTIPLIED BY your state's sales tax

    Thus, rent + finance charges + tax = your payment
    $312.78 + $9.64 + $26.60 = $349.01 monthly payment

    Don't let the numbers overwhelm you - knowledge is a kick-[non-permissible content removed] thing. Take your time to digest - it all makes sense and will make things much easier for you. Hope this helps.

    By the by...

    * Cap Cost is the agreed upon price of the car minus any $$ down and incentives. In your case, this means you took the agreed upon price of the car ($32810) and subtracted $2300 DP, $500 customer cash, and $1250 lease cash = Cap Cost of $28760

    ** The Money factor is derived by dividing the lease rate (0.5%) by 2400.
  • vkeanevkeane Member Posts: 5
    wow, you're awesome. Thanks! We only put a deposit to hold the vehicle and will go back to the negotiations tonight or tomorrow...I hate feeling like they're getting over. You're right— you must know the facts...
  • ejonseyejonsey Member Posts: 2
    I am looking at buying a Ford Edge SEL plus with vista roof, chrome wheels, nav, etc. The MSRP is $34,930. I have $1000 coupon from a previous lease and there is $1250 in rebates. The payments I am being offered is for a 39 month lease, 15K miles, $390 a month (including 8.25% tax). I think they are selling it to me at about $450 over invoice. Seems like a good deal, but it is so confusing.
  • vkeanevkeane Member Posts: 5
    OK, another dealer that is a friend(ish) gave me this: an SEL+ AWD with vista roof, 18" chrome rims, reverse sensing, audiophile and I think keyless entry system?. 36 months at 12000 miles a year. 1450 at signing and everything rolled into the payment which is 427.91 (which he's saying is about 7 bucks over invoice...any ideas? it works out about 77 bucks more a month but nothing upfront really. It's a total of 2804.76 when all added up.
  • chuck68516chuck68516 Member Posts: 195
    Going to go pick my Edge tomorrow. 2007 Edge SEL+, Blazing Copper Metallic, Charcoal leather. Panoramic Roof, 18 inch chrome wheels, reverse sensing system, Sirius, Audiophile CDX6. MSRP $32,690. 36 month lease, ZERO DOWN, 10,500 miles per year, $349 per month with only 1st payment due at signing. Tried to get me to pay some $199 aquisition fee but I wasn't having it. I said "One of us has 23 Edges on the lot, the other does not." His response, "Touché." As long as they don't pull any antics I will be driving it home tomorrow.
  • hardhawkhardhawk Member Posts: 702
    Please give us a report on whether or not there were any last minute tricks. What was the actual "selling" price of the car on your lease contract?
  • adviceplsadvicepls Member Posts: 3
    This is our deal on the above car. Is it a good deal?

    MSRP 36480 - Sales Price $34962 color -light sage metallic
    Incentives applied are $1250 and $500.
    Trade in on 2003 Ford Excursion nets a generous $2600 since truck needs tires and a/c servicing.

    Lease term is 39 months/ finance rate is .75/ 15k miles per year.

    Monthly payment will be $385 for 39 months - no $ out of pocket

    Residual is .49 Just noticed a etch fee of $125 and ACQ fee of $595. Is this fair?

    Monthly payment is $385 for 39 months. No out of pocket $.
  • chuck68516chuck68516 Member Posts: 195
    No tactics whatsoever. The selling price was $28724.84. Then they added the $595 acq. fee. I have tried every time I have leased to get them to waive that but didn't bother this time.
  • hardhawkhardhawk Member Posts: 702
    Congrats on a great deal.
  • crispyjcrispyj Member Posts: 8
    Hey Carman (or anyone else) --

    Has anyone experienced getting invoice numbers from local Ford dealers that are demonstratively different (by nearly $500) than those reported on Edmonds, Cars.com, KBB, etc?

    I'm a bit confused. Three different dealers have quoted me "invoice" that has far exceeded what has been reported on this and other sites. And no, my math is not screwy. And no, i did not forget to include options and destination fees and such when pricing. Its just simply "off" and i don't know why...

    Did prices go up? Is there a local surcharge (los angeles) i am not aware of?

    Any ideas?
  • jintsjints Member Posts: 2
    Ford Edge retail 31600. proposed lease is 447 tax in. no out of pocket. the price i am paying for the car is 30500. I used the info posted here of $500 above invoice. They showed me an invoice because I was challenging the $1600 spread they claimed was the price they buy it at. The invoive proved correct. Is that possible? $1600 plus 750 dealer fee is all they make?
    The lease factors are 51% residual, .9 factor or rate. Does this sound good?
    thanks!
  • jintsjints Member Posts: 2
    yes...i just posted. 31600 retail, invoice 30000. $1600 spread.
  • chuck68516chuck68516 Member Posts: 195
    On a 36 month lease, you should be getting .5%, that's what I was quoted by every dealer and that's what I ended up getting. Unlesss you have credit problems I would ask why the rate is so high. 39 month should be .75%. My Edge was $32,690 and figured out to exactly $349.00 per month, 36 months with nothing down except first payment. $447 a month is WAY too high. I never even had a FIRST offer/quote that was that high from ANY of the five dealers I was working with. Go to or call a high volume dealer near you about a similar vehicle. If they have 30 Edges on the lot they are more willing to get down to business than if they have 6.

    Also, never, ever, ever, start at above invoice on ALMOST ANY FORD (excluding some models such as higher end Mustang, Vette, F-350)!!! You can easily get the X-Plan by doing a Google search. X-Plan prices are about $20-$100 below invoice. That is where you need to BEGIN negotiations. Don't ever let them think you would ever even pay invoice. You can go to www.fordpartner.com and use the partner code DAVET to see X-Plan pricing so you can get an idea about where to begin negotiating.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi crispyj. If you were to lease a 2007 Ford Edge SEL AWD through Ford Credit right now for 36 months with 12,000 miles per year, its base lease rate and residual value should be .50% and 53%, respectively. As you mentioned earlier, the lease rate is the actual interest rate that you are being charged, so Ford is charging less than one percent on leases of the Edge to help move them right now. When negotiating your lease on this truck, make sure to take the lease cash that is currently available on it into account. It is currently $750 in most of the country, but a little more than that in select areas. If you tell me what state you are in, I will gladly tell you the exact amount for your area. Make sure to use the lease cash to help you negotiate an attractive capitalized cost for your Edge.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ejonsey. After the two cash incentives that you mentioned are backed out, you are being given nearly a $2,000 dealer discount on the Edge that you are interested in. The difference between the full MSRP and dealer invoice on the truck that you want isn't much more than that, so this looks like a very attractive price. Just make sure that the dealer you are working with uses Ford Credit's 36 month base lease rate of 0.5% to calculate your monthly payment and you're in business.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi vkeane. If the $1,400 discount that you were quoted for the Edge that you are interested in is before the deduction of the lease cash that is currently available on this model it is a pretty good price. If it includes the $750 lease cash that is available on this model right now (it is actually as much as $1,250 in certain areas) then there is a good chance that you can do better than this by shopping around. The lease rate that you were quoted is right in line with Ford Credit's current base lease rate for this model.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ejonsey. You definitely should confirm this truck's exact selling price before finalizing your deal. If it is the $450 over invoice before the deduction of any incentives, like you mentioned in your post then this is a very good deal. Also, make sure that the dealer that you are working with uses Ford Credit's 39 month lease rate of 0.75% to calculate your truck's monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi vkeane. Dealer invoice before the deduction of the available lease cash is a very attractive selling price for a Ford Edge. If this is the price that you are being given, go for it. Just make sure that this dealer uses Ford credit's base lease rate of 0.5% to calculate your monthly payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi advicepls. The truck that you described has a spread of around $2,500 between its full MSRP and its dealer invoice price. You are being given around a $1,500 discount on it, which is assume is before the $1,250 lease cash. This is a pretty good deal for an Edge SEL Plus right now. Furthermore, the lease rate that you were quoted is right in line with Ford Credit's base lease rate for this truck. You would be better off having the dealer cut you a check for any equity that you have in your trade rather than using the proceeds from it as a down payment for your lease (you risk losing it if your Edge is in an accident or stolen), but other than that this looks like a good deal to me.

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  • buffalo78buffalo78 Member Posts: 36
    Just picked up my EDGE yesterday. SEL+awd Black with charcoal leather. Vistaroof, rear sensors, audiophile sound, rear cargo management, and all-weather floormats. MSRP 34,485.
    Selling price 32,365
    36 mos, 15k/year
    res 51
    lease rate .5%
    $0 down $0 due at signing
    $487/mos.
    Would of liked a lower payment but they came up on my trade, so I actually walked away with some extra money in my pocket.
    Love the vehicle! I was originally looking at the Mazda CX-9 but availability was frustrating. Really didn't need the third row of seats. Went back and looked at the Edge.... glad I did!!
    Only complaint is that it was nice and clean till the birds in my neighborhood decided to "Hit" me a few times.
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