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Ford Edge Lease Questions
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Thanks!
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.
There was no real difference in the RCO vs. RCL dollars anyway.
When did the new law go into effect?
But.. my Edge should be in from LA tomorrow, so I'm excited nonetheless
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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
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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.
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Any numbers you can provide would be helpful.
Thanks!
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.
Hope you enjoy the X3!
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.5% to .75% interest rate.
"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
$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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has anyone had experience getting these for below-invoice?
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.
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!!! :-)
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):
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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.
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 $.
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?
The lease factors are 51% residual, .9 factor or rate. Does this sound good?
thanks!
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.
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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.