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Ford Explorer Lease Questions

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  • baggs32baggs32 Member Posts: 3,229
    Car_man,
    I talked to my salesman and he's giving me a residual of .43 and a rate of 4.5% which makes my payments much higher than what you came up with. Is he giving me the run around? Would you be able to tell me what rate and residual you used for the calculations on an EB in post #100 and those for an XLT and Limited too?

    Thanks again!
  • choprchopr Member Posts: 1
    Im new to leasing.A dealer quoted me a 4x4 XLT MSRP of $34960.00.It has alot of options that I like. They quoted $1000.00 down. 36 months. 15k mi a year for $474.50 a month.Is this a good deal? Should I find out the actual cost of the vehicle? What steps should I take next?
  • golicgolic Member Posts: 714
    chopr-

    Leasing and buying are no different on the actual purchase of the vehicle. The purchase of the price is absolutley negotiable and you should review Edmunds TMV and Invoice pricing and go check the what others are paying in your area.

    This is the end of month and dealers depending on thier month may give you a little bit more so they can hit sales targets.

    Second, remember the only thing putting money down will do on a lease is lower your monthly payments. At the end of 36 months you will still pay X. So in other words if you don't put a 1000 down it should raise your payments by 27.77 (1,000/36).

    My philosophy is never pay money until you have to. Secondly, if you took out gap insurance and you total the car "the next day" you might be insured but YOU are out the $1,000.

    Good luck-
  • jbratxjbratx Member Posts: 40
    Car_Man,
    I live in Los Angeles, CA and I wanted to know how much I should expect to pay for the following vehicle: (With Nothing Down & With 1,500 Down)

    I know you recommend that people put nothing down, but is it easy to get dealerships to go for this? If you put nothing down your still responsible for the taxes though, right?

    Also do you recommend getting dealer quotes online?

    MSRP $32,593
    Selling Price $32,593
    Down Payment: $0 Or $1500
    Term: 24 mos
    Miles Driven per Year: 15,000
    Incentives & Rebates: -$2,000
    Est Net Selling Price $30,593

    - Thank You For All Your Help
  • pheenster06pheenster06 Member Posts: 1
    my mom just leased an 06 EB in december with 1000 total down for 24months with 12000miles a year for 302 a month. currently in my area ive now seen XLT's going for $199 a month with about 1400 down for 10500miles a year on a 2 year lease. back in december the eddie bauer was on special for its high residual value but i dont know the percent.
  • imariquinnimariquinn Member Posts: 96
    I was going to do the explorer lease, but instead my sister did it. On 2-24-06, she leased an new 06 XLT with 15K miles a year, moonroof, leather seats & 3rd row (all factory installed) for 24 months. 0 down (she did pay $350 for new FL tags because she had out of state tags). Fords incentives were $3500 bonus cash. Her payments are $389/mo plus tax, Ford pays the first payment. She loves her ride! She is happy. Her lease rate was 2.5% and I don't know the exact amount she agreed on as far as the price & residual, but the salesperson said she was paying invoice, the MSRP read $33510 or something like that.

    this was bay harbor ford in englewood beach, florida.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi imariquinn. Ford's lease program for this truck varies by region. I would be happy to try to find out what it is like for you if you let me know what state you are in.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, baggs32.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey baggs32. This truck's lease program varies by region, so it is possible that the numbers that are available in your area are a little different than the ones that I used in my calculations. At the time, I used what I believe to be the most widely available lease program for this truck. In March, the most widely available lease program for the 2006 Explorer Eddie Bauer 4WD provides a 24 month, 12,000 mile per year base lease rate and residual value of 2.5% and 60%, respectively. The numbers for a 36 month lease of this truck should be 3.75% and 51%. The numbers for otherwise identical leases of a Limited 4WD should be 2.5% / 57% and 3.75% and 49%. The numbers for otherwise identical leases of a XLT 4WD should be 2.5% / 59% and 3.75% and 50%.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome chopr. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    You absolutely should find out exactly what selling price is being used to calculate the lease payment that you were quoted. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Find out what this number is and let me know. With it I can use Ford Credit's actual lease program to calculate what your truck's lease payment should be. I also need to know what state you live in.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jbratx. Before I do any calculations I need to tell you that if you are actually being asked to pay full MSRP for this truck, you are getting a terrible deal. A base '06 Explorer Limited 2WD has a spread of nearly $3,000 between its full MSRP and dealer invoice prices. In a competitive market like Los Angeles, you should be able to negotiate at least another $2,000 to $2,500 off of this truck's selling price.

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  • baggs32baggs32 Member Posts: 3,229
    Thanks again Car_man. You're numbers were a little late but they do match the deal we got. ;)

    Residuals of 50% on an '06 XLT and I don't remember the rate exactly but it was in line with the 3.75% you mentioned. Our terms were 39 months with 10,500 miles per year. All that matters now is that we were happy with the deal and so was the salesman.
  • jbratxjbratx Member Posts: 40
    Thanks Car_man for your reply. Ford is offering a program now where they will match your down payment up to $1,000. Is it still better to not put down a down payment?
  • opinion1opinion1 Member Posts: 1
    Hi Car man.

    I would like to lease a Ford Explorer EB 06, V8 with some bells and whistles. I have never leased a car because my husband prefers to buy. He is afraid to get "had" by the time the lease expires "They go over it with a fine tooth comb and tend to find a lot wrong with it" Is that so?
    How good does your credit have to be in order to get a good lease?
    Thank you for your advise.
  • cars4mikecars4mike Member Posts: 18
    I could have used your help, for sure. The dealer (Haldeman Ford, Allentown, PA) ad offered a 4x4 EB $299/24 months, 0 down, 0 sec dep, 0 bank fee, $35,275 MSRP. When I got there, none at that price, but two slightly lower the rep said would "fit the program". When we get to the deal, he won't go over a worksheet, just tells me that the car doesn't qualify for "the program" and tells me my payment will be $60 higher. I declined, he got the GM, who told me the ad was a mistake and should have been cancelled, but the newpaper (where I happen to work), screwed up and left it run. Then he shaved $20 dollars off the monthly payment to show me how much he "wanted to do business with me". Never could get them to disclose actual numbers. With dealers like this, I think Ford's troubles are about much more than just legacy costs.

    Anyway, I think my first venture into leasing probably should be my last. Is there anything I could have or can do to get to the real numbers to evaluate a lease?
  • cwakefieldcwakefield Member Posts: 18
    Carman,
    Due to the lack of loaded Eddie Bauer's and Limited in our area we have decided to buy a Mountaineer Premier loaded. The dealership that has the car we want are refusing to tell us the March incentives. They told us if they give us the 24 month residual of .60 and a money factor of .00104 then cannot give us any incentives. Is this true?
    We would like to take any incentives that are given and apply it to our negative equity trade to bring that amount down. CAn we do this?
    What are the incentives in Georgia for a Mercury Moutaineer 2WD Premier for March? What are the residual and money factor for this car for March? What can we combine. We already have a Navigator leased so is there a second loyalty incentive?
    We appreciate all your help!!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, baggs32. congratulations on your new truck. Enjoy!

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, jbratx. I asked myself the same question when I first heard about this program. When I looked into it, it turned out that there is a trick that will still enable lessees to avoid paying a down payment out of their own pockets. The trick is that the lease cash that Ford is currently providing on models counts as a down payment for the down payment match program. Just use part or all of the Explorer's available lease cash as a cap cost reduction and you qualify for the match.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi opinion1. Most manufacturers' captive finance companies, like Ford Credit, are very reasonable when evaluating the condition of leased vehicles at the end of their terms. If they were really picky and nickeled and dimed customers to death, they would risk costing their parent company, in this case Ford, future business. You can find out information on Ford Credit's specific excess wear and tear policy by visiting the following site: Red Carpet Lease - Wear and Use.

    As far as what your credit has to be like to lease goes, this varies from bank to bank. I have found thou that banks that are affiliated with domestic manufacturers, like GM and Ford, tend to be fairly lenient about what consumers they approve for leases.

    Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm sorry to hear about your bad experience, cars4mike. It sounds like you need to work with a different dealer. This one isn't being very straightforward with you. Ford has enough dealers out there that this shouldn't be a problem. Do some research here at Edmunds.com and figure out exactly how much you should pay for the Explorer that you want. Then comparison shop with a few dealers, either in person, over the telephone, or via e-mail and see which one offers you the best price. Then have them calculate your truck's lease payment using Ford Credit's base lease program. I can tell you what that is, and even work up a lease payment for you if you want.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hmmmm, it sounds like we have another shady dealer here cwakefield. Ford is currently providing $2,000 customer cash on leases of 2006 Mercury Mountaineer Premier or Convenience models through Ford Credit and $2,500 on leases of Mountaineer Luxury models. In addition to this, it is waiving the first month's lease payment. All of these incentives are compatible with Ford Credit's best lease program. You're not off to a very good start with this dealer. You may need to shop around and find a different dealer to work with.

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  • cwakefieldcwakefield Member Posts: 18
    Carman,
    Is this $1000 match program only on Fords or can it be used against Mercury products?
    Thanks
  • shopchic956shopchic956 Member Posts: 3
    Hi Car Man,. I am new here and have some questions I am hoping you can help me with....I have never leased a veich. Always bought..Now I have a 2001 Chevy Blazer..82k, I would say good to very good shape. 4x4. I want to get an explorer, and like the idea of not having it more than 2 3 yrs at most, but am clueless on LEASES.

    I cannot have a payment per mth more than 250...I owe 3800 on my blazer, and am looking to get enough for it to pay it off and have like 2000-3000 down....

    I do not know what RESIDUAL VALUE, etc APR are can you please explain to me what I should know before going to local ford dealers???? AND is there a diff in getting a lease on a 05 or 06. I think I want the EB being I watn LEATHER and a MOONROOF...is this correct???

    Please give me the ins and outs of leasing the best you can..lol I am clueless. Also, what works diof fwith a lease as far as insurance, maitnaince goes?? thank you SO much!! Karen in NY
  • mike137mike137 Member Posts: 1
    Just wondering if i got a good deal i put $3000 Down and my payments are $414/month for 24 months then i purchased the wear and tear protection and it got my payment up to $480/month but it is fully loaded leather interior 3rd row seats dvd/tv power moonroof Heated Seats and 18 inch chrome wheels and a 4.6L V8. does not have 4x4 and navigation?
  • shopchic956shopchic956 Member Posts: 3
    Hi!! I posted to you previously...#126 post, and waiting for a response. Please get back to me on answers to my questions. thank you so much! Karen in NY
  • cwakefieldcwakefield Member Posts: 18
    Carman,
    I have a couple of more questions for you,
    Should they be charging an 'upfront tax' on my rebate - it is equaling $125.

    Does Ford Credit make them either charge you for wear care or make you pay a security deposit even if you are coming from a ford credit purchase with no security deposit and a prior ford credit lease 3 years ago. We have great credit. They have not ran a credit app yet, we are still just talking numbers.

    Should they be taking the doc fee out of the purchase price and adding it to the out of pocket? We had negotiated it out of the deal now it showed back up. If we have to pay it, would it not be better to have it in the price so it gets residualized? They said they have to charge it by law.
    Thanks for all your help
  • mtylermtyler Member Posts: 8
    Hello,
    Does anyone know the current money factor and residual for the 24 month lease?

    Thanks,
    Michelle
  • jon1962jon1962 Member Posts: 1
    great forum...can you let me know what you think about this deal:

    2006 Eddie Bauer Explorer MSRP 34,350, negotiated down to under $30K
    $1825 initial payment including first payment, security deposit and $1000 matching payment.
    Lease is $401/mth over 24 months, residual is $17K approx (51%?)
  • beach4beach4 Member Posts: 3
    OK I read the boards, I used the lease calculation directions on Edmunds and after getting lease agreements filled out by three different FORD dealerships I find that they are calculating the Rent Charge (money factor) differently. The way the program (from the dealership )is calculating it is... taking the MSRP and multiply it by the APR (example .00104 is 2.5 apr) and then multiplying that by the number of years that your lease agreement is. For example a Explorer with a MSRP of $39,475 is putting a rent charge at 1986.19
    When I asked them why it was different they said that they have no control how the program calculates it... they put in .00104 in and that is the rent charge they get. They also said not to believe everything you read on Edmunds :P
    I have to buy a car and everyone is doing it so.... I guess I will have to accept this.
    Also can't believe all the fees that every Ford dealer is adding.... doc fee, Aqusition Fee, Wear Care (which they say you have to have if you don't do a down payment)
    Let me know if this is right.
    Thanks
  • walkolifewalkolife Member Posts: 7
    The chrome dash bezels create reflections in the windshield and are a bit distracting. I'm talking about the oval trim around the speedo cluster and the two circular trims at the a/c / heat vents. Does anyone know how to properly remove them? I'd like to paint them flat black. thanks
  • walkolifewalkolife Member Posts: 7
    I get a kick out of these dealers. Do what I did, tell them what you want to pay. If they say no, leave and find another dealer that will.
  • beach4beach4 Member Posts: 3
    The problem is in the Atlanta area they are all saying it...even contacted a dealership in Florida and they are doing it also...
  • allnew3allnew3 Member Posts: 38
    Carman,
    I leased a 2006 Ford Explorer Eddie Bauer on 3/25/06 for 24 months with a 12,000 mile allowance. I received a call from my sales guy Saturday 4/8/06 to come pick up my plates and sign a revised contract. He went on to say that the numbers didn't change, but we screwed up and were absorbing the cost. So today 4/10/06, I called to have them fax a copy of the NEW contract over to read it before heading over to the dealership to sign it. What I found is that they reduced the mileage allowance to 10,500 per year. This Red Carpet Lease contract is 2 weeks old. Can they do that? It seems to me that they are holding my plates as collatoral for signing this new contract, which they pre-dated to the 3/25/06 date. Here are the lease details I signed for originally, MSRP $33,210, Gross Capitalized Cost $29,149.60, Residual Value $20,258.10. Amount due at signing $4928 minus $3500 in rebates and $400 from balance of trade payoff ($1520 out of pocket). Which yields a $250 monthly payment with 12,000 mile/year for 2 years. Was this deal to good to be true?
    Thanks in advance for your help.
  • beach4beach4 Member Posts: 3
    We had this happen to us on our Pathfinder in December. They did not charge the right tax amount and wanted us to sign a new contract tht would add about $12 extra a month. We said No, that we would return the car.... they ended up absorbing it. I have no legal background but do not believe they can do that. Maybe try to call thier bluff...
  • wgawga Member Posts: 1
    What am I missing here? I was searching for red carpet lease specials and I ran across these numbers:

    An '06 Explorer Eddie Bauer for $204 per month, 24 months, $1000 down - What's the catch? These numbers are half what I've been seeing locally. :confuse:

    Here's the link:
    http://www.patmillikenford.com/view_specials.htm
  • wreganwregan Member Posts: 6
    First, thank you for making time for this very informative group. What do you think the current Residual and lease factor or APR would be in my area for a 2006 limited V8 4x4 with a 10,500 mi allowance on a 36 month lease? Also what are the available incentives in April, still only 1,500? what about the 1st month free? Thanks very much.
  • shopchic956shopchic956 Member Posts: 3
    Hi! I have always bought and never leased, I am thinking of leasing a ford explorer eddie bauer or limited..... Please tell me the ins adn outs of leasing...someone! please...lol I have posted before with no response. I have a chevy blazer Id like to trade...2001, 80,000 miles, very good shape. I also wonder witha lease do you have to carry more insur? and what if you get dings dents etc, how are you liable??? do they take you for a killin on those types of things with a lease?? lol thank you so much. feel free to email me at shopchic956@yahoo.com with Re Ford Explorer Lease in sub line..thank you !!!
  • sstoykosstoyko Member Posts: 11
    I am having the internet manager at my local Ford dealership work-up a lease payment for the following:

    2006 Ford Explorer Eddie Bauer 4x2

    MSRP: $32,775
    X-Plan: $30,180
    Incentive: -$2,000
    Cap Cost: $28,180

    What can I expect on either a 24 or 36 month lease with 15k miles? 0 Down (other than first months)

    Thanks,
    Stephen
    Atlanta, GA
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey cwakefield. The "down payment match" program is only for Ford products. Lincoln / Mercury is running a similar, but slightly different promotion right now called the "Signature Sign & Drive Event." This program will waive the first month's payment on deals through Ford Credit. If you lease a Mercury product right now, your first month's payment, up to a maximum of $750, will be free.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome Karen. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In your post that you mentioned you want to get $2,000 to $3,000 out of your Blazer for a down payment on your lease by trading it in. There's absolutely nothing wrong with trading in a vehicle when leasing, but make sure to have the dealer that you are working with cut you a check for your truck rather than using the proceeds rom it as a down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Explorer would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.

    Ford is no longer leasing 2005 models. This is often the case late in the model year. The way leases work, vehicles' residuals gradually fall as the model year progresses. The lower a vehicle's residual value is, the more expensive it is to lease. The later in the model year it is, the more expensive it becomes for manufacturers to provide attractive lease payments on vehicles. So, at some point manufacturers stop leasing leftover vehicles and just provide cash incentives on them instead. If you want to lease, you will have to go with a 2006 model at this point.

    Let me know if you have any other questions.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello cwakefield. Different states have different tax rules, so taxes are a difficult thing to generalize about. Having said this, I'll do an anyhow :) . Generally speaking, customer cash incentives (including lease cash) are taxable, but dealer cash incentives are not because they are considered a manufacturer price adjustment.

    I believe that Ford Credit charges a security deposit on most vehicles. The only way that I could see them waiving yours is if you are currently leasing a vehicle through Ford Credit. You would be much better off paying a security deposit than wasting your money on "Wear Care" protection.

    Doc fees vary from dealer to dealer. Some dealers do not charge any, while others have ones that are several hundred dollars. Dealers are definitely not required by law to charge this fee. What your salesperson might have meant is that if a dealer charges one person this fee, everyone has to pay it. If you don't want to pay it and the dealer won't waive it, just have them lower the price of your truck by the same amount. You can either have this fee added into your truck's capitalized cost or pay it at signing, just make sure that you don't somehow do both.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Michelle. Ford Credit actually does not use lease money factors. Instead it publishes lease rates for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. The Explorer's lease program varies quite a bit depending upon which one of Ford's many regions one is in. In order for me to give you an accurate idea of what this truck's current lease program is, I need you to tell me what state you are in.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm sorry to hear about the problem that you are having with this lease, allnew3. You were smart to take a close look at your new contract before signing it. This dealer isn't absorbing the cost of their mistake if they are trying to lower your mileage allowance for your lease. I definitely would not let them do this. If they promised you 12,000 miles per year at this price, that's what you should get. Let them figure out how to do it, but make sure your lease payment, the length of your lease, and your mileage allowance stay the same.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, wregan. If you were to lease a 2006 Ford Explorer Limited V8 4WD through Ford Credit in the New York area right now for 36 months with 10,500 miles per year, its base lease rate and residual value should be 2,5% and 48%, respectively. When negotiating the capitalized cost of the Explorer that you want to lease, don't forget about the $2,500 lease cash and down payment match offer (up to $1,000) that Ford is currently providing on it in your area. These incentives will help you to negotiate an attractive capitalized cost.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Stephen. Thanks for posting what part of the country you are in. This is very important with leases of Ford models because Ford's lease program often varies quite a bit from area to area. Let's calculate a lease payment on the truck that you are considering and see what we come up with. According to my calculations, if you were to lease a 2006 Ford Explorer Eddie Bauer 2WD with an MSRP of $32,775 and a capitalized cost of $28,180 through Ford Credit in the Atlanta area right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $460. The payment for an otherwise identical 36 month lease should be around $441.

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  • exploring06exploring06 Member Posts: 1
    Carman,
    I've read a lot of posts and it seems they all vary. So here's my deal. Please let me know if it sounds right.
    State NJ. 06 Explorer ED V8, Moonroof, 3rd row.
    12K miles / 24 months lease
    MSRP - $36,025 Includes Dest charge. ($645)
    X-Plan $32,900
    Incentives $2500 + $1000 match
    Residual .58
    Total Out of Pocket $3,000
    Payment $334. Buy at end for $21,000. Is residual based on MSRP or negotiated price? And is payment decent? Or am I being tricked.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome exploring06. The fact that you qualify for Ford's X-Plan almost assures that you will get a good deal on this truck. In answer to your question about how residual values are calculated, they are always based upon a percentage of vehicle's full MSRPs, including the destination charge. The payment that you were quoted looks about right to me. I'd be happy to double check it for you. Is the X-Plan price that you posted before or after the cash incentives have been taken into account?

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  • richiecrichiec Member Posts: 1
    Hi
    I was wondering if anyone knows about the automobile theft
    protection program(ATP) that the dealer is trying to get me to purchase with my lease for $8.00 a month on a ford explorer 2006.
    It involves etching the glass with a VIN number and insurance up to $15,000 to get me back in a lease should my car be stolen and not recovered.
    Anyone know if its worth it or just a gimmick?
    Thanks
  • goodsgoods Member Posts: 3
    I saw a ad on TV yesterday for either $269 or $279 a month lease. I live in NJ. I have been looking all over for the details of the lease because I just caught the last few seconds of the commercial. Most of the dealerships around here keep those incentive deals secret and try to hit you with a $600 lease for an explorer with a few options.

    Any help on finding where those lease deals are located online or if anyone has the current specs on that deal would be greatly appreciated.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi richiec. Don't bother with the VIN etching. $8 a month is way too much money to pay for it. As long as you didn't put any money down and have gap insurance, you wouldn't have to pay anything if your vehicle is stolen anyhow.

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