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Ford Explorer Lease Questions
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2004 Explorer - Detroit area
msrp 38,675
x-plan 34,634
Dealer charges
22 strip
595 acq fee
150 x plan surcharge
-2000 rcl incentive 33,424
residual .46 - 17,790
Now over to the Michigan motor vehicle lease agreement
capitalize cost reduction 1367
first month payment 527
title fee 15
registration fee 8
gap cost reduction tax 82
which amazingly equals the rebate of 2000
Gross capitalized cost of 35,701 {agreed vehicle value of 34,806}
capitalized cost reduction 1367
adjusted capitalized cost 34,333
residual value 17,790
rent charge 1358
base monthly payments 17,901
wear care 300
total monthly payment 527
I don't want to get ripped off next time, not sure if I'm going to lease again or buy.
Thank you for your help and review
Phil
Car_man
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Car_man
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What a wonderful site this is! I hope you guys can help me.
I got a quote today for and Explorer and 4Runner, here are the details. Which should I go with. I live in Long Island NY.
EXPLORER:
Eddie Bauer (no third row and no navigation) 10500 miles per year. 39 months lease $389 per month with $3200 down.
4RUNNER
Basic SR5. No options. 12000 miles per year. 36months lease with $3000 down.
Both down payment INCLUDES Tax, title, Destination charge., Security etc.
Is this good. Can I get a better deal anywhere else?
My credit score is 800 plus. Thanks!!!!
I am looking at 2008 Explorers Eddie Bauer lease with X plan and $4250 in rebates. with this much negitive equity Im told I cant look at xlt b/c they wont do the loan off the msrp. So I am looking at leasing for 39 months to get out of being upside down. My payments are going to stay the same but I want to make sure I am not getting jerked around on the lease, it is figured at 18K miles a year. Here goes.
2008 4x4 Eddie Bauer V6. I live in Louisville Ky.
The way I see it:
MSRP - $35450
X plan Price = $33,489 agreed selling price with dealer
Lease cash - $4250
= $29,239
Negative Eq. + 10,000
= $39,239
$Down 1000
Payments should be close to around $700 before tax.
For some reason the dealer is figuring this and I dont know what some of the terms mean, it is off his quote worksheet.
Selling price - $44,000
Cap Fee Window - $1,243
MFD Rebate - $4,250
Cash Cap Reduction - $969
Adj Cap Cost $40,024
MSRP $35,450
Residual % 39
Residual value $13,825.50
APR 2.75%
Term 39
Tax window $2125
Base monthly Payment = $733
Total monthly Payment = $807.72
Due at signing - $2,160
I dont know what to make of all this. Am I getting a good deal considering the mess I am in? The payment on the lease is to the dollar amount I am paying on the Acura on a 60 month note. In theory I want to be able to throw the keys on the table in three years and be done with upside down on every car I have ever owned. But I can't decide what to do.
Regards
Acq fee
X-Plan surcharge
Capitalize cost reduction
Rent charge
and a gross capitalized cost that exceeds agreed value?
Thank you for the response
Phil
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All consumers who lease vehicles have to pay a rent charge. Lease payments are composed of two main parts, the depreciation portion and the interest portion. Just like with a conventional loan, you have to pay interest on leases.
Last we have the X-Plan surcharge. I am not familiar with what this charge is. How much is it? I know that some manufacturers charge consumers who purchase new vehicles through their employee programs a tiny fee. For example, DaimlerChrysler charge consumers who purchase vehicles through its Employee Purchase Program a $75 fee. Perhaps this is what this charge is. I have never purchased a vehicle through Ford's X-Plan so I don't know for certain.
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Anyone know what the residual value, money factor is on a 10.5k a year lease, 24 and 36 month term on a Ford Explorer, Eddie Bauer?
Car_man
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Car_man
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Ford's lease program for the Explorer varies by trim level. I would be happy to give you an idea of what this truck's current lease program is like if you tell me the exact Explorer model that you are interested in.
If you are not completely set on leasing, you may be interested in the fact that Ford is introducing 0% financing for up to 6 years on all of its 2006 models tomorrow. That is a heck of an attractive offer.
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Car_man
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moonroof, 3rd row seating, leather, advanced instrument panel, 4x4, standard cd player/mp3, cruise control, wooden trim panels, standard climate control
no navigation, no dvdplayer or cd changer, no heated seats, no heated side mirrors, no 3rd row climate control
there was some kinda of rebate going on at that time.....i think it was the 2k rebate......
thanks for any help, waiting for the bad news!
Car_man
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Car_man
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Car_man
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the total MSRP was 35,385 (included the destination charge of 645.00
according to my agreement the gross captalized cost is 33,345 with the agreed upon value of the car of 32,750. the captialized cost reduction is -5,510.90 which equals the adjusted captialized cost of 27834.10
then minus the residual vallue of 20169.45 equals to the depreciation and any amortized amounts of 7664.65 plus rent charge of 1691.27 equals total of base monthly bse payments of 9355.92
according to itemization of amount due at lease signing or delivery, a.)net trade in=0 b.)rebates and noncash credits 4,500 dollars c.)amount to be paid in cash = 2,900(my down payment)total of 7400.00
on the right hand side that says amounts due at lease signing or delivery
a.)captialized cost reduction=5,510.90
b.)first monthly payment=389.83
c.)refundable security deposit=0.00
d.)title fees=45.00
e.)registration fee=159.50
f.)tax on cap red=475.32
g.)upfront taxes=806.95
h.)waste tire fee=12.50
TOTAL 7400.00
1.)amount due at lease signing or delivery=7400
4.)total of payments=16366.09
please help car_man
and what is captialized cost reduction............
and how come since the 7400 included my first monthly payment they area still asking for 24 more monthly payments, shouldn't it be 23????
Let's take a look at the price that you paid for this truck. According to your posts, you paid $32,750 for a 2006 Ford Explorer Eddie Bauer V6 4WD that had an MSRP of $35,385. I don't know the exact dealer invoice price of the truck that you got, but it looks like you probably paid only $500 to $750 over invoice, which isn't bad. Then your capitalized cost reduction was subtracted from this price. The cap cost reduction is composed of any down payment that you choose to make and any cash incentives that you are entitled to. The cap cost reduction lowers the amount that you are financing, which in turn lowers your vehicle's monthly payment. Overall I would say that you got a fair deal on this truck. Enjoy .
Car_man
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upfront fees 2,560.12 (my out of pocket) payment 509.34
Does this sound good?
2007 Ford Explorer Eddie Bauer
MSRP: $36045
Selling Price: $34000
Taxes & Fees: $595
SubTotal: $34595
Current Red Carpet Lease Rebate: $2500
Total: $32095
15K miles per year / 39 month Lease
Leasing Finance Rate = 3%
Taxes & Fees Paid at Inception: $270
Monthly Payment Breakdown -
Base Payment: $467.10
Local Excise Tax: $36.56
Sales/Use Tax: $25.18
Total Monthly Payment: $528.84 for 39 months.
Buyout after Leasing Period: $16220.25
1st Payment consists of the $270 Taxes/Fees and 1st Monthly Payment of $528.84 for a total of $798.84
Let me know if I forgot anything. Thanks for helping all of us "Leasing Challenged"!
Car_man
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Car_man
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Thanks for your reply and thoughts about the lease. This is actually going to be a special order vehicle that won't be arriving from the factory until sometime in January. We're hoping that the incentives will be better next month. Currently $2500 rebate here in MA. We're going from a Mercury to a Ford and unfortunately, we will likely NOT be eligible for an owner loyalty rebate because of the change in the vehicle Make.
But thanks for your assistance!
This is my first experience with lease negotiations and I have not committed to anything yet. Thanks for any comments!
I am trying to use the Lease Calculator to figure out how to get to a monthly payment that fits me. I get the a-z plan, want to put zero down, and understand there is 4500.00 is rebates.
Where can I find the '07 XLT 4X4 Explorer lease interest percentage rate (money factor) and residual value for the current 24 month lease offer area 48346; with 12K and 15K miles a year? (I figured the money factor to be .0011 but do not know where to find the residual values).
Thanks, Working Backwards
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The MSRP on the car is $30,660 and I am working off a price $500 over invoice $29,288. Then, taking off the $3500 lease cash, negotiated cost would be $25,788.
Both deals offer zero out of pocket at start.
The Limited:
MSRP 36155
Xplan pricing 34323.9
total selling price 25823.9
End Value 16769.75
monthly payment 371.76
The Eddie Bauer:
MSRP 35515
xplan 33566.94
total selling price 25066.94
End Value 16836.9
monthly payment 346.01
I like the limited because it has the black seats but the EB seems to be a better deal. What is the better offer? Please advise.
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The fact that you are able to get your truck through Ford's X-Plan ensures that you will get it for a good price.
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Thank you for any assistance.
incentive info?
thanks
I was looking into leasing the EB for the same selling price and have been working on quotes. For the same priced vehicle (Less options,looks a little nicer), and the same lease term 39mos 12k miles 2.25% financing , 5000 in rebates, with 2,500 down I am quoted around 375 a month . I am being told its all due to residual value difference. Is this true, is the residual value of the EB the same at all dealers for this vehicle lease? Is 375 reasonable , I cant see paying more for the same priced vehicle .
Thanks
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