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Ford Explorer Lease Questions

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  • sueatoptsueatopt Member Posts: 22
    just got quote for 2006 Explorer EB with the Quad Seats.(NY) - the lease will run 377.84 per month with $2670.00 out of pocket. That includes all- 1st payment, tax, bank fee.(not plates) Lease is 39 month/10,500 miles per year. Trucks MSRP is $36,180/invoice is $32,788. Rebates and incentives are figured in. based on I think he said 2.5% finance (or there-abouts)Do you know what price this is based on? And is it a good deal? (It's supposedly a great deal. :confuse: .) just checking to see if it sound like it! thanks. Oh and I realize that I work for Volvo dealer. That is made by Ford- can I get X-plan and would price be better? :)
  • philh58philh58 Member Posts: 2
    As I near the end of my 36 month 45k mile lease, want to know how bad I got ripped off and where I screwed up

    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
  • sueatoptsueatopt Member Posts: 22
    It was a deal that was put out there - that was done as a friend -of a friend - with the GM deal, type thing and I did feel like it was a good price ;) , considering the other models I looked into. One word of advice to all ~ as I do this as Internet Manager for a living - shop the Internet till ya drop. I don't think anyone should just walk into a dealership anymore - with so much info on Internet. Salespeople have free rein to quote whatever they want :mad: - they can give you full list price :mad: and if you have no info on hand - go down the block and shop it. Don't let emotion get the best of you. Wait and shop the $...but make sure nobody low balls you in from Internet ;) Be smart - it's your $.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sueatopt. Rather than trying to back into this truck's selling price, you would be much better off just asking the dealer that you are working with for it. As a consumer, you are entitled to know this information. I personally would never do business with a dealership that refused to tell me how much they were charging me for the car or truck that I wanted. Unless you are an getting an incredible deal, you will probably be better off going through the X-Plan.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Phil. If you got Ford's X-Plan price for your Explorer, you most likely got a very good deal on it. As I am sure you are aware, X-Plan provides consumers with an attractive, set price for the vehicle that they are interested in. I personally would have passed on the Wear Care, but it does have value and many consumers enjoy having it.

    Car_man
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  • shambshamb Member Posts: 1
    Hello all,

    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!!!!
  • kirk94kirk94 Member Posts: 1
    Ok heres the deal, I am about 10K upside down on a 08 Acura TL. Long story short my company requires us to have a 3 year or newer vehicle for the car program they have for outside salesmen and I traded a 3 year old Titan and got into a car... 1) Hate a car 2) drive onto construction sites sometimes etc, not practical for my job big mistake.. I bought this car in hopes it would hold its value over 3 years and after running the numbers I am eventually going to be in a similar situation in 3 years as I was with the Titan by rolling over negitive equity on trade in.

    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
  • philh58philh58 Member Posts: 2
    Are these fee's all normal?
    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
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm glad that you enjoy this site so much, shamb. You're credit certainly is in good shape. That's always a good thing, though Ford Credit is usually fairly lenient in who it approves for its top credit tier. In order for me to give you a detailed assessment of these deals, I need you to provide me with their full MSRPs and selling prices. These numbers will show me how much of a discount you are being given and will enable me to use their actual lease programs to estimate what their monthly payments should be. Let me know and I'll tell you what I think. For now I can tell you that it really isn't a good idea to make such a large down payment when leasing. If your truck is totaled in an accident or stolen and never recovered, your $3,000 down payment would essentially disappear. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Phil. Ford Credit charges a $595 acquisition fee on every vehicle that it leases. Individual dealers do not have any authority to waive this charge, but you can roll it into your vehicle's capitalized cost if you don't want to pay it at lease signing. Next we have the capitalized cost reduction. This is essentially the down payment that you are making to reduce the amount financed for your lease. Consumers can and should lease vehicles without making any sort of capitalized cost reduction. It is actually in your best interest not to make one because if your leased vehicle is totaled in an accident or stolen and never recovered, your down payment essentially disappears.

    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.

    Car_man
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  • explorerx4explorerx4 Member Posts: 19,256
    Car_man, thanks for an easy to understand explanation.
    2023 Ford Explorer ST, 91 Mustang GT vert
  • superjetssuperjets Member Posts: 1
    Hi I just closed a deal on a new ford explorer eddie bauer 2006 model yesterday. After shopping around for a month I feel that I got an unbelievable deal. Can you tell me what you think. The msrp was 34,825 on the car. I got the 3500 factory rebate plus the 1000 cash bonus incentive currently being offered. Long story short, i paid 2200 out of pocket which coverall all the inception fees plus the taxes. its a 36 month lease, 12 miles a year. Plus this particular eddie bauer also has the third row seating and the moonroof. My out the door monthly lease payment is $348 , only having to dish out 2200. I feel that this was a great deal. Ive been going back and forth to 5 local dealers for the past month. Other dealers were giving me quortes for over 400 a month without the 3rd row seating and that did not include the taxes. Is this really as good a deal I think it is or did I possibly miss something?
  • ocrx66ocrx66 Member Posts: 9
    Does anyone have an inside line on what the dealer incentives may be on the 06' explorer after 7/31/06 and also if there will be any special incentives for returning RCL customers; this is in regards to leasing and i am in the 44116 zip code; my current lease is up end of october and also wondering if they also have a lease pull ahead program on the explorer. Thanks in advance!! P.S. also any information on the lease residual and money factor for the standard terms of 24 months/12-15k and 36 months/12-15k.
  • inzaxinzax Member Posts: 5
    Wife wants a new vehicle. Recent purchase of a VW does not fit all the kids (plus it is mine...all mine.)

    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?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, explorerx4. I'm glad that I was able to help you out.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on your new truck, superjets. Off of the top of my head, the monthly payment that you were quoted for this truck looks pretty good to me. I would be happy to provide you with a detailed analysis of this deal, but in order for me to do so I need you to provide me with your truck's selling price. This number will show me how much of a discount you were given and will enable me to use Ford's actual lease program to estimate what your truck's lease payment should be. I also need you to tell me what state you are in. Let me know and I'll tell you what I think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ocrx66. Ford is running a lease pull-ahead promotion on the 2006 Explorer in certain parts of the country right now. The zip code that you mentioned in your post indicates that you live in Ohio. Ohio is in Ford's Cincinnati region. I know that the aforementioned pull-ahead promotion iss available in Ford's Chicago region, but I have not seen any mention of a program like this for your area. Check with your local dealers to find out for certain if there is one available in your neck of the woods.

    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.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi inzax. Your statement about your VW almost made me spit coffee all over my monitor :) . Ford's lease program for the Explorer varies by region. I would be happy to give you an idea of what its current lease rate, residual value, and cash incentives are like if you tell me what state you are in. As I just mentioned in my previous post, if you are not completely set on leasing, you may be interested in the new promotion that Ford is rolling out tomorrow. It is going to start offering 0% financing for up to 6 years on all of its 2006 models.

    Car_man
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  • chitown03chitown03 Member Posts: 1
    Looking for above for 12K/yr, 3yr lease
  • raynarayna Member Posts: 2
    Hi-I just leased a 2007 Explorer (EB) yesterday. It's basic..no 3rd row seat, moonroof, etc. I paid $3600 down and will pay $152 a month--10,500 miles/yr. It had a purchase price of $28,000. I was told (obviously) by the sales people that no one can beat this deal--they really wanted to make a sale...
  • raynarayna Member Posts: 2
    BTW...It's a 24 month lease
  • silturborsilturbor Member Posts: 2
    last month i leased a 4x4 V6 2006 ford explorer eddie bauer for 377 a month for 2 years. area code 11733 new york, i put down 2900 which included taxes and all fees except for 1st monthly payment. however, i have only a 10500k limit per year. :cry:

    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! :cry:
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi chitown03. I believe that Ford Credit's current base lease rate and residual value for a 36 month lease of a 2007 Ford Explorer Limited 4WD with 12,000 miles per year are 4.5% and 49%, respectively in the Chicago area. As you can see, Ford Credit publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. When negotiating your lease on this truck, make sure to take the $1,000 lease cash that Ford is currently providing on it into account. It will help you to negotiate an attractive capitalized cost for your lease.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rayna. You never mentioned the selling price or MSRP of the Explorer that you leased. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you got on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi silturbor. You never mentioned the selling price or MSRP of the Explorer that you leased. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you got on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    Car_man
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  • silturborsilturbor Member Posts: 2
    sorry car_man
    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????
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, silturbor. If you leased this truck for 24 months and paid the first month's payment at signing like you were probably required to then yes you should only have to make 23 more payments.

    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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  • rfogrfog Member Posts: 2
    I recently leased a ford explorer for 24 mo. 33000 mi. and the dealer suggested a maintanence agreement for 995.00 It covers regular service @5000 miles and then the 10,00 mi checkup and the 30000 mi service. Is this a good idea or a scam?
  • explrltdexplrltd Member Posts: 1
    2007 Ford Explorer Limited. Total MSRP 40,825.00. 24 months, 12K/year -selling price 38,800.00, rebate 3,500.00 (2,500.00 ford and 1,000.00 customer return) aqu fee 595.00 reg fee 255.00 cap cost 35324.00
    upfront fees 2,560.12 (my out of pocket) payment 509.34
    Does this sound good?
  • pulleydogpulleydog Member Posts: 61
    Hi CarMan - Let me know what you think of this...

    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"! :)
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rfog. I personally would never purchase pre-paid maintenance on a leased vehicle, unless it provided some sort of boost in my vehicle's residual value like some luxury manufacturers offer. All you really will have to do in terms of maintenance for your Explorer is change the oil every couple thousand miles and rotate the tires. That's it. Performing any additional maintenance on a leased vehicle is a waste of money. You probably should skip the contract.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi explrltd. I see that you are getting a $2,000 discount on this truck on top of the cash incentives that are currently available on it. This is probably very close to dealer invoice, which is a very good deal. This truck's lease program varies by region, so I can't really tell you what I think of the exact payment that you were quoted on it without knowing what state you are in. Let me know and I'll tell you what I think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi pulleydog. You certainly don't appear to be "Leasing Challenged" at all. You were smart enough to get all of the important information about the vehicle that you are considering leasing. This is very important. This truck's lease program varies by region, but the lease rate that you posted looks about right to me. Furthermore, the selling price that you were quoted looks excellent. You were able to negotiate a $2,000 dealer discount on this truck, which is probably right around dealer invoice, and made sure to have the $2,500 lease cash that is currently available on it taken into account. $500 a month is a lot of money to lease Ford Explorer, but this looks to be an excellent deal given the program that is available on this model at this time.

    Car_man
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  • pulleydogpulleydog Member Posts: 61
    Hi Carman,

    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! :)
  • gadawg2gadawg2 Member Posts: 1
    I have been looking at lease options. I have a 07 EB V6 2x4 MSRP of 31,360 with a selling price of 30,500. Using 12k miles/yr with about $850 down I have been quoted a monthly payment of $514 for a 3 yr lease and $552 for a 2 yr lease. I am in Greenville, SC - any thoughts?

    This is my first experience with lease negotiations and I have not committed to anything yet. Thanks for any comments!
  • scottduffiescottduffie Member Posts: 1
    Hello,
    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
  • fetchfetch Member Posts: 1
    Hello all. This is my first question. I am currently leasing a 2004 Ford Explorer Limited AWD V8. I started the lease in October of 2004. The lease is 48 months with 10,500 each year. My monthly lease payment is $512. I am planning on keeping the vehicle for four more years so I am thinking about buying out my lease and re financing with a very low rate through a credit union. Do you think this is a good idea? Will I have to pay sales tax on the financing for the purchase even though I already paid sales tax when I leased it? Thanks for the help.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, pulleydog. Let me know if you have any questions when your truck arrives.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gadawg2. The truck that you described probably has a spread of around $1,700 to $1,800 between its full MSRP and its dealer invoice price. You were quoted a discount of $860 on it. I personally would want a larger discount than this. If I was in the market for an Explorer I would shoot for around $500 over invoice minus the $2,500 lease cash that is currently available on it in your area. Shop around and see if you can beat this deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I can give you an idea of what this truck's current lease program is like, scottduffie. Its current program varies by region. For consumers who are outside of the New York and Detroit areas, Ford Credit's current base lease rate and residual value for a 24 month lease of a 2007 Ford Explorer XLT 4WD with 15,000 miles per year are 5.0% and 45%, respectively. This truck's 12,000 mile per year residual value would be 2% higher. As you can see, Ford Credit publishes lease rates instead of money factors for the vehicles that it leases. You can convert its published lease rates into approximate money factor equivalents by dividing them by 2400. So a lease rate of 5.0% would be equivalent to an interest rate of around .00208.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome fetch. If I was in your situation, I personally would wait until I was at the scheduled end of my lease to decide if I wanted to keep this truck. One main advantage to doing so is if it starts giving you mechanical trouble, you can just walk away from it at the end of your deal. Furthermore, if you are in an accident in your truck you can just walk away from it at lease-end and let Ford Credit take the diminished value hit that vehicles that have had collision repairs experience. Unless you are paying an outrageously high interest rate on your lease, which is highly unlikely given the level of lease support that Ford usually provides on Explorers, you probably won't save much by buying your leased vehicle and financing it through your credit union. I am not absolutely positive, but I believe that you probably would have to pay sales tax on your truck if you were to purchase it at this point.

    Car_man
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  • vballny23vballny23 Member Posts: 33
    I am looking into leasing a 2007 Ford Explorer XLT 4X4 with Ironman Package and optional 3rd row for 39 months, 12K miles/yr. Can you let me know the rent charge and residual for this vehicle?

    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.
  • creekchubscreekchubs Member Posts: 1
    I have two offers on the table for a 36 month lease with 15k miles per year. Both deals my trade is my down payment equalling $5000. Current rebate is $3500 on the Explorers.
    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings vballny23. Ford's current lease program for the 2007 Explorer varies by region. Looking at your user id, I suspect that you are in New York. I will provide you with the lease program for that area. Let me know if this is not where you live. Ford Credit's current base lease rate and residual value for a 39 month lease of a 2007 Ford Explorer XLT 4WD with 12,000 miles per year are 2.75% and 45%, respectively. $500 over dealer invoice minus any available lease cash is a good price for this truck.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi creekchubs. I see that you are trading in your current vehicle and leasing a new one. There's nothing wrong with trading in your current car or truck when you lease a new one, but it would be in your best interest to have the dealer that you are working with cut you a check for any equity that you have in your vehicle rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments on leases. Those who do run the risk of losing their down payment if their vehicle is totaled in an accident or stolen and never recovered.

    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.

    Car_man
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  • scoutlab1scoutlab1 Member Posts: 8
    I have a 3 year lease on a 2004 Explorer Limited that expires in April. The purchase price option is thousands more than its fair market value, so I do not want to buy it at that price. I am told that I cannot buy it for anything less than the purchase option. Is this true? I also thought about extending the lease for a year or two (at a reduced monthly payment given that the vehicle is 3 years old) but have been told that Ford does not do this. Is this true? Any insight would be much appreciated. Thanks very much.
  • 4jeeps4jeeps Member Posts: 6
    I am considering an Explorer XLT 4x4 and was wondering if anyone was aware of the current money factors and residual values. I would be looking for 12K miles/year if it makes a difference.

    Thank you for any assistance.
  • jennianjennian Member Posts: 4
    does anyone have the money factor, residual and
    incentive info?
    thanks
  • kalikkalik Member Posts: 1
    I need help in determining why such a price difference and how to calculate it. I currently lease a 2004 XLT - $336 for39mos 2,000 down 5,750 in rebates . Selling price 32,362 (Cap cost 27,403.22) 47% total residual (45+2) money factor 3.25% 12k miles a year .

    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
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi 4jeeps. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2007 Ford Explorer XLT 4WD with 12,000 miles per year are 4.0% and 43%, respectively in most areas. This truck's lease program is slightly better in certain regions. If you tell me what state you are in I can tell you if you are in an area that has an enhanced lease program for this model. As you can see, Ford 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. When negotiating your capitalized cost for this truck, make sure to take the lease cash that is currently available on it into account.

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