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Ford Edge Lease Questions
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Comments
You leased approx $6200 over 36 payments
I leases approx $11,800 over 36 payments
Yet your payment is only about $25 less than mine. Even though I "financed" almost twice as much as you did. Hence, your payment should be around half of what mine was as described in my previous post.
I expect PP Tax to be about $600 per year.
Also, I had a typo above when I said at $200 a month, that was only $7200 in payments. I obviously only multiplied 24 instead of 35
Thanks
-Larry7
Section 1, amount due at lease signing = #8950.
Section 2, Payments = $324.52 X 35.
Section 3, other charges = 0.
Section 4, Total of Payments = $20306.20.
Section 5, Amounts due at lease signing
Capital Cost Reduction = $8625.48.
First Monthly Payment = $324.52
Total = $8950.00
Section 6, How amount due at lease signing will be paid
$7700 Down Payment
$1250 Rebate
$8950 Total
Section 7, Payment determined as shown below:
Gross Capitalized Cost = $36,279.15 broken down as follows:
Agreed Purchase Price = $33,991
Sales/Use/Other Taxes = $1112.15
Title Fee = $10
License/Registation Fee = $41.50
Acquisition Fee = $595.00
Documentation Fee = $529.50 (Yeah, I know. I missed it darnit)
Total = $36279.15
Cap Cost Reduction = $8625.48
Rent Charge = $2825.50.
Total of Base Payments = $11682.72
Payments = 36
Base Payment = 324.52
Section 13, Official Fee's and Taxes = $1226.55
That's pretty much all the numbers.
Thanks
-Larry
However...
Your Rent Charge was $2482.52 more than mine.
Your documentation fee was $529.50
Total of those two alone was $3012.02 more than mine. I litterally could have had your deal for under $200 per month. The fees add up quick. That's the dealer's game. They lure you in to the office then they start hiding the fees and shove the pen at you and say "sign" "sign" "sign." Before you know it you are S.O.L. You just really have to go over the contract with a magnifying glass to make sure they aren't adding in fuzzy math and made up fees.
Also in Nebraska we pay property tax when we go to register the vehicle at the DMV, it isn't included in our lease payment. It is still $500+ dollars a year depending upon the MSRP, but at least we don't pay interest on it.
Lesson, DON'T EVER, EVER, EVER, put money down. That's the whole point of leasing. Sign & drive. Always waive the security deposit. Heck you don't even have to pay your 1st monthly payment if you don't want to. You could have bought that car for about $400 per month on a 72 month bank loan. After 3 years if it was worth the even the presumed residual, you could have sold/traded it and made your $7700 down payment back.
I recommend reading this link about how to calculate a lease so you will know when the rent charge is way too high.
http://www.leaseguide.com/lease08.htm
Rent charge is ( Net Cap Cost + Residual ) × Money Factor then divided by the lease term
Thanks for the great posts on this site - I've learned a lot from here.
I have to lease my car within the next couple of days and would appreciate any help. A dealer has quoted me a rate of 407.15/mo (Registration, Taxes, everything inclusive) for a Carbon metallic SEL+ (MSRP incl. dest and del = $34,265). It has the Vista roof, 18", reverse sensing and CDX6 and the lease term is 24 months. Other details:
Down payment = $2000
Rebates applied = $1750
Sale price = $32411.19 (I think this is the price he agreed to sell it for)
Residual 64%
Money factor .03125% which gives an APR of .75%.
Please let me know if this is a decent price/ deal. I have access to an X-Plan pin.
Thanks for your urgent help folks. Please let me know if there are other things I should ask the dealer before I sign this Saturday morning.
Thanks again,
NET CAP COST would be $29,256.19
Depreciation Fee = ( $29256.19(net cap cost) – $21929.60(64%residual) ) ÷ 24 = $305.27
Finance Fee = ( $29256.19 + $21929.60 ) × .0003125(.75) = $16
—
BASE Monthly Lease Payment = $305.27 + $16 = $321.27
Add in Sales Tax of say 8% (my estimate) = $346.97
This should be your monthly payment based upon the info you provided. Obviously I don't know what else they are putting in to get the $407 such as DMV fees etc. In Nebraska that is not included in a lease. We pay that at the DMV. Just be sure that they don't have a bunch of crap rolled into the other fees. The only legitimate fee is the acquisition fee and perhaps your DMV fees and/or property tax depending upon where you live.
Your money factor was about 0.0017213 or 4.13% APR. The current Ford Credit lease rate is 0.75%.
I figured that if you would have just had your property taxes ($1112.15) and acquisition fee ($595) and would have gotten the .75% lease rate, your monthly payment would have been $236.56
Your property tax ($1112.15) which I wouldn't have had to pay in MY lease adds up a little but there isn't anything you could do about that except move to somewhere that doesn't have it.
https://www90.forddirect.fordvehicles.com/
Click Edge then go to Ford Direct Search "Let Us Find The Vehicle"
Unfortunately, the inventory site is very outdated.
So I guess the Creme Brulee one at Mantilia Ford is not there?
I went in to the dealer today to get some more breakdown.
In round numbers...
The base lease payment is $246, which includes the sales tax.
The interest per month is $57.
The Property Tax is $20 per month, which is a bonified bargain.
That's where the $324.xx payment comes from.
When I went in to day, I was given access to ALL info except the lease rate, being told it's not computed normally and would not be understandable.
Well, there ya go. The culprit has been found.
I traded in a 2005 Explorer. As you know, SUV's, particularly the Explorer, are truly in harms way when it comes to trade in values these days as are most large SUV's. The book trade on it was $18,000. They were only offering me $15,000, which I simply could not take on a 2 year old Explorer with low miles in mint condition.
I fought for NINE hours on this, and finally got my $18,000.
Now I know why. They got their 3 grand back by jacking up the interest, which I have no doubt they get to keep whatever over .75 they charged.
To be honest, other places (Toyota, Honda, etc...) didn't even want to give me $15k for the Explorer. More like $13k.
In other words, it's possible that things simply came out the way they inevitably would have no matter what I did.
I didn't even think of the interest rate. They hide it from you, and I thought that .75 was the standard.
So, I'm a little smarter, probably the same off financially (maybe a little worse), and know one more thing to watch out for next time
At least I'm making them earn the Doc fee. I'm having THEM do all the paperwork to get my refunds of the warranty and gap insurance on the Explorer.
-Larry
-Larry
Thanks so much for spending time looking at my numbers. I was unable to reach the dealer today but will do so tomorrow. Thanks again for your help!
Sincere regards,
Agam
If it says ANYTHING about RETAIL or "take retail delivery" it is referring to purchasing. Post your zip if you would like someone to check out your local incentives.
minus REBATES $1250 (my guess)
minus DOWN PMT $1500
Then add in Acquisition fee of $595 (standard on Ford lease)
Your Net Cap Cost is $28,905
Use the formula below to figure the first part of your monthly payment, the depreciation fee.
Depreciation Fee =
( Net Cap Cost($28,905) MINUS Residual(53%, $16,461)=$12443.20
DIVIDE BY LEASE TERM (36) = $345.64
Next the Finance Fee a.k.a RENT CHARGE =
Net Cap Cost ($28,905) + Residual ($16461.80) = $45366.80
Multiply that by the Money Factor. To figure the money factor take the Ford 0.75% APR and divide by 2400 =0.0003125) So the Rent Charge is $45,366.8 X 0.0003125 = $14.18
Add the two figures together $345.64 + $14.18 = YOUR BASE MONTHLY PAYMENT OF $359.82
Add 6% Sales tax, and your total payment should be $381.40 BASED ON THE NUMBERS YOU PROVIDED AND A FEW ASSUMPTIONS ON MY PART:
RESIDUAL 53%
REBATES $1250
0.75% APR (this will depend on your credit score but this is the best you could expect.)
IF YOUR DEALER ADDS IN ANY OTHER FEES SUCH AS DMV, DOCUMENT FEE, ETC. Your payment obviously will be higher.
The good news is that you should be able to negotiate the selling price down to at least invoice so the payment should actually be lower. I would start negotiating at the invoice price listed on the sticker and go from there.
To me, leasing is the answer. Here's why.
1. No money down. Sign & Drive.
2. The sales tax is paid monthly (depending on your state)
If I would have bought my Edge I would have had to pay
$2,170 in sales tax. I am going to end up paying
$22.83 per month for 36 months = $821.88 total.
A SAVINGS OF $1347.53
3. If I am buying a $28,000 car with a bank loan of 6%
APR for 72 months, after 3 years I would have paid
$12,746.51 and would still owe $15,253.49 on a car
that would have a trade in value of around $15,000
at best. Also, I may have financed in my SALES TAX
which would put me $2,100 plus interest FURTHER IN THE
HOLE!!!!
My lease after 3 years I will have paid out around
$12,500 but don't owe anything and am not in the hole
on the vehicle's value. So in the long run I am ahead
financially at least $1,347 and I don't have to worry
about some dealer not giving me what my car is worth on
trade-in value.
4. LOWER MONTHLY PAYMENTS. My wife and I both like to have
new cars so who wants a $500 car payment let alone TWO
OF THEM! Our two payments combine to $722 a month.
NOT TOO SHABBY!!!
5. The leased vehicle is always under warranty. EVERY
manufacturer has AT LEAST a 3 year, 36,000 mile bumber
to bumber warranty. What do you do if you bought your
car and at 36,001 something goes wrong. YOU PAY FOR
IT!!!!!! PARTS AND LABOR AREN'T CHEAP!!!!!!!!!!
You can't lease any car and expect to get these results. Try to lease a Honda or Toyota. I had a quote on the 2007 Honda CRV MSRP $27,000 on a 36 month lease with nothing down and my payment was going to be $473 something. YOU COULD BUY THE CAR FOR LESS THAN THAT!!!!!! But on the Fords especially, it is the right way to go. GM is usually pretty good too. My wife's 2006 Hummer H3 lease with ZERO DOWN is only $373 per month on a 36 month lease. For a VERY HIGH DEMAND ride that cost MSRP $33,885. That's pretty dang good if you ask me.
You have to really weigh the actual cost of a traditional loan VS. lease. Sometimes it is better to lease on some cars and sometimes not. I will always lease though, even if it limits my selection.
Thanks again. Will let you know how it went.
It's $0.20 per mile if you go over. You might want to keep that in mind.
Also, just to let you know, his FIRST OFFER WAS OVER $3,000 OFF MSRP. Who knows what it would be if I would have haggled.
X-Plan would be less than $2,000 off.
Just a thought.
It's not as hard as it seems, once you do it a few times anyway. Here's the breakdown on the info you provided. It literally takes me 2 minutes to figure.
There are 3 parts to calculating a lease. You calculate them then add them together to get your payment.
1. Depreciation Fee = ( Net Cap Cost – Residual ) ÷ Term
After your rebates, down payment, adding in acquisition
fee the figures are as follows:
($28,540 minus $14795, i.e. 49%) divided by term (36)=
the monthly depreciation fee of $381.79
2. Finance Fee = ( Net Cap Cost + Residual ) × Money Factor
You stated you would get the best lease rate currently
available at 0.75% APR. You have to break that down to
money factor for the calculation. To do this divide
0.75 by 2400 = 0.0003125
So...($28,540 plus $14795.55 = $43335.55 multiply by
0.0003125 = the monthly finance fee of $13.54
3. Add the two figures together = $395.33
Step 3 also involves adding in your sales tax, which you
didn't provide. I will guess 9.25%. So, $395.33 plus
9.25% = YOUR MONTHLY PAYMENT OF $404.58
I am assuming that by MSRP you meant sticker price and not the price they agreed to sell it to you for. That is a very important distinction and will make all these numbers useless. I also guessed the current residual is still 49% on the FWD 36 month 15,000. It may be more or less, check your dealer's number.
Depending on your state laws, you may have DMV or property taxes added in there also. I don't know how every state works. But I would definitely ask your dealer what other fees they are adding in and for a complete breakdown of how they got their number. If they are adding in Wear Care (security deposit) I would definitely waive it, it's not required. It is a dealer scam to make more money on the lease. Any document fee, or similar I would also decline. The only legitimate fee is the acquisition fee of $595 and perhaps your DMV, Property Tax.
Also, why are you just getting MSRP minus the rebate? Negotiate down to at least invoice. It's August.
I am getting more and more frustrated with this guy.
I do see many other valuable easons on why to buy an EDGE but the roof I think could very low on must buyers...just my thoughts..and enjoy the Sun!!!
I don't really see any reason to not get it aside from personal taste. But, I don't think living in a city makes a difference either way. By the way, I live in a city of 300,000+ people. Contrary to most NY/NJ peoples' way of thinking, Nebraska isn't a giant farm with 4 families like Little House On the Prarie.
If you don't want the Vista Roof, fine. I was just giving my opinion on it SINCE I OWN ONE. If the Edge you get doesn't have the Vista Roof you will probably have at least one person per week ask you if it has "THAT GIANT SUNROOF THINGY" so you might as well get it.
I'm 6'4", and I'm fine wihout the roof but with it I only had 1/2" of clearance, and that was with the seat tilted back a notch.
-Larry
I only explain MY reason for not getting it.
Besides, I never implied that people living in small cities in Nebraska (beautiful state)of 300,000 people are "a little house in the praire", but I can't be impressed.
When one lives and works in an island (Manhattan) that sees 8,000,000 people everyday Monday to Friday and has witness and expirience many things that occur almost daily, things that the rest of the country only hear in the news.
I see your point, maybe you can see mine....
Again, I was just giving advice about the Edge SINCE I OWN ONE. Yes, you give up 2.2 inches of head room. But I am 6'4" tall and I have plenty of head room in my Vista equipped Edge. To each his own. I was just stating my opinion. You were the one who was all defensive about why you aren't getting one.
Anyway, the numbers look like this...
24 months/ 12k miles
MSRP - 34130
Selling price - 32296
residual (63%) 21501
.75 APR
acq fee & DMV fee - 795 (paying up front, my choice)
lease payment of 450.
base - 394
prop tax - 32
sales tax - 24.
I believe that there many good features about the EDGE BESIDES the wonderful moon roof......happy?...
I didn't put that in caps so as not to offend you.
I have been to Manhattan 4 times. I enjoyed every visit.
I am sorry that there are idiots out there that do that stuff but it isn't an incident that only occurs in NY. Wherever there is a bridge, you will find idiots throwing stuff off from time to time. Last year a car was hit with a bowling ball through the windshield while going under an overpass on I-80 here.
The lack of a sun roof didn't help that guy out as he died of blunt force trauma.
If you are getting an Edge and don't get the Vista Roof you will probably regret it. Just like I regret not getting the Nav.
...afetrall nebraska is only 1200 mile from me and I have friend in Lincoln as well as a small town 30 miles west of Lincoln called Beaver Crossings...you see....I know people in the "little house on the praire"...lol....