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Ford Edge Lease Questions
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Expect to see an armored Blazing Copper SEL+ with Vista, reverse sensing, 18" chrome, 6 disc MP3. Brick proof.
$32,296 and residual is $21,501, your depreciation fee is $450 per month. Then add rent charge, $16,81, sales tax, $28. $32 property tax. Monthly payment is $526.60
You're right paying the $795 will save you $130 total over the lease. $39 per month by my calculations.
I figured you were rounding numbers but here goes....
DEPRECIATION = $376.88
RENT CHARGE = $16.26
BASE MONTHLY PAYMENT = $393.14
SALES TAX WILL DEPEND ON CALCULATING IN PROPERTY TAX FIRST AND I DON'T KNOW HOW THEY DO THAT.
IT ADDS UP!!!!!!!!!! FINALLY, THEY ARE MAKING SENSE!!!!!!!
No issues with brakes. I also didn't get the gripe about people not being able to close the lift gate due to it allegedly being too heavy. The brakes are better than my 2004 F-150 that I had before the Edge and the lift gate is easier to close than my 2003 Explorer my wife had before her H3. My only real complaint as of now is the dash being a little too reflective of light and not waiting for the 2008 to get the SYNC. Other than that I am happy. I get a lot of positive compliments. Plus, my wife wants to trade cars. She used to hate to drive my F-150. I told her I would think about it in a year or two.
When I sent my dealer the email the other day he responded immediately at about $3,100 OFF MSRP and included acquisition fee in that so really almost $3,700 off MSRP.
If you were going to go with my dealer's numbers your payment would be $355.84 per month (assuming your property tax is about 8%) on a vehicle MSRP of $33,775. And he only quoted me a rebate of $1,250 so if you could get the additional $500 these numbers would be less.
Of course you would have to pay $800 to get the car delivered but that would be your only out of pocket ($800). So all in all that beats your dealer's price by around $100 per month and you would be out your down payment of $5 more dollars.
MSRP: 33,775
SALE PRICE: 30,688
REBATE: 1,250
RESIDUAL: 21,278.25
ACQ FEE: already included
TERM: 24 MONTHS
MILES: 12,000 PER YEAR
JUST AN FYI.
I was toying with the idea of waiting on an '08 (really want sync and possibly the auto liftgate, my Pacifica has that and I like it) but I don't want to extend my current lease and without the rebate and low APR, I doubt it will be as affordable. I'll have to wait for an '09.
Edge SEL+ (roof, chrome wheels, audiophile, sat rad, tow, cargo mgmt)
MSRP:$34,810
Invoice $32,472
Selling Price: $32,935
Acquisition: $595
Title: $23
5% sales tax: $809.71
Rebate: $1750.00
Adjusted Cap Cost: $32,612
Residual: 52%/$18,101.20
Drive off/monthly = $424.00
I'm of the mind that I should push for a selling price closer to invoice before the rebate is applied. Any suggestions?
Your numbers don't really add up though. Are you paying sales tax upfront?? That's weird. Usually sales tax is paid on your monthly payment. Is that a state requirement or are they trying to mess with you a little?
I'm coming up with a monthly payment of $418.92 even paying the taxes up front. Strange. Are you not getting the 0.75%
SEL (moonroof, chrome wheels etc..)
Sale price - 32,205
Invoice - 30,619
36 months / 12,000 miles with the following due.
with Drive off + cap reduction = $2980 down (first month payment included)
49% residual
Tier 1 qualifying at 1.00%
with $1750 rebate/customer cash
35 monthly payments at $349 + tax (8.25% - final monthly payment should total around $377.00).
Chuck...anyone else with some good lease knowledge. With that money down, it does not appear to be a good monthly payment. Note: also attempted to contact Woodhouse Ford. In over a week, they only responded once. Have not been able to make contact with them.
Thanks for your thoughtful reply.
The rate I was quoted is 1%. Perhaps the quarter point accounts for the $6 difference in your numbers.
I'm not paying the sales tax upfront. It is added on as part of the adjusted cap cost.
They are quoting me a selling price that is $1875 below MSRP and $463 above Edmonds invoice. When you add in the rebate ($1750) the discount from MSRP totals $3,625.
Does the $3,100 - $3,700 discount you are receiving before or after the rebate?
Anyone else want to add their $0.02? I'd be especially interested in a word from Car Man (and others) saying "Based upon the data you have provided you should be able to wrest a few concessions and dollars as follows....Offer XXX and let them come to you"
The about $3,100 was before rebate but included acq fee. He quoted me a rebate of $1,250. So, really total it would be NEARLY $5,000 off sticker. ($3,100 sale price, $1,250 rebate, $595 acq fee included). If you can qualify for the additional $500 rebate it would be almost $5,500 OFF STICKER with no out of pocket.
I was inquiring about this quote for elliemaej. If you are interested, the dealer is Woodhouse Ford in Blair, NE. They said they could deliver a car for $0.30 per mile both ways. I got my Edge from them in April and immediately was quoted by email a little over $28,800 on an MSRP of $32,690.
I just don't get how some of your dealers are still not even giving invoice prices on these 2007's. It's like they want to keep them forever.
I think if you're tier 1 you should be getting 0.75%. Also, you didn't give MSRP so it is impossible for anyone to comment on your deal. You need the MSRP to calculate the lease. I will say that you are putting way too much down. You should be able to get a payment of $377 with nothing down.
The X-Plan just guarantees a certain discounted sale price.
It doesn't shield you from any of their money grubbing tactics.
It can't be calculated on "OUT OF POCKET" or "TOTAL DOWN
NEGOTIATED PRICE: The agreed upon sale price of the vehicle
NET CAP COST: Sale price minus rebates, minus down payment, plus the acquistion fees, other fees. DON'T INCLUDE YOUR FIRST MONTHLY PAYMENT HERE
Also check your actual residual price. Make sure they are actually giving you 49% or whatever the contract says.
They could quote you 49% then put a number below that in the contract.
It doesn't matter what invoice is. I said in a previous post that I couldn't believe people were still paying over invoice. I was just saying that would be a starting point at negotiations. I would expect you could do way better than that. My dealer said $5,000 off sticker, I don't see why most dealers couldn't at least come close to that.
You're a great American. Your advice and insight is truly appreciated. I'm in Maine so I don't think the Nebraska deal is going to makes sense at $0.30 per mile. Still, there are at least 30 2007 Edge's within 100 miles of me. I'm very flexible about color and options. I'm going to grind on a few people and push for a better deal. With the economy in turmoil, the market on the skids, credit getting tighter and the 2008s in the pipeline, I gotta think as the end of the month draws near somebody is going to want move some metal off the lot and come down in price along the lines you have described. I'll keep you apprised. Thanks again.
What is your dealer doing on Expedition leases? I have a 5000# boat to tow and the Edge won't pull it. Eddie Bauer regular length Expedition would fit the bill nicely. I am in SE KS so Blair, NE is not that much of a strect for me.
I was talking about an Explorer. I did not do any better on the Mountaineer. The Mercury dealers want to give only $1200 off MSRP plus the rebate. For 2007 vehicles, this seems crazy. I am trying to buy one of them for the least amount possible but I am having trouble. I spoke with several dealers in my area (miami).
Thanks
I don't understand why some of these dealers aren't willing to make any good deals. You know they are desperate to get rid of the 2007's. On those huge selling vehicles like the Explorer, if they have 20 of them still on the lot in August, you are looking at getting a minimum of 1/3 off sticker (including rebates). If it's $30,000 expect to pay about $20,000.
For example, when my wife and I bought our 2003 Explorer, we paid $18,600 for a vehicle that MSRP'd at just over $30,000.
How are you approaching these salesmen? I always use the "I'm trying to decide between this and the (insert biggest competitor here)". If you're like me and you have multiple Ford dealers in your city, try the "So and so (dealer) told me they would do this deal." IT WORKS EVERY TIME. Worst case scenario you tell them they are INSANE and leave and they call you tomorrow begging you to come back in.
You are looking at getting a 2007, the vehicle has depreciated for 12 months. If your dealers won't negotiate price, wait for a 2008 and use the X-Plan. DO NOT BUY A 2007 FOR $1200 OFF MSRP. If you do you will go upside down on your loan.
Offer them $20,000 and see what happens. What's the worst that could happen, they laugh. At least then they will counter offer.
When we traded in our Explorer for our Hummer we only came out ahead by $1,200. AND WE BOUGHT IT FOR $18,600. A DISCOUNT OF $12,000!!!!!!!!!!!!!!!!!!!!
The 2006 H3 gets 16 City 19 Hwy.
2007 Explorer 13 City 18 Hwy.
2005 Expedition 13 City 18 Hwy.
Practically everyone I come across says the same thing. "YOU MUST HATE THE GAS MILEAGE." Ummm...NO I DON'T. It actually gets ABOVE average gas mileage for it's class. I love it.
I got $12,000 off, and only came out ahead $1,200 on Kelly Blue Book trade-in value. If I would have only gotten $2,000 off MSRP I would have been WAY IN THE HOLE on my loan.
From previous posts, I have tried to include as much info as possible.
MSRP - 30265
Sale Price - 29765
- 1750 rebate
= 28015
Residual is 49% with a guaranteed future value of 14830 at the end of the lease.
The money factor is 1.25 (??)
$375.80 + tax (8.25) for 39 months and 12,000 miles.
The numbers do not add up. Do you have any suggestions? or do you have a specific contact with the dealership you received such a good deal from?
Some thoughts
1. They need to come WAY down on the "sale price"
2. Unless your credit is terrible you should be getting 0.75%
2) Credit is good and in tier 1
That's why I ALWAYS DEMAND KELLY BLUE BOOK OR NADA TRADE-IN. The dealers will always low ball THEIR PRICE to you on trade-in. If you look at NADA and KBB, then demand the higher one you always come out better off.
2) Credit is good and in tier 1
I would think the minimum acceptable would be $2,500 off sticker plus rebates.
If your credit is "Tier 1" you should be getting the 0.75%
Everything is negotiable. Ask your dealer WTF is up with his numbers. Tell him that you have been researching and you know the current Ford lease rate. If you have to use the "I got a quote across town from such and such" line, do it.
Realize who is helping who. They need your sale more than you need their car. You are doing them a favor by taking one of their 11 month old cars off their lot and you have to account for depreciation. If Ford wanted to intervene badly enough they would change the August residuals to 40% to compensate for the vehicle's depreciation. The dealer would then be forced to reduce the sale price to make the vehicle still attractive to buyers. They don't do that because they don't want to take the ability of the dealer to make his money on some poor sap who only gets $1200 off MSRP. Keep fighting.