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Ford Edge Lease Questions
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Comments
here's my deal:
2007 EDGE AWD SEL+ Pewter clearcoat w/trailer tow package,all weather mats,vista roof,rear cargo system,18" chrome clad wheels,reverse sensors,sirius sat for 6 months,audiophile 6 cd 9 speaker upgrade
MSRP 34,835
LEASE 36 MONTHS/ 12K MILES
Residual 53% or $18,463
Interest rate .5% or money factor .0002083
Selling price 33,000 (their invoice was $32,948, X-plan $32,891--$ 400 or so higher than edmunds invoice price of $32,489 because of FDAF/LMDA ASSESSMENT ? which i believe is advertising related?)
Cap Cost Breakdown: 33,000
+ $ 595 Acquistion fee
+$ 1111 Tax
-$ 1250 Ford Lease cash
-$ 1090 Cash down
$32,366 Cap cost
(32,366- 18463=$13903 divided by 36 months= $386 a month
(32,366 + 18463 = 50,829 x .0002083 = $10.59
$386
+10.59
---------
$396.59 A MONTH
First month's payent 396 + tire 7.50+ title 365 + 141 doc fee = $910 + 1090 cash down = $2,000 at signing.
I know they advise to put 0 money down but in my head i want a payment under $400 a month!
This deal also included dealer taking back my 2004 mountaineer with 1 payment of 338.00 left and also had an add-on of $495 Appearance Package which entails pinstriping and extra door and wheelwell moldings. (which does make it look sharper)
Overall a pretty good experience, dealer let me take car home overnight to throw wife and kids in it. Went back and forth the next day with G.M. and finally hammered out the deal. I'M satisfied and THE EDGE DRIVES GREAT. I HOPE this info will help others as i know i checked this site quite often. I'll post a review on edmunds after 1, 000 miles . PEACE.
Look at the fine print in some of those BMW lease adds... 4k down and only 10k miles a year. not gonna work for someone who needs 15k and doesn't want to put anything down. Me, I'll take the cash back and pay off my college loans! But like you said to each his own.
$324+ $9.5(.5 interest)=333.50 say tax = 6%(? may be higher)=$20= $353.50 plus where are your motor vehicle fees at? somethings askew?
BUT HEY I'M HAPPY WITH MY DEAL! PEACE
If you need someone to explain how not to get @#$%*-ed let me know.
I'm glad you are happy with your deal, I WASN'T attacking your deal, just saying because of deals like your's, I am EVEN HAPPIER with my deal.
Gross Cap Cost = $28724.84
Residual = $17,325.70 (53%)
Aqusition Fee = $595
Depreciation = $11,399.14
Rent Charge = $342.98
Total of Base Payments = $11,742.12
Lease Payments = 36
Base Payment = #326.17
Sales Tax = $22.83
Total Payment = $349.00
Total of ALL Monthly Payments = $12,564.00
I asked the dealer if he could beat another dealer's price quote of $349.22 on a similar vehicle. This is the deal that I got. THEY BEAT IT BY $0.22. The numbers are weird because they were trying to beat the $349.22. They have to be to get a payment of EXACTLY $349 and NO CENTS.
What's the mystery?
Is it possible to get both the $750 lease cash and the $500 marketing support figured in to a lease on a new Edge?
MSRP = $32,690
Gross Cap Cost = $34,424.78
Residual = $19,485.90
Acq Fee = $0 "waived" yeah right, more like hidden elsewhere
Depreciation = $13,200.81
Rent Charge = $1,944.03
Total of Base Payments = $15,144.84
Lease Payments = 36
Base Payment = $420.69
Sales Tax = $25.24
Total Payment = $445.93
Trade-in = $1,500
Rebates = 750
Total of ALL Monthly Payments = $17,857.55
With all my homework, calculations, plans, it seems I still got messed over. The highlight would be that I spent no money and left with my car, IF you can call that a highlight.
Edge Sel+
Sticker: $30,865.00
Rebates and Incentives: -$2,000
Cap Cost: $29,464
Lease Term: 36 months
Lease End Value: $15,332.00
Residual: 53%
Money Factor: .5
Base Monthly Payment: $352.00
Sales Tax: 6%
Monthly Payments: $373.00
The salesman wants me to give $1000.00 at signing to cover first months payment, tag, taxes on something I can't remember, taxes on the rebates and incentives, plus whatever else is considered inception fees. Any left over money is, I guess, considered money down, which I know is a no no.
Can someone please tell me if this is a deal worth signing?
Thanks a million!!
A: isn't 53% of $30,865 = $16,358.45?
B: You don't pay taxes on rebates or incentives.
Inception fees due at signing should only be an acquisition fee, documentation fee, and first month's payment. Waive the Wear Care Program (security deposit) it isn't required and is pretty much a rip off.
C: If the Sticker is $30,865 and cap cost reduction (rebates) is $2000 CAP COST SHOULD BE $28,865. If they are adding in acquistion fee, documentation fee, security deposit (Wear Care) to make the CAP COST TOTAL $29,464 then they shouldn't be asking you to pay it all again (the $1,000 you were talking about at closing).
I would seriously challenge some of these tactics. They can play "shuffle the numbers" all they want but YOU need to decide what makes sense and after reading that, I don't think much of it does.
However, when I plug in your numbers:
Cap Cost: $28,865.00
Residual: $16,358.45
I come up with:
Base Payment: $347.40
Monthly Finance Charge: $9.42
Tax: $21.40
Total Monthly Payment: $378.22
Which is more money than the $373.98 the salesman quoted me.
Perhaps the only discrepancy is the $1,000 and what it is used for??
In any case, aside from the fact that some of the salesmans explanation sounds weird, is the final monthly payment, with tax, of $373.98 reasonable?
Thanks again!
However, I was able to whittle them down to $349 per month on a SEL+ MSRP $32690. I would shoot for that if possible. Good luck. And don't get the Wear Care.
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MSRP: 31,060.00
Cap Cost: 29,830.00
Acquisition Fee: $595.00
Cap Cost Reduction: $1,750.00 (incentives, not cash down)
Net Cap Cost: 28,675.00
Residual Value: 16,462.00
Money Factor: .5%
Term: 36 months
Sales Tax: 6%
Least Payment with tax: 377.30 (I added the maintenance plan that covers oil changes, tire rotation, free rental if necessary, etc. for 7.00 (was 15.00 but sales guy cut payment in half!)
I paid 797.00 for inception fees. Dealer also threw in a free pinstripe worth 75.00.
All in all I think I got a good deal. I paid 200.00 over invoice.
If anyone has anything good or bad to say about this deal, please write in!!
That's a great deal just beware of some of these "PLANS".
Example, a friend of mine leased a VW and they told him they would give him back the security deposit of around $500 if he gets it serviced by VW. He's a dumb [non-permissible content removed] and takes it in every 3 months to get a $75 oil change. $75 times 12 oil changes = $900. What a sucker.
Your welcome, Hardhawk! It's important to know which inception fees are on the up and up and which ones just increase the dealers' profit.
My rent charge was only $342.98
My residual was $17,325.70 (53%)
My total of all monthly payments is $12,564.00
Ways to improve your deal:
1. Get quotes from several dealers and pit them against one another. They are much more likely to give you what you want if you can keep saying "the other guys said they would do ____rent charge(or whatever)."
2. Always go to the biggest dealership near you. They will usually settle for minimal profit on a huge volume of cars. Smaller dealers tend to not budge on their profit margins.
3. Don't buy/lease a car in one day. You should be prepared to walk away and actually do so a couple of times until you get what you want. I usually start looking about a month from when I actually expect to take delivery of a car. That way I can see all my options and haggle about every last detail such as not paying a $199 documentation fee. After having dealt with me for 3 weeks they know I am not just playing around when I say "I am not paying ANY documentation fee," and they will have to eat the $199.
4. Never tell them how much you can afford, they will just manipulate the numbers to equal the ammount you tell them.
5. Ask WHY. Why is my rent charge more at this dealer than it was at this other dealer.
Those are just some tips. Leasing is tricky and mostly involves the dealer taking money from one area and maybe moving it around somewhere else. You can't get a good deal on a lease at most dealerships unless you really know how they play their games. The delers set their leases up on their own. The only thing the manufacturer sets is the money factors and residuals. Everything else can be manipulated by the individual dealers.
Which ever one you are with this deal if you can contact me ASAP I would really appreciate it!
Thanks
e-mail jenmani@optonline.net
MSRP: $30,110
36/months
15k miles per year
$0 down (Applied Rebate) $0 first payment- Sign and Drive
35 payments remain
Agreed selling price: $27772.77 (A-Plan + $250) WE ARE NOT A-PLAN ELIGIBLE
Gross Cap Cost: $29649.63
-$27,772.77 Selling Price
-$1,017.36 Sales Tax
-$5.00 Title Fee
-$9.50 License and Registration
-$595.00 Acquisition Fee
-$250.00 Doc Fee
Cap Cost Reduction: $320.30
Adj. Cap Costs: 29,329.33
Residual Value: $15,055.00
Depreciation: $14,274.33
Rent Charge: $330.15
Total Amt. of Payments: $14,604.48
# of Payments: 36
Payment Amount: $405.68 (Tax Included 7.5% )
Lease Experts.... How was this deal?
SEL AWD
MSRP 30, 860
INVOICE = 29,860
XPLAN = 29,760
RESIDUAL VALUE = $15,200 (which seems LOW to me)
36 Month Lease
Money Factor = .5
Lease = $411 per month
39 month Lease
Money Factor = .75
Lease = $399
He didn't give me any other numbers (such as incentives etc).
He REFUSED to believe the posts on this forum (I took printout with me) and would not budge from these figures. If anyone got a deal in the NY/NJ area, I would be happy to give that dealership another customer.
x-plan is 29838.08
residual is 16942.50
total term depreciation is 12916.35
monthly lease charge is 9.68
tax is 35.69/mo
rebate is 1250
total monthly payment comes to 369.47
This is awd sel in blazing copper with charcoal leather, 18" chrome
clad,seating flexibility
Not sure about the TAX $ but would appreciate feedback.
Thanks
I would imagine that they'll be a better deal given Ford's poor performance this past quarter. Can't count on it, though...
Can you post the lease rates and residuals for the 2007 Edge SEL+ both AWD and FWD for 36 and 39 month leases with 12000 miles per year? The information was supposed to change today. Thank you.
Vehicle: Edge SEL, pewter/lt gray, al. wheels, cargo system, roof rails, sat. radio.
State: TX
MSRP: $28,740
Price: $26,200
Res.: 52%
Finance: .5
Payment: $418 (36mo/12mi)
They were to far off on my trade and I'm not going to buy a new car without getting rid of the old one first, but I would still like some clarity, because I think (and want) the payment should be lower.
I would also like to see the residual be a little higher, but they say this is set by Ford.
Any thoughts appreciated.
Edge AWD SEL+
$1250 rebate
63% residual
.75 money factor
Received today from a Ford dealer. The money factor is obviously off by some factor. I can't figure out if this dealer is quoting me the APR (.75%) or if it's some weird multiple of the money factor (actually 0.00075 or 1.8% APR). Any ideas? It looks like the rest of the money factors in this thread are also quoted in that same strange fashion.
I asked him about it and he responded by telling me that:
"Rate = Money Factor in a lease. The rate that we use to work a lease payment on the Edge is .75. The 3 factors we use to get a lease payment is Rate, Residual and Rebate and of course the cap cost and high MSRP."
Completely unhelpful!
.00031
Very, very low..
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I've decided to replace my Pacifica lease with an Edge.
The dealer did not have the combination I was looking for on the lot but said he could locate one for me.
I asked for a ballpark number on one one the lot that was close to what I'm looking at.
He gave me $460 for 36 month/12k miles or $490 for 36 month/15k miles. It seemed really high.
Since I hadnt seen this site yet, I didnt ask for the breakdown. He told me that roughly $100 was due to taxes.
According to him in CT, property taxes are included in the lease price (wasnt that way with Chrysler). Even so, it seemed high.
I built the same car as he quoted me on FordDirect site and the numbers are waaaayyy lower.
Any help or suggestions are appreciated.
PS.. this is the same dealer that I need to return my Pacifica to.
I may have to turn it in slightly early due to the low availability of FWD SEL pluses in my area. If I wait until late Aug/ early Sep, I think I will have to take what is left over and not have a good choice of colors, etc.
Does anyone know what the residuals and lease rates are for a 24 month FWD SEL plus now. According to the FordDirect site, there is a 1750 cashback now also. That helps alot.