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Ford Edge Lease Questions

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  • aephemeaepheme Posts: 48
    Just chatted with my local dealer and he said that the info doesn't come out until tomorrow. June lease deals still apply today. He should know tomorrow around noon.
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  • jrammjramm Posts: 8
    Tried to get an Edge this past Saturday, here is what I was quoted (which didn't add up).

    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.
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  • aephemeaepheme Posts: 48
    For a 24 month / 12k lease:

    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!
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  • hardhawkhardhawk Posts: 702
    The .75 is the APR. That is why these leases are so attractive right now. The old rate was .5, so the dealer may be marking it up .25 to make additional cash on you. Ask them what the Ford's best rate is to see if they are making it up.
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  • kyfdxkyfdx Posts: 77,429
    Divide the .75% APR by 2400 to get the approximate equivalent money factor.

    .00031

    Very, very low..

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  • elliemaejelliemaej Posts: 58
    Does anyone know how accurate the FordDirect lease calculator is to actual pricing?
    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.
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  • hardhawkhardhawk Posts: 702
    Are you returning your Pacifica early? If so, there will be extra charges for doing that. The current residuals for a 36 month, 12000 mile per year lease are 51% for a FWD Edge and 52% for an AWD Edge. The lease interest rate is somewhere around .75% to 1% for top tier credit. There is a $595 acquisition fee as well.
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  • elliemaejelliemaej Posts: 58
    My last lease payment with Chrysler is Aug 23, so I have until Sep 23 to turn it in.
    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.
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  • hardhawkhardhawk Posts: 702
    I have been given lease rates of .75% and a residual of 62% for a Edge SEL+ FWD for 12,000 mile per year 2 year lease, with residuals being 2% less for a 15,000 mile per year lease. That was yesterday. Good luck. Don't forget the $595 acquisition fee in your calculations. What part of the country are you located?
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  • elliemaejelliemaej Posts: 58
    I live in Connecticut. Is the residual value calculated on MSRP or sale price?
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  • kyfdxkyfdx Posts: 77,429
    MSRP

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  • elliemaejelliemaej Posts: 58
    Why does Ford include property taxes in with the lease. With Chrysler, they billed me.
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi gmecca2. The 2007 Ford Edge SEL FWD that you described has a spread of just under $1,900 between its full MSRP and its dealer invoice price. Plus it has between $750 and $1,250 lease cash available on it depending upon what part of the country you are in. This gives you a total of around $2,600 to $3,100 to play with when negotiating this vehicle's selling price. The $2,300 discount that you are being given looks pretty good to me. Just make sure that the dealer you are working with uses Ford Credit's current base lease rate of 1.0%, which is equivalent to a money factor of around .00042, to calculate your monthly payment and you're all set.

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi westham999. I take it that you are able to purchase, or in this case lease, your new Edge through Ford's X-Plan. If so, you are getting it for a great price. The only other factor that the dealer might be able to alter is your vehicle's lease rate. This doesn't seem to be a problem with your deal. Ford has subsequently increased its 36 month base lease rate on the '07 Edge to 1.0% and its 39 month rate to 1.25%. This looks like an outstanding deal. Dealers do not have the authority to alter vehicles' residual values. If you like the Edge, go for it.

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Hey westham999. Any lease of this vehicle through Ford's X-Plan is going to be a good deal because dealers are required to use a predetermined attractive selling price as the capitalized cost for your lease. Just double check the lease rate that is being used to calculate your monthly payment and you're all set.

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Here's the information that you're looking for, hardhawk. Ford Credit's current base lease rate and residual value for a 36 month lease of a 2007 Ford Edge SEL AWD with 12,000 miles per year are 1.0% and 52%, respectively. The numbers for an otherwise identical 39 month lease are 1.25% and 50%. The lease rates for the FED version of this vehicle are exactly the same, but its residual values would be 1% lower.

    Car_man
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  • CarMan@Edmunds[email protected] Posts: 38,515
    Hi jramm. A base 2007 Ford Edge 2WD has a spread of around $1,600 between its full MSRP and its dealer invoice price. Plus in your area, Ford is providing $750 lease cash on it. This gives you a total of $2,350 or so to play with. The $2,500 discount that you were quoted looks very attractive to me. The lease rate looks great too, though it was recently changed to 1.0% for 36 months. If you like the Edge, go for it.

    Car_man
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  • elliemaejelliemaej Posts: 58
    Car man, do you have the rates for 24 months for an SEL +? Since I maybe taking what I can get, can you please give me the rates for FWD & AWD for 12k & 15k miles? Per Fords website, my zip code is offered 1750 cash back.
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  • elliemaejelliemaej Posts: 58
    Looks like Car man might be MIA... does anyone else know the answer to my question. I have a dealer calling me back with a quote today and would like to know how close he is.
    Thanks
    Ellen
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  • hardhawkhardhawk Posts: 702
    My dealer gave me the following July information:

    Edge SEL+ FWD residual 12,000/24 month 62% /36 month 51%
    15,000/24 month 60% /36 month 49%
    Edge SEL+ AWD residual 12,000/24 month 63% /36 month 52%
    15,000/24 month 61% /36 month 50%

    Lease interest rate is .75% for 24 month and 1% for 36 month

    Hope this helps.
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  • elliemaejelliemaej Posts: 58
    Thank You!!!!
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  • hardhawkhardhawk Posts: 702
    You are most welcome. Tell us how you make out with your deal!
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  • ron48164ron48164 Posts: 8
    Does anyone have the numbers on the SE FWD and AWD?

    They should have a lower residual than the SEL.

    I looked at the options sheet bteween the SE and SEL a and there's nothing I must have to move up.

    My guess is the difference on the SEL FWD and AWD is about $11/month with A-plan pricing.
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  • westham999westham999 Posts: 5
    Carman - thanks. Ended up in NJ at a dealer in Morristown - I thought that I got a great deal with X-PLan.
    $369 per month for SEL AWD, (does not have sat radio or roof or nav) for 36 months, 15K per year everything included. This was by far the best price and I shopped 6 dealerships in NY and NJ. No one came close to this deal - even had 2 dealers tell me that I was making up the payment. I got the car before the new pricing on 7/9, but I have no regrets. This is a GREAT site and helped me to be able to get this car. Thanks Again!
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  • elliemaejelliemaej Posts: 58
    I just got a call from my dealer. They tell me they are having issues locating the car with the specs I gave him.
    I told him I would be flexible with the colors.
    I feeling like he is jerking me around.
    I'm concerned that this will drag me into August.
    I know it is like looking into a crystal ball but does anyone have a prediction on what the money factor and residuals will look like in August.
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  • hardhawkhardhawk Posts: 702
    Tell us what specs you want for your Edge. Maybe some of us can look around for you in our areas. The residuals I got were for the entire 3rd quarter, so those should not change. The interest rate could easily change in August, but I would think it might be getting better or staying the same as these are the 2007 year end models, with the 2008 production to start in September from what I read. You can order a 2008 now. You might want to consider ordering exactly waht you want if it cannot be found.
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  • advequityguyadvequityguy Posts: 138
    Incorrect. The interest actually went up a quarter point for the end of the year. Makes you gald you waited, huh?
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  • advequityguyadvequityguy Posts: 138
    What's the difference? You pay em either way. Instead of questioning FMCC, why dont you lobby your State government to do away with their rediculous property tax on a car? Sounds to me like Connecticut is ripping you off, not your Ford dealer.
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  • advequityguyadvequityguy Posts: 138
    This is an easy one. As the model year gets longer in the tooth, as a rule, interest stays about the same, rebates go up, and residuals go down. I do not think any lease terms will change on the 2007 Edge for the remainder of the model year, though. They should be relatively sold out in short order without any more prodding. If you want one, go for it. I bought mine a couple months ago. Couldn't be happier.
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  • elliemaejelliemaej Posts: 58
    The difference is that if I pay them through my leasing company, I have to pay them monthly. If I pay them on my own, I can either pay them once or twice a year, holding the funds in my interest bearing account. The dealer also mentioned that Ford pays an average rate, not the accual local mil rate. He couldn't say if it is higher or lower than what I would pay directly to my city.
    Don't get me started on getting rid of them...I would love to see my property taxes go away but CT will never do it. We have some of the wealthiest communities in the country and some of the highest per capita income. Even when they started getting millions from 2 of the largest casinos in the world, our taxes went up!
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