- #43 of 245
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UPSIDE DOWN ON 2003 EXPLORER PURCHASE
by desertrats
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Dec 10, 2005 (10:04 pm)
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My wife and I are elderly, and apparently too gullible. We have been paying $530 a month for a 2003 Explorer we purchased, not leased, for 2 years, and have 5 to go. Boy, are we STUPID!!! We have had unexpected health problems and costs, and need to get out from under this payment, which is totaly upside down.
What are our options???
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- #44 of 245
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Re: UPSIDE DOWN ON 2003 EXPLORER PURCHASE [desertrats]
by kyfdx HOST
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Dec 10, 2005 (10:14 pm)
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Replying to: desertrats (Dec 10, 2005 10:04 pm)
Since your problem is not exactly Explorer specific, you might get more responses by posting here:
Owe more than it's worth... I'm upside down and I can't get up!
regards,
kyfdx
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- #45 of 245
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Re: new leasing program 2006 EB 6 cyl. [docgary]
by Car_man HOST
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Dec 11, 2005 (6:20 am)
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Replying to: docgary (Nov 22, 2005 6:13 pm)
Hi docgary. Ford Credit does charge an acquisition fee of $595 on every vehicle that it leases. As you suspected though, I believe that its current advertised lease on the 2006 Explorer assumes that this charge is rolled into the capitalized cost. This lease offer sounds like a very good deal to me, especially since the selling price is based upon the new "Keep It Simple" plan price.
Car_man
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- #46 of 245
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Re: November Lease Figures [carfact]
by Car_man HOST
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Dec 11, 2005 (6:23 am)
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Replying to: carfact (Nov 25, 2005 8:11 am)
Hello carfact. I believe that Ford's lease program for this truck varies depending upon what part of the country one is in. I will provide you with information on what I believe is the more common program. If you were to lease a 2006 Ford Explorer Eddie Bauer 4WD through Ford Credit right now for 24 months with 15,000 miles per year, its base lease rate and residual value should be 2.75% and 60%, respectively. The lease rate for an otherwise identical lease with only 12,000 miles per year would be the same, but the residual value would be 2% higher.
Car_man
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- #47 of 245
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Re: 2006 EB Explorer [docgary]
by Car_man HOST
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Dec 11, 2005 (6:27 am)
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Replying to: docgary (Nov 25, 2005 12:42 pm)
Hey docgary. It looks to me as though you got your Explorer for slightly over invoice, which is in line with the "Keep It Simple" plan price structure. If so, you got a good deal. Enjoy your new truck!
Car_man
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- #48 of 245
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Re: How did I do? ('06 Mountaineer Premier V8) [vic74]
by Car_man HOST
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Dec 11, 2005 (6:31 am)
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Replying to: vic74 (Nov 26, 2005 6:53 pm)
Hi vic74. The best way for me to tell if you got a good deal on your new truck is for me to take a look at its full MSRP and selling price, in relation to your lease payment. If you let me know what these numbers are, I will tell you what I think. Please post them over in the following discussion though : "Mercury Mountaineer: Lease Questions".
Since you aren't all that familiar with how leasing works, you definitely should check out the following informative articles that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
Car_man
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- #49 of 245
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Re: Just Inked a deal [jay34]
by Car_man HOST
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Dec 11, 2005 (6:32 am)
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Replying to: jay34 (Nov 27, 2005 1:10 pm)
Congratulations on your new truck, jay34. You never mentioned the selling price or MSRP of the car that you are interested in leasing. 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 car's selling price in relation to its MSRP you don't know how much of a discount you are getting 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 on this deal if you let me know what these numbers are. I also need to know how long this lease is and how many miles per year you are allowed to drive.
Car_man
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- #50 of 245
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Re: Should I? or Shouldn't I? [shenaniganz]
by Car_man HOST
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Dec 11, 2005 (6:36 am)
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Replying to: shenaniganz (Dec 01, 2005 3:35 pm)
Hi shenaniganz. I suspect that you have to pay both sales tax and excise tax on your leased truck, but tax laws vary from state to state. If you let me know what state you are in, I may be able to provide you with some helpful links about how tax is calculated in your area. Dealers usually don't lie to consumers about tax though. They get in a lot of trouble for doing so.
The pre-tax lease payment that you were quoted for this truck looks reasonable to me, but I cannot give you a full assessment of your deal without knowing what this truck's selling price is. If its selling price is based upon Ford's "Keep It Simple" plan price structure, which is should be, then you are in good shape.
Car_man
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- #51 of 245
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Re:Explorer Lease [bkstew]
by Car_man HOST
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Dec 11, 2005 (6:40 am)
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Replying to: bkstew (Dec 09, 2005 11:44 am)
Hi BKStew. If your credit was in good shape, you should easily be able to lease the truck that you are interested in for less than $400 a month. It is difficult for me to tell how bad your credit is or how much impact it will have upon your truck's lease payment though. The fact that you have a lot of cash won't really help you with leasing, because it is never a good idea to make large down payments on leased vehicles. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for the Explorer that you are interested in would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.
Car_man
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- #52 of 245
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Exployer Limited
by jeevans
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Dec 12, 2005 (3:33 pm)
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I am looking at a lease of an Explorer Limited with all options including navigation. It is a 3 year lease and 20,000 miles per year. The MSRP is 38350. I was quoted a purchase price of 32535.55 pls tax and title. I then asked for a lease price with 0 down and was quoted $635. What is your opinion on this deal? I am in the Dallas market.
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