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Ford Mustang, Car Leasing, Coupe, Convertible
#144 of 208 Re: July Lease Numbers: 2012 Mustang [Car_man]
Aug 15, 2011 (9:29 am)
You quoted me lease rates of 2.25% and 53% residual for Ford Credit.
Does these lease rates change with region?
I am in San Jose, California.
Can you also tell me the lease rate and residual values of US BANK for
"2012 Mustang V6 Convertible Premium with 10,500 miles per year".
Thanks a lot for your help.
#145 of 208 Re: Please assist with my lease deal [edamon]
Aug 17, 2011 (12:17 am)
Thanks for such a detailed reply.
My dealer didn't have tie ups with US bank.
So, I finally leased the Ford Mustang v6 premium convertible, from Ford Motor Credit.
I got it for invoice price minus $1000 rebate, 53% residual and 2.75% lease rate.
This came to $396 per month, with $2600 down.
I think I got a good deal.
The dealer has given me a day to decide on the "Wear Care" package, which offers $2500 for excessive damage at lease end.
The cost is $750 for me.
Now my question is
Is this package really worth and useful,
and is the $750 a good price?
Thanks for your help.
#146 of 208 re: V6 Mustang Lease
Aug 17, 2011 (2:49 am)
What was the MSRP of the car and what was the selling price (before the $2600 cap reduction and $1000 rebate)? the interest rate is good, residual seems a little on the low side, since Ford has been running promo's on their V6's (they don't have a GT program).
$750 is a lot for the wear and tear and really not needed (especially when they are only covering $2500). It's also not something you can residualize in the lease, so it came out of the down payment. On a lease, unless you show up with a 3 foot scratch or a big dent, you're fine.
First there is the normal wear and tear and secondly, near lease-end with ford you'll get a package. In it includes a measuring tool - little bigger than a credit card with a ~.50 cent hole in the middle. Any scratches less than the length of the card or door dings smaller than the hole in the car are acceptable.
So if you can, go get your money back on the wear and tear package the finance guy sold you (the finance dept is where most people get taken on items they don't need - and it's stuff that is pure cash for the dealer. The most I'd have paid for that protection package is $100-$125 (and would have still passed on it).. it's all "soft money" stuff and you'd be amazed how quickly they'll drop the prices.
On an expedition I purchased a while back (it was a CPO, which came with a 6 year power train warranty), they wanted to sell me the Ford "bumper to bumper" extended warranty for three years or four years, forget at the moment with a $250 deductible per incident. A simple "no" dropped it to $1500. A second "no" dropped it to $850 with a zero deductible - which was a decent deal. However, it shows you how much margin there is in this stuff. $750 for $2500 in coverage - the ratio just doesn't make sense. Even if you had some dings beyond what they allow, the repairs would likely cost less - if even needed. The finance guy is one of the biggest crooks in the dealership and uses fear to sell you stuff you don't need. Generally they'll hand you a paper with 5 options on it (like the wear and tear or free replacement wearable parts (brake pads, etc) for some price and a few others and ask which ones do you want. Always point to a blank part of the page and say "that one", haha. .
Anyhow, with the purchase #'s, I can give you a better idea on the lease, but in the short term, go get your money back on the wear and tear package - put that $750 for your next 2 payments or pocket it.
As example, my 2012 GT Premium/Brembo/etc as noted previously with ~$38000 MSRP, leased for $410 w/tax included (8.75% here in Los Angeles) on a 36/mo lease.
Either way, congrats on the new car and enjoy it!
Oh.. also, how many miles a year did you go with? Ford Motor Credit offers 10,500/yr, 12,000//yr and 15,000/yr. There is a +/- 3% difference in residual value for example from 10,500 to 15,000 a year.
#147 of 208 re: V6 Mustang Lease [edamon]
Aug 17, 2011 (10:56 am)
The MSRP of my car is $33000, and the invoice is $31,289.
Got $1000 rebated over the invoice.
I got $10,500 miles per year.
Definitely you got an amazing deal for GT. No-one in San Jose Bay area was offering anything better than I got.
Also based on your recommendation, I have decided not to go for the $750 wearcare package.
#148 of 208 re: V6 Mustang Lease [vaibhave]
Aug 17, 2011 (11:19 pm)
Glad you ditched the wear and tear package, waste of money imo.
As for the car - I did a quick search on Truecar.com -- if you already made the deal, don't worry and enjoy the car. However, there are three dealers in your area that are selling the car for $28,500-$28,600 (guaranteed price). Also checked Cupertino as well, same pricing.
Also the rebates are $1500, but the RCL lease might only have had a $1000 incentive, not sure on this, but still, would have put the purchase price at $29,000. So you only paid ~$1000 more, not terrible, but something to note for the future.
All in all, you did alright on the lease. Their claim to not supporting US Bank is a questionable statement, every Ford dealer does - as it's the only way to lease GT's at the moment.
If I were you, go to t r u e c a r . c o m (not sure if edmunds is blocking the site) and put in your zip code and it'll give you the list of dealers (one was Sunnyvale Ford. Call them and ask what the current program is from Ford on a 10,500 mile lease, my guess is it's 56% (you get +1 point for each mileage level, 15K being the lowest, 10,500 being the best and +3 over 15K. Tell them you know that US Bank is 61% and .00182 (4.37% MF) and want to know exactly what Ford's program is on a 10,500 and 12,000 mile for your own gut check. By quoting US Bank's #'s they will be less likely to give you the wrong information. Also be sure to ask this of the finance dept and not a sales person - you could scribble everything they know about leasing on a piece of rice and still have room left over If the dealer didn't adjust the residual accordingly, you have something to take them to task on.
If I get a free moment, tomorrow I can check on them for you with the dealers I work with in LA (Galpin Ford - the largest retail dealer in the U.S. and I have a VIP/corporate account with them) but they didn't have the car specs I wanted, hence going to the other dealership. Either will give me the real programs). But I still think 53% still seems low for a 10,500 mile lease, especially since the have a V6 lease program in place with Ford Motor Credit (US Bank is 61%/.00182 MF). However, still call yourself in case I get tied up and don't get a chance for a day or two, as time is of the essence.
Lastly, one question I forgot to ask -how long did you lease the car for? I had just assumed a 36 month lease.
Again, hope you are enjoying the car.
EDIT: I just sent out an email for the RCL program, hopefully hear back tomorrow.
#149 of 208 re: V6 Mustang Lease [edamon]
Aug 18, 2011 (9:44 am)
This TrueCar $28500 does not include the Automatic Transmission which itself is $1100.
Also all of the premium convertibles available in CA, had some costly option with it (rear camera, pony package, anti-theft,etc) which was increasing the price. Also none were available in Candy Red/Kona Blue I wanted.
So actually I ordered my v6 car to be build and got this in 6 weeks.
This is a 36 month lease.
Also if you see previous posts, car_man also gave the same numbers for 10,500 mileage - 53% residual and 2.75% rate for Ford Motor Credit.
Anyway, Thanks for all the details.
I will definitely remember them for my next lease
#150 of 208 Re: July Lease Numbers: 2012 Mustang [vaibhave]
Aug 29, 2011 (12:35 pm)
Hi vaibhave. I don't believe that Ford Credit will provide this information directly to consumers and I am not aware of any resource that provides accurate data on manufacturers' current lease programs to the general public.
Prices Paid: Buying & Leasing Experiences Forum
#151 of 208 Re: July Lease Numbers: 2012 Mustang [vaibhave]
Aug 29, 2011 (12:37 pm)
Hi Vaibhave. I don't believe that Ford Credit's current lease program for the 2012 Mustang varies by region.
I have not seen the US Bank lease program for this car recently.
Prices Paid: Buying & Leasing Experiences Forum
#152 of 208 Re: July Lease Numbers: 2012 Mustang [Car_man]
Aug 31, 2011 (12:17 am)
Actually Tarry over at leasecompare dot com - in their forums section posts manufacturer lease programs for each month. Or if looking for a specific vehicle, just post a request. Great company and the manufacturer posts are a nice service that they don't have to provide done they do their own 3rd party leasing. Just shows what a great company they are snd tarry is great.
The forums link is on the main page.
#153 of 208 Re: Please assist with my lease deal [edamon]
Sep 26, 2011 (2:12 pm)
Would you please be able to post the September money factor and residual value for an 2012 Mustang V6 Convertible for 36 Months and 15,000 miles per year?