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Coupes & Convertibles Ford Mustang Ford Mustang Lease Questions
90 messages, Last post on Apr 10, 2008 at 1:31 AM
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Replying to: mindless (Jun 04, 2006 4:54 pm) Car_man Host Smart Shopper / Prices Paid Forums |
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I am planning to lease Mustang 2007 GT Premium. TOTAL MSRP quoted by the local dealer here in Cleveland is $29,225 with 24 month lease and 10,500 miles per year. BTW, its auto, I requested the quote for manual too, I guess the quote was close to this one. Let me know what would be monthly payment for the car.... Thanks, Josh.
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Josh, When Carman said the lease program is bad on the GT, he means that the lease payment will be almost the same as a finance payment. While the residual will be 69% for 24 months, 10,500 miles, there is no rebate and the lease interest rate is 7.75%!!!! You are going to easily be over $500 a month probably close to $600 after taxes and MV fees. Mark. |
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Replying to: josh89 (Jan 31, 2007 6:16 pm) For now I can tell you that the Mustang GT's lease program is not very attractive. Car_man Host Prices Paid Forum |
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Due to a money crunch and probable blown head gasket/cracked head on a '98 Outback w/140k I am going to sign for a lease on a '07 'stang on thursday (2/15). There is a lot of emotion in this decision as I have wanted a Mustang since I was 14, and am 41 now. The work sheet for purchasing the car is easy to follow and understand, but i am never comfortable following the numbers on a lease work sheet. Here is the information right off the lease worksheet. MSRP-24,850 LEV (residual - 54%) 13,419. Term 36mo, rate 6%. Cash down $2,000 (to help get monthly where i need it to be) rebate $1,000 Trade $3,500, total Working Cash $5,500. Selling Price $23,319.45, Capped adds (told was acquisition fee) $595, Cash Cap reduction $1,449.19, Total Cap reduction $5,949.19, Adjusted Cap Cost $18,722.63, Base monthly rental $227.32, total monthly payment $241.31, sales tax $1261.01 Upfrt Annual fees 39.50, Upfrt initial fees 20.00 security deposit $250.00, Amount due at start $5,500. Mileage is 12k. If i buy the car at the end of the lease, my total outlay will be about $27,500 with property taxes included in the payments. My plan is to keep the car for a long time. Due to amount of cash needed up front for an affordable finance payment at this point in time a lease is looking to be my only option. I can get 5.56% from my credit union but would have to pay for 6 years and come up with $2,000 more for a downpayment than i will with a lease. The total monthly payments would be about $15 more a month, and the total over 6 years is close to the same, but i would have to pay the tax seperate. The sales rep is one of my clients and i trust him. I don't know if I trust the sales manager as he is the one that runs the numbers, and I don't know him. I don't know if he is taking advantage of all the hidden treasures in a lease for them to play with. Am I getting hosed on this lease??? Thanks for your help. I am supposed to sign the papers and pick up the car in 2 days. |
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Also, there is about 50 different ways leases are calculated...one for each state. What state do you live in? What is your zip code? First, one of the things that people do not realize with leaseing is that cap cost reduction gives you no benefit. When you finance a car, every dollar you use as a down payment saves you money in the long run because you pay less interest. In a lease, the interest is considered the "rental fee" The amount of interest you pay is calculated BEFORE down payments are subtracted. The downpayment comes off of the total Your cap cost reduction of $6,000 is basically just paying your monthly payments ahead of time. BUT IT DOES NOT lower the amounth of interest you pay. Most people lease with little or no Cap Cost reduction. Obviously this would put the payment up, but you would have a substantial sum of money in the bank to draw from to meet those higher payments. Most people DO NOT buy their leased vehicle at the end of the lease unless they have no choice due to huge overmilage charges that they can't afford. Your lease end value is probably much higher than the street value of the car at turnin. Accordingly, do not assume that you are going to buy the car at the end of the lease, this just may not make sense. The selling price of the car is negotiable. Use Edmunds TMV to make sure you are getting a good deal. If you finance, at the end of the 6 years, you'll have a car that you own. If you lease, at the end of 36 months, you have nothing. Most importantly, you do not have $3,500 in trade equity. Mark. PS You are kind of screwing yourself for your next purchase when the lease is over. Assuming you do not win the lottery, you are not going to have a $3,500 trade for your next vehicle. This trade is probably saving you $100 a month. Which means in 3 years you are not going to get the same car for the same payment. |
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Car Man, Could you tell me the current residual and money factors for the Mustang GT Deluxe Coupe w/automatic? 12k, 36mo. I know they usually are poor on this type of car. Thanks, Sean
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North east region: First the Good news. A GT has a residule of 58%!!! for 36 mo/12kmiles/yr. PLUS there is $995 rebate or "free auto trans". Now that bad news. Money factor is 7%! for comparison, the MF on a 39mo Fusion AWD is 1.25%! Accordinly, the Mustang GT is not a very good lease. Mark |
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Replying to: seanwest (Mar 27, 2007 8:05 am) Car_man Host Prices Paid Forum |
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Hey CarMan, I'm looking at leasing/ballooning a Mustang V6 right now. I'm in Little Rock, AR, but I've got an address in South Carolina I would use to register the car, because they get an extra $995 in customer cash. I'm going to switch the tags over after registration is complete, so for now, I'll use 29118 as the zip to do the deal. I'm only looking to keep the vehicle for 24 months, until the 2010 model comes out. I'm currently balloon financing both mine and my wife's 2006 Honda Accords, due to the tax laws regarding leasing here in AR. I've already negociated the price of the new cars down to the point where the negative equity added would still make the total sale price of the new cars less than the payoffs of both Hondas, so I'm thinking I should be able to get a manageable payment, but I know that depends on rates and money factors. Another site lists the V6 coupe as having a 63% ALG residual for 24 months, and 52% for 36 months. Total price for the one I'm trading for my use will be $22,025 with all rebates factored in, as well as what I'm upside down in the Honda for. The payoff for 30 Apr 07 on the Honda is $22,090 and I have exactly 23 payments on it totalling $8446 until the balloon is due, which I have no intentions on paying. I'm wondering what my payments would be like on a 24 month balloon or lease, and I'm also curious about the 36 month term as well. The dealership kept asking me who I was financed through for my Hondas, guess they were trying to get an idea about my credit rating. AHFC all the way, and I didn't think the 5.14% is that bad, considering I didn't even have a job at the time, because I had just come back from overseas a few months prior to that. Thanks in advance for any help you can give me.
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