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Lincoln MKX Lease Questions

169 messages,  Last post on Oct 23, 2009 at 2:29 PM

You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx

What is this discussion about? Lincoln MKX, Car Leasing, Car Buying, SUV


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#71 of 169
Re: MKX new lease program [Car_man] by 07mkx
Sep 10, 2007 (10:47 am)
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Replying to: Car_man (Sep 10, 2007 2:34 am)

Greetings, I need an explanation of Leasing for my small brain. What I know about leasing is that it's for people who can't afford a car, but you lease (rent) it. It's for people who want something that would normally be beyond their reach. It's also for people who constantly want to make a monthly car payment.
 
So now why would I want to rent? For what reason would I make payments of say $380/mo for 39 months, plus 2G down = $16800 then at the end of the lease turn right around and go to the bank and get a used car loan, and make what? 4 yrs payment of the same amount. 7% for a total of 7+ years?
 
Was this just another way for the manufacturer to get people into a vehicle? I follow the school that there is no free lunch. I've seen people talk about the great lease they got, then 3 years later really upset, and regretting what they knew at the beginning, The trade-in made the first vehicle payments so low, but the second one had no trade.
 
I have no idea where this credit fallout will land, but I'm sure it will trickle down to all auto manufacturers, and credit will dry up, to the point that you need a good rating and people will purchase what they can afford.
 
Oct/Nov. 2001 saw no interest loans, 6 years later look what has happened. Same with employee pricing for everyone, Leasing has to come next now. Grandpa did it properly, save until you can pay cash. I did it with my first Lincoln. Yes stupid I know, just like I was to pay off my house and pay the balance on credit cards and still save for retirement. I also know a vehicle loses money, but I didn't buy the Lincoln because i HAD to, I bought it because I wanted it. And now it sits in the garage for me to admire and buff. I'm too old school to accept why someone would get a lease for the reason's I mentioned. And by rights's I have 13 more years to go to normal retirement age.
#72 of 169
Re: MKX new lease program [07mkx] by hardhawk
Sep 10, 2007 (1:47 pm)
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Replying to: 07mkx (Sep 10, 2007 10:47 am)

If you are going to keep the vehicle until it dies I totally agree with your thoughts. I have paid cash for a number of long term vehicles and there is no doubt that is the cheapest way to go. However, there are reasons to lease. One, if you want a new car every 3 years, for whatever reason, leasing is a way to do so and fix your exposure to depreciation (some cars depreciate way faster than others and on new models that issue is always a gamble). Two, you always have warranty. Three, there are deals to be had on leases on the right car at the right time that make them financially attractive. Four, in certain business situations, leasing can offer some tax advantages. Five, since you are only paying for the amount of use you have with the car, that frees up capital for other investments that will actually give you a return on your money while if you got a deal or subsidised lease you are not paying much in interest on the lease itself. Some of the leases out there now are at or near zero percent interest. As the economy continues to tank, there will be more deals pop up. The car companies want to sell cars and will do what they have to in order to move the metal. For you, leasing makes no sense. For many, it makes a lot of sense.
#73 of 169
don't know what to do by perplexed5
Sep 30, 2007 (8:38 am)
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going to car dealer to lease a fully loaded lincoln mkx, question car dealser says 2.9 interest rate..i thought i could get a 0% interest rate like i was buying the car, plus 2000 cash back off invoice price yes/no..thanks for the help
#74 of 169
Is this a good leasing offer by coco7322
Oct 13, 2007 (5:12 am)
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I recently visited the Lincoln Mercury in Atlanta. The deal that they offered us for a 2007 was 1995 down and 450 a month. This included the Ultimate package (powerlift), Sirius and drop down dvd. WE have a leased 2004 LExus Rx330 that has 8 payments left, but are looking to trade it in. THey are willing to take the Lexus. Can anybody tell me if this is a good deal for the MKX. WE were thinking of offering 1000 down and 425 a month. I am comparing this offer to offers that we got from Lexus and Volvo. THe msrp on this car is a lot cheaper than than the LExus and Volvo, so I think that we shoudl get a better deal for the MKX.. Can anybody let me know what they think about this offer. Thanks
#75 of 169
Re: Leasing in NJ [tadboys] by coco7322
Oct 13, 2007 (5:15 am)
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Replying to: tadboys (Jul 09, 2007 10:31 am)

Hey, tadboys can you read my message and tell me what you think of the deal that they are given me here in Atlanta. I think you got a good deal over there. Let me know what you think. thanks
#76 of 169
Re: Leasing in NJ [tadboys] by dunepearl
Oct 14, 2007 (4:15 pm)
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Replying to: tadboys (Jul 09, 2007 12:18 pm)

Looking to get in on the October special 39 months. What is the residual and money factor? What rebate should I expect? Is there any "trunk" money being given to the dealer? What Cap Cost should I expect for a FWD with ultimate, roof, and Sirius? Many thanks for your help.
 
 
#77 of 169
Re: don't know what to do [perplexed5] by Car_man HOST
Oct 15, 2007 (1:45 am)
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Replying to: perplexed5 (Sep 30, 2007 8:38 am)

Hi perplexed5. Manufacturers' lease rates are different than their interest rates for conventional loans. Even though Lincoln is currently offering 0% financing for 36 months on regular loans, its special lease rate for 36 month leases is 1.75%.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#78 of 169
Re: Is this a good leasing offer [coco7322] by Car_man HOST
Oct 15, 2007 (1:55 am)
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Replying to: coco7322 (Oct 13, 2007 5:12 am)

Hi coco7322. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.
  
You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.
 
If you are set on getting out of your Lexus lease now to lease a new Lincoln, the best way to get a good deal is to negotiate the selling price of the MKX that you are interested in before having the dealer calculate your lease payment. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. It is difficult to tell how good a deal you are getting on your new vehicle without knowing what selling price you are being charged. Once you arrive at a selling price that you are comfortable with, have the dealer calculate your monthly payment using its base lease rate.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#79 of 169
Re: Leasing in NJ [dunepearl] by Car_man HOST
Oct 15, 2007 (2:00 am)
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Replying to: dunepearl (Oct 14, 2007 4:15 pm)

Here's the information that you're looking for, dunepearl. Ford Credit's current base lease rate and residual value for a 39 month lease of a 2007 Lincoln MKX Ultimate FWD with 15,000 miles per year are 1.75% and 49%, respectively. As you can see, Ford Credit uses lease rates instead of money factors to calculate vehicles' monthly payments. You can convert its published lease rate into an approximate money factor equivalent by dividing it by 2400. When negotiating your lease on this truck, make sure to use the $2,000 lease cash that is currently available on it to get an attractive capitalized cost. I don't believe that Lincoln is currently providing any dealer cash on this model.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#80 of 169
Re: Is this a good leasing offer [Car_man] by coco7322
Oct 15, 2007 (4:30 am)
Reply

Replying to: Car_man (Oct 15, 2007 1:55 am)

Hey, Carman thanks for the response. The two dealerships that I have been to have told me that they would buy out the car. I have a payoff amount and the dealer has a payoff amt. Since, the bak believes that the Lexus pretty much keeps its fair market value, the cars payoff is pretty much the same as its value. The Lincoln dealership told me that it would be like a trade in which will be even with the Lexus. Now they told me for the Lincoln that I am looking it is has an msrp of 39,275, but after applying all the rebates it would be 33,350. Now, with those number do you think that their offer is good. They want me to put down 1995 and 450 a month for 39 month. I think that 1995 is a lot, since I did not put any thing down on the Lexus. Can you tell me if that is a good deal? I plan to counteroffer with 1000 down and 425 a month. What do you think?

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