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Prices Paid: Buying & Leasing Experiences Ford Edge Lease Questions
457 messages, Last post on Jul 22, 2008 at 3:49 AM
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I live in Knoxville, TN and am looking to lease an SEL fwd with MSRP of 30,195 that they will have delivered from Atlanta. I have no trade and will receive the .75% apr. I am dealing with Ray Viles Ford at zip 37705. I feel like I'm being Jacked around because they are telling me for 36 mo. 15,000 miles that I would have to put down $1,000 to be at $485mo. I have tried to calculate this myself with no fees while receiving the #1,250rebate and adding the $595. Can someone break this down for me and help me with where I should be at. I dont want to put any money down except first payment and taxes..
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Replying to: pelizza35 (Aug 12, 2007 8:42 am) It's not as hard as it seems, once you do it a few times anyway. Here's the breakdown on the info you provided. It literally takes me 2 minutes to figure. There are 3 parts to calculating a lease. You calculate them then add them together to get your payment. 1. Depreciation Fee = ( Net Cap Cost – Residual ) ÷ Term After your rebates, down payment, adding in acquisition fee the figures are as follows: ($28,540 minus $14795, i.e. 49%) divided by term (36)= the monthly depreciation fee of $381.79 2. Finance Fee = ( Net Cap Cost + Residual ) × Money Factor You stated you would get the best lease rate currently available at 0.75% APR. You have to break that down to money factor for the calculation. To do this divide 0.75 by 2400 = 0.0003125 So...($28,540 plus $14795.55 = $43335.55 multiply by 0.0003125 = the monthly finance fee of $13.54 3. Add the two figures together = $395.33 Step 3 also involves adding in your sales tax, which you didn't provide. I will guess 9.25%. So, $395.33 plus 9.25% = YOUR MONTHLY PAYMENT OF $404.58 I am assuming that by MSRP you meant sticker price and not the price they agreed to sell it to you for. That is a very important distinction and will make all these numbers useless. I also guessed the current residual is still 49% on the FWD 36 month 15,000. It may be more or less, check your dealer's number. Depending on your state laws, you may have DMV or property taxes added in there also. I don't know how every state works. But I would definitely ask your dealer what other fees they are adding in and for a complete breakdown of how they got their number. If they are adding in Wear Care (security deposit) I would definitely waive it, it's not required. It is a dealer scam to make more money on the lease. Any document fee, or similar I would also decline. The only legitimate fee is the acquisition fee of $595 and perhaps your DMV, Property Tax. Also, why are you just getting MSRP minus the rebate? Negotiate down to at least invoice. It's August.
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Replying to: elliemaej (Aug 11, 2007 6:25 pm) 
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Replying to: chuck68516 (Aug 12, 2007 12:15 pm) I am getting more and more frustrated with this guy.
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Replying to: chuck68516 (Aug 12, 2007 12:08 pm) |
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Replying to: chuck68516 (Aug 12, 2007 12:15 pm) I do see many other valuable easons on why to buy an EDGE but the roof I think could very low on must buyers...just my thoughts..and enjoy the Sun!!!
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Replying to: svofan2 (Aug 13, 2007 1:44 pm) I don't really see any reason to not get it aside from personal taste. But, I don't think living in a city makes a difference either way. By the way, I live in a city of 300,000+ people. Contrary to most NY/NJ peoples' way of thinking, Nebraska isn't a giant farm with 4 families like Little House On the Prarie. If you don't want the Vista Roof, fine. I was just giving my opinion on it SINCE I OWN ONE. If the Edge you get doesn't have the Vista Roof you will probably have at least one person per week ask you if it has "THAT GIANT SUNROOF THINGY" so you might as well get it.
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Replying to: elliemaej (Aug 13, 2007 10:59 am)
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Replying to: chuck68516 (Aug 13, 2007 2:46 pm) I'm 6'4", and I'm fine wihout the roof but with it I only had 1/2" of clearance, and that was with the seat tilted back a notch. -Larry |
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Replying to: chuck68516 (Aug 13, 2007 2:46 pm) I only explain MY reason for not getting it. Besides, I never implied that people living in small cities in Nebraska (beautiful state)of 300,000 people are "a little house in the praire", but I can't be impressed. When one lives and works in an island (Manhattan) that sees 8,000,000 people everyday Monday to Friday and has witness and expirience many things that occur almost daily, things that the rest of the country only hear in the news. I see your point, maybe you can see mine....
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