Last post on Dec 08, 2013 at 9:18 AM
You are in the Prices Paid - Buying & Leasing Experiences
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Ford Edge, Car Leasing, Car Buying, SUV
#284 of 792 Re: Lease quotes [oxford3]
Aug 27, 2007 (10:54 am)
Hello my name is Angelica and I have a brand new 2007 Ford Edge that I just leased in May. Unfortunately I have been laid off and cannot afford the lease payments and will soon be in debt because of this. I put down $4,000 and pay $555 a month for 36 months with 15,00 miles a year. I am willing to transfer my lease with absolutely no money down and I will even give you a month's payment in advance for the first month. Let me know if you are interested it only has 3500 miles and fully loaded, gold exterior and almond interior with all the extras. My email is angelica.carfigmail.com Thanks!
#286 of 792 Re: Is this a good deal? [ajm4]
Aug 27, 2007 (11:57 am)
I am no expert but it looks like that dealer is not discounting the vehicle at all....he is only deducting the incentive...you should be doing a LOT BETTER..and I mean a lot BETTER....specially at this point when the 08 are about to start building...they are begining production on Sept 17...go somwhere else...deal..good luck
#287 of 792 Re: Is this a good deal? [ajm4]
Aug 28, 2007 (2:46 am)
Hi ajm4. If the $30,433 selling price that you mentioned in your post is after the $1,250 lease cash that is available on the 2007 Edge in your area has been taken into account then this is not a very good deal. You should be able to negotiate a larger dealer discount than $177 on this model right now. I suspect that you should be able to negotiate at least a $1,000 discount if not more.
Prices Paid: Buying & Leasing Experiences Forum
#288 of 792 Help with lease payment?
Aug 28, 2007 (10:03 am)
Hi. Could you please work these numbers and tell me what my payment should be?
2007 Ford Edge SEL Plus AWD
Neg. Price: $35272
Cash Back: $3000 (several offers combined)
Adjusted Price: $32272
.75% lease rate
63% residual value
(All taxes, tags, doc fee etc. to be paid at inception)
I'm located in New Jersey. I have researched the invoice price and worked the numbers on several lease calculators and have come up $100/mo LESS than the dealer! So, I would really like to see what you come up with. Car dealers make me
#289 of 792 Re: Help with lease payment? [tellis3]
Aug 28, 2007 (10:13 am)
I came up with $394 not including sales or property taxes.
#290 of 792 Re: Help with lease payment? [tellis3]
Aug 29, 2007 (1:58 am)
Proper terminology is extremely important. In order to determine the correct payment, you need to confirm the following...
Adjusted Capitalized Cost: Is this the same as $32,272???
Residual Value: 63% x MSRP = 63% x $36,860 = $23,221.80
Lease Rate: 0.75%
Term: 24 months
I'll assume you're paying Ford's acquisition fee at lease inception which I believe is $595. Are you paying your first payment and security deposit (if required) at lease inception as well or; are they being capitalized? It's very unclear as to what you're paying up front. And so, I need an itemization of exactly what is being paid up front.
However, assuming the above is true, then the base monthly payment (without tax) amounts to $394.31 and so there is absolutely no way possible for the dealership to be $100 higher unless you have neglected to factor in capitalized amounts.
As you are aware, Ford Credit uses an interest rate; not a money factor. And please, don't let them tell you that 0.75% is not an interest rate because it most certainly is. An interest rate is simply the rate paid for the rental of capital. The payment can be easily calculated using annuity formulas or a TI83/84 calculator.
#291 of 792 Re: Help with lease payment? [delta737h]
Aug 29, 2007 (5:45 am)
Thanks for your help. To answer your questions, yes, the $32272 is the Adjusted Cap Cost. The residual number you posted is correct. At time of sale I will pay 7% sales tax...first months payment...$119 Doc fee and NJ Tags and Registration(not sure of the amount, roughly $250, I believe).The aquisiton fee was never mentioned by the dealer. I did ask what, if any, other fees were associated with this lease, and I was told "none". I also got $394 as a payment, last dealer came in at $460/mo and assured me that their numbers were on the up and up. And perhaps it was MY calculations that were wrong. I'm confused.
#292 of 792 Re: Help with lease payment? [tellis3]
Aug 29, 2007 (8:16 am)
You had better inquire about the acquisition fee. All fund providers charge this fee. If the adj cap and residual are what you say, then the payment must be $394.31 assuming a 0.75% lease rate for 24 months. Trust me. If you like, send me an email and I will be happy to intercede of your behalf because something is seriously wrong.
#293 of 792 ..Little slow on leases...
Aug 29, 2007 (11:23 am)
After coming to these forums and listening to all the knowledge dispensed here, I have to appologize,but help get the facts straight on the lease options. I do get x-plan pricing on an EDGE and I want to lease,first is the residual,acquisition fee and the percentage set by Ford, correct?, if so then what kind of money games can a dealer play on the buyers if evrything is set upfront, of course not the selling price vs MSRP but in my case with the x-plan am I correct in assuming that the lease pricing should not change from dealer to dealer?..or is there anything else that can and should be negotiated?...
Thanks for your help and patience..