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You are in the Prices Paid - Buying & Leasing Experiences
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Ford Edge, Car Leasing, Car Buying, SUV
#355 of 792 2007 Ford Edge SEL Plus Leftover
Nov 26, 2007 (9:48 pm)
Never leased before, but I feel that this may be more practical at this point in my life.
Here's what I can tell you--
I am in Southeast Florida (West Palm area).
The Maroone Group has a 2007 Ford Edge SEL Plus leftover. Invoice pricing is $29550 according to Edmunds. I can qualify for X-Plan which is usually Invoice + $100, but I intend to offer $29000 for the unit (unless you have a better suggestion). They have tons of leftovers and if they don't want the deal, I found 2 other dealers with acceptable alternatives.
So assume a price of $29000. Sales tax in Palm Beach County is 6.5%. I am interested in 24mo/15K per year or 36mo/15K per year.
I plan $0 down other than rebates which according to Ford's website is $1500 for 2007 models and I have another $500 from another rebate source (American Quarter Horse Association) Total down $2000 (through rebates).
I have excellent credit so I will qualify for top tier rates.
What should I be looking at in terms of a lease payment?
Thanks for your help,
#356 of 792 Re: 2007 Ford Edge SEL Plus Leftover [actraveler]
Nov 27, 2007 (5:40 am)
You will probably not get a very good lease rate on a 2007 model. The lease rate will probably be Ford standard, and the residuals will be very bad too.
If you want to lease, you should look at a 2008 model - the final lease cost will be much less than a 2007.
If you want to buy and plan on owning for a few years, then the 2007 might make better sense.
#357 of 792 Re: 2007 Ford Edge SEL Plus Leftover [ddelise]
Nov 27, 2007 (9:14 am)
I have been told that the lease interest rate for the 2007's is about 1.5% lower than for the 2008's. The killer will be in the lower residual for the 2007 as opposed to the 2008.
#358 of 792 Re: 2007 Ford Edge SEL Plus Leftover
Nov 27, 2007 (1:17 pm)
Thanks guys for your input. It was helpful but limited.
What I am looking for is someone who can provide actual numbers so I can make a better decision as opposed to "I think" or "I heard".
Likewise, if someone has the numbers for a similarly priced 2008 SEL, that would be even more helpful--except rebates $1000 not $2000.
#359 of 792 Re: 2007 Ford Edge SEL Plus Leftover [actraveler]
Nov 27, 2007 (1:38 pm)
I am going to be leasing a 2008 Edge Limited in a matter of days as my ordered Edge was shipped from the factory on 11/19. I have actual numbers for a FWD 2008 Edge Limited for a 36 month 36000 mile lease. They are 52% residual, 2% lease rate, $595 acquisition fee, X Plan cap cost less $1000 rebates. Is that specific enough for you? Why don't you ask the dealer for the numbers? You can get MSRP and invoice (w/o ad fees) from Edmunds as well as a link to a lease calculator to double check your dealer's numbers. The rebates vary depending on geographical area as does your local sales tax rate so the best source of information is your local dealer where you would actually be leasing the car. The residuals and lease interest rates vary by term and mileage on the leases. Get actual numbers from the dealer then bring them to this board for comment or to compare to what others are actually getting.
#360 of 792 Need help -- Details on my Lease Offer !!!!
Nov 28, 2007 (10:14 am)
Can you guys help me in this as this is my 1st lease & hope it can help many new buyers.
Here are the details of lease term
2008 limited with :-
Panoramic Vista Roof
Sirius Satellite Radio
Rear Cargo Management System
TOTAL MSRP $33,225.00 ........I have not negotiated the price yet.
Edmunds Invoice is $31000 on this.
They will take $1000 off beacuse of ford lease offer prog.
Ford Credit charges a $595 acquisition fee on every vehicle that it leases
* $0 down.
I am in South Carolina & have to pay only $300 sales tax.
No 5% every month.
*36 months ..................15K miles / year
*50% Residual Value ( Can I negotiate here ? )
*2% lease rate aka money factor
I am missing something & how can we get it better ?
#361 of 792 Re: Need help -- Details on my Lease Offer !!!! [car_crazi]
Nov 28, 2007 (3:48 pm)
You can't negotiate the residual and the lease interest rate seems about right and not marked up. The only real place you have for negotiation is the cap cost and things like document fees and the like. Please keep in mind the invoice figure you have does not include local or regional advertising costs, so it is probably at least $400-$500 low. If you can get them to use invoice for the cap cost with you getting the $1000 incentives that is probably about as good as you are going to get. The lease I am going to be signing in the next day or two uses X-plan price for the cap cost, I get the rebates, and the residual and lease interest rate are all as per Ford's rates and not marked up by the dealer. I am happy with that deal.
#362 of 792 Somethings Wrong?
Nov 28, 2007 (6:49 pm)
I'm trying to negotiate a lease on a 2008 Edge SEL AWD and this is the deal the dealer has presented:
MSRP - 33685
Selling Price - 31876.95
Rebate - 1000
Down Payment - 2500
Residual - 16,505.65 (49% 39 month lease, 15K miles)
"Startup" costs - 747.89
Monthly Payment zero down 459.45
Monthly Payment with 2500 down 388.78
The math more or less adds up. Howeever, a couple things don't seem right. For one, the residual. I'm seeing posting on here of 50 to 52%, what's with 49%? Second, isn't Ford offering 2% financing one a 36 month lease? And what's with the 39 month lease? Warranty is only 36 months. Last, what is the $747.89 "Startup" cost.
Is there something I'm missing?
#363 of 792 Re: Somethings Wrong? [hduty]
Nov 28, 2007 (7:22 pm)
Your residual is lower because you want a 15000 mile per year lease. $595 of the startup cost is the acquisition fee.
#364 of 792 Re: Need help -- Details on my Lease Offer !!!! [hardhawk]
Nov 28, 2007 (11:11 pm)
So I should expect round about $500 over edmunds invoice ?
I know about the X plan but In your opinion what will be the
difference between X-plan & edmunds invoice price.