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Prices Paid: Buying & Leasing Experiences Ford Edge Lease Questions
465 messages, Last post on Aug 28, 2008 at 7:22 AM
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Hi everyone, I have a strong feeling that the lease price I was offered is too high, and came here to get advice on that. First things first, I have never leased/bought a car on my own, so this whole process has been incredibly frustrating and confusing for me. And like a prior poster, I'm a young female who went in alone. Here's the deal: I came in looking for a lease, flexible on terms, etc. I have a vehicle appraised for trade at 9k. We did a couple of different calculations - using the trade as part of a lease, and also as part of a purchase. Overall, the lease rates were as follows: Sticker on the car (I believe - we went through a few different cars, but this is ballpark) was around 36-37k for a Limited AWD with many options. I have X-plan, so it was going to go down to around 34-35k. With the trade (basically 9k down), 39 mo lease with 15k miles/yr, my payments were estimated at $409/mo. With that much down, this sounds high to me (especially after what some of you have paid with 0 down). Granted, the car is a bit more expensive, but it seems like 9k down should make a bigger dent than that - when I calculated what I will have paid overall for a 39 month lease including my trade, it comes out to something like $640/month, which sounds really high, considering the X-plan and everything. Any advice would be GREATLY appreciated. I'm in Northern Virginia/ DC area by the way... Is it best to just sell my current car (not include in the lease) and then use what I get out of that to pay off my lease? My parents are not very much help because they've never had a trade in (always just from lease to lease), but a woman at one of the other dealerships I visited said I was throwing away 9k...any thoughts? Thank you all so much - this forum is great and very helpful for us inexperienced car buyers...
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Replying to: jlbradshaw (Dec 03, 2007 6:25 pm) from what I have learned.... YOU SHOULD BE LOOKING AT A 2008 for a better lease deal! Am I right guys?
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Replying to: jlbradshaw (Dec 03, 2007 6:25 pm)
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Replying to: bancroft162 (Dec 04, 2007 5:57 am) |
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Replying to: somakiss (Dec 04, 2007 4:03 am) |
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Replying to: hardhawk (Dec 04, 2007 7:38 am) P.S. Thanks so much for all your help!
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Replying to: jlbradshaw (Dec 04, 2007 9:00 am) MSRP: The factory sticker price on the window sticker and includes destination fee. Capital cost: The "selling price" of the car. This should be no more than the invoice price for the car including destination fee. I just got my wife's 2008 Edge for that number. It was about $500 over what the Edmunds website shows for the invoice price as it includes regional advertising fees the dealer pays. DO NOT figure rebates in at this point! Rebate & Incentives: Whatever you qualify for should here be deducted off of the Capital cost figure you started with. Right now I am aware of $1500 in rebates/cash available with a Salt Lake City zip code. There may be more. Ask the dealer to show you the "Vincent Report" for that car's VIN. It will have all available incentives for that exact car. Residual Amount: This is the percentage that the car retains at the end of the lease. Yours was 48% for the lease you asked for according to the dealer. THe 2007 residual is lower than a 2008 and also varies between AWD and FWD. Lease interest rate: This is the rate they charge on the lease. Yours was .5%, which is excellent. The 2008 rate is 2%. Acquisition Fee: Ford charges $595. THis should be added to the capital cost for calculations. Document fees: Dealer may charge a small fee. Sales tax/property tax/title/tag: Each state is different. IN KS sales tax is added to the payments each month. Property tax is paid when you get your tag along with the tag fee. THERE SHOULD BE NO OTHER FEES OR CHARGES! They may try to sell you Wear Care, which is additional insurance. There should be no "inception" or other fees-Period!! When you have all these numbers, go to www.leaseguide.com/calc.htm This is a lease calculator site that lets you double check the numbers the dealer gives you. If they are not pretty close, you are being ripped off. Even selling at invoice, a dealer gets a 3% holdback payment from Ford, so even if they sell you at invoice, they are making 3% of MSRP. Sorry for the long post but hopefully you can use this information and the lease calculator to show them in black & white why you will not pay more that you should! A reputable dealer will be honest with you and not try to take advantage.
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Replying to: hardhawk (Dec 04, 2007 11:05 am)
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Replying to: hardhawk (Dec 04, 2007 12:15 pm)
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Replying to: jlbradshaw (Dec 04, 2007 12:20 pm)
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