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Ford Edge, Car Leasing, Car Buying, SUV
Jun 06, 2007 (5:39 pm)
I'm looking to lease a 2007 Ford Edge SEL+ with leather seats, trailer tow pkg, vista roof, cargo mgmt, reverse sensing system, 18" wheels, sirius, 6-CD changer. Invoice is $31,383.85. I'm already over my mileage on my current Ford lease which terminates in October, so I want to get out early and Ford will pay my last three payments owed. On my initial visit to a local dealer in Florida, I was quoted the following: $1750 cash incentive; 15,000 miles; 39 months at $416.97 per month plus tax of 29.19 per month for a total of $446.00 per month. Initial payment due at signing. After reading what others are paying, I'm realizing that this is NO deal which really irritates me since I'm returning to the same dealer I leased my current car from. How should I factor in the fact that Ford is paying the last three payments of my current lease plus (hopefully) paying my overage miles? What would be considered a good deal in this situation? Thank you!!
#69 of 791 Re: Good deal? [mallratt]
Jun 06, 2007 (7:48 pm)
On two of my previous four leases, ALL Fords, I traded my lease in just like I was trading in a car I owned. They gave me a trade-in price minus the pay-off price. One was 6 months early the other was 4 months early with no penalty at all. The dealer just has to get your info (social security number etc) and call Ford Credit to get your pay-off. The last time I did this I got a plus $1100 trade value even though I still had 4 months left on the lease. As far as you being over your mileage, I haven't ever been in that situation so I don't know what to tell you. I have been told the only way to get out of that is to buy the car at lease end otherwise you have to pay the fee per mile of whatever your contract says. Good luck.
#70 of 791 Re: SEL+awd [buffalo78]
Jun 07, 2007 (2:26 am)
Congratulations on getting your new Edge, buffalo78. Thanks for taking the time to share the details of your deal with everyone. Enjoy your new ride .
Prices Paid Forum
#71 of 791 Re: Picked up my new EDGE SEL+ this week! [rwheiler]
Jun 07, 2007 (2:31 am)
You're very welcome, rwheiler. I'm glad to see what everything worked out well for you. Thanks for reporting back to let us all know how everything went. Enjoy your new Edge!
Prices Paid Forum
#72 of 791 Re: Lease cash + marketing support? [hardhawk]
Jun 07, 2007 (2:33 am)
Hi hardhawk. Unfortunately, I don't believe that the $500 dealer cash that Ford is currently providing on the 2007 Edge is available on units that are leased through Ford Credit.
Prices Paid Forum
#73 of 791 Re: Is the security deposit optonal? [kat123]
Jun 07, 2007 (2:38 am)
Hi kat123. A $690 security deposit sounds too high to me. Banks usually charge a security deposit that's equivalent to vehicles' monthly payments rounded up to the nearest $25 or $50 increment. Wear Care is not a security deposit. It's something that you don't need and just a way for the dealer to add additional profit to your deal. The $595 acquisition fee that you were quoted is in line with the fee that Ford Credit charges on every vehicle that it leases.
Prices Paid Forum
#74 of 791 Re: Need to make a quick decision on leasing Edge... [chuck68516]
Jun 09, 2007 (3:04 pm)
I just wanted to write in and post what my final deal was, as I drove home my new Edge today!
Cap Cost: 29,830.00
Acquisition Fee: $595.00
Cap Cost Reduction: $1,750.00 (incentives, not cash down)
Net Cap Cost: 28,675.00
Residual Value: 16,462.00
Money Factor: .5%
Term: 36 months
Sales Tax: 6%
Least Payment with tax: 377.30 (I added the maintenance plan that covers oil changes, tire rotation, free rental if necessary, etc. for 7.00 (was 15.00 but sales guy cut payment in half!)
I paid 797.00 for inception fees. Dealer also threw in a free pinstripe worth 75.00.
All in all I think I got a good deal. I paid 200.00 over invoice.
If anyone has anything good or bad to say about this deal, please write in!!
#75 of 791 Re: Need to make a quick decision on leasing Edge... [discover3]
Jun 09, 2007 (3:29 pm)
What are "inception fees"? I have never seen that on a lease.
#76 of 791 Re: Need to make a quick decision on leasing Edge... [hardhawk]
Jun 09, 2007 (4:25 pm)
Inception fees are things like: 1st months payment, licence, tag, and registration, taxes, etc.
#77 of 791 Re: Need to make a quick decision on leasing Edge... [discover3]
Jun 09, 2007 (8:30 pm)
Sounds like you got a pretty good deal. I probably wouldn't have gotten the maintenance plan based on the principle of that always being a scam but I guess for onoly $7 it is worth it if you figure 12 oil changes on the lease for $252. Just oil changes alone works out to only $21 not to mention tire rotations. It makes sense. Walmart isn't even that cheap.
That's a great deal just beware of some of these "PLANS".
Example, a friend of mine leased a VW and they told him they would give him back the security deposit of around $500 if he gets it serviced by VW. He's a dumb a$$ and takes it in every 3 months to get a $75 oil change. $75 times 12 oil changes = $900. What a sucker.