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Prices Paid: Buying & Leasing Experiences Ford Flex Lease Questions
123 messages, Last post on Oct 06, 2009 at 11:32 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: baggs32 (Mar 04, 2009 9:32 am) I have turned in 2 Ford leases early with no penalty. Each time they gave me Trade-In Value which was higher than what my lease buyout was. Of course those were on a loaded 2002 Ranger (MSRP $24640) ZERO down, payment was $219 for 36 months. Traded it in 6 months early with no penalty. Leased into a 2004 Ford F-150 XLT (MSRP $27,320) payment was $273 for 36 months. Traded it in 4 months early. Leased into a 2007 Ford Edge (MSRP $32,690) payment is $340). Don't use X-Plan and you could turn YOUR leases in early with no penalty. Seriously, X-Plan is worthless.
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Replying to: djhalptert (Mar 04, 2009 9:02 pm) Yeah, after laying down $4000 for the fees and down payment. I finance all of that in so I don't have to write a check at signing. That takes you much closer to $600 per month for that tiny tin can BMW. And no $1,500 in negative equity isn't really going to change your payment that drastically on a 39 month lease. It added $30 per month. I bought a 2003 Explorer new in June 2003. It was stickered at just under $30,000. ($29,9XX). I paid $18,600 for it. X-Plan was probably $27,990 Again, you bought. How is any of that relative to leasing? What were the incentives? Did you have a trade? Did you put money down? I'm guessing they lost money on that deal which is hard to believe. I've never met a dealer willing to lose money on a sale. Do you know why you can't turn in your Explorer early without penalty? Because your payments are so high they can't absorb the residual. No, the residual was too high and the value of an Explorer is at rock bottom right now. The residual was 52% which means they're going to have a really hard time selling it for what it's supposed to be worth when I turn it in. Why then would they let me turn it in early and forgo those last 2 payments which means they would lose even more money? Seriously, where are these dealer you go to who like to lose money on a regular basis? I have turned in 2 Ford leases early with no penalty. Not surprising. This was quite common before this year. I turned a lease in early, 2004 Mazda 6 S, a couple of years ago with no penalty too. What's your point? Each time they gave me Trade-In Value which was higher than what my lease buyout was. That's what they're supposed to do. Did you know you can sell your leased vehicle too? As long as you write a check for the balance of payments you get to keep the rest. The trade-in works that way too. Don't use X-Plan and you could turn YOUR leases in early with no penalty. Help me to make sense of this now. I should not use X-Plan and negotiate for a lower selling price. All while telling them I want to turn my lease in early with no penalty and ask them to pay for that too? I've tried pal, it doesn't work. Maybe where you are it does but this is truck and SUV land here and it just doesn't work that way. I did do that with a car as mentioned above. But not with a truck or SUV and I don't know anyone who ever did. I'm not sure why some of you think that if it happened for you then those rules apply universally. There are significant differences in lease and purchase negotiations and incentives from region to region and even county to county. Time of year plays a role too. Right now I'm sure I could get a 2009 Fusion for a steal but not a Flex or an Edge for example. I'm not sure how to make you understand that. 
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Hi, I'm considering a Flex Limited. In the suburbs of Chicago, need 12,000 mi/yr, 3 year lease. Can you give me an idea of residual and money factor? Thanks!
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Replying to: baggs32 (Mar 05, 2009 9:51 am) As to all of your rebuttals, 1. My brother leased a 2006 X3 with only security deposit down for $509. That is why I mentioned it. 2. $1,500 in negative equity raised your payment $30. Like I said, DIDN'T DRASTICALLY AFFECT PAYMENT. Quit making excuses why you got ripped off on your lease. It wasn't because of the negative equity. 3. I bought a $30,000 Explorer in 2003 for $18,600 WITH ZERO DOWN, NO TRADE-IN. I mentioned it because you got $2,000 off your MSRP and I got over $11,000. Rule #1 of leasing, negotiate a SELLING PRICE FIRST. Then tell them you want to lease. (of course you can't do this if you are using X-Plan, another reason why it is USELESS.) 4. You can't turn your lease in "because your payments are so high they can't absorb the residual." TRUE. If you knew anything about leasing, which you obviously don't, you would know how a lease buyout works. YOU DON'T PAY THE TOTAL OF ALL MONTHLY PAYMENTS LEFT! i.e. if your payment is $500 per month and you have 4 months left, your lease buyout isn't $2,000. Your lease buyout is determined solely on three things. Firstly, the depreciation fee. Secondly, a mileage adjustment. Thirdly, the real world value of the vehicle. Big deal your residual was 52%. Doesn't matter. If you would've negotiated a better selling price instead of using X-Plan your payment would be $350 a month instead of $500. The buyout would be worst case scenario $250 (depreciation amount) X 4 months = -$1,000. YOU DON'T HAVE TO WRITE A CHECK FOR THE BALANCE OF YOUR REMAINING PAYMENTS TO TRADE YOUR LEASE IN EARLY. YOU DON'T PAY THE SALES TAX OR RENT CHARGE FOR THE MONTHS YOU BUYOUT! 5. You are apparently one of the many people on this forum who go into a dealership and just take their word for everything. Just becuase they seemingly won't budge off their first offer doesn't mean you can't get a lower price. It just means you have to try harder. If you don't want to play their games, have fun paying $500 a month on a $350 vehicle. If you can't find an honest dealer locally branch out a little. Go 250 miles or more outside of your area. The amount of money you spend on gas there and back WILL be saved in one LOWER monthly payment. Plus, you will find that the selection of vehicles greatly improves as you look further outside your immediate area.
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Replying to: djhalptert (Mar 08, 2009 11:20 am) I've seen final buy-down rebates of $8000+ for Explorers recently but by that time leases are over for the MY. Again, not helpful. $1,500 in negative equity raised your payment $30. Like I said, DIDN'T DRASTICALLY AFFECT PAYMENT. Quit making excuses why you got ripped off on your lease. I don't feel I was ripped off. I feel I got a fair price and I can live with that. If you can't then have fun pinching your pennies the rest of your life. YOU DON'T PAY THE TOTAL OF ALL MONTHLY PAYMENTS LEFT! i.e. if your payment is $500 per month and you have 4 months left, your lease buyout isn't $2,000. Your lease buyout is determined solely on three things. Firstly, the depreciation fee. Secondly, a mileage adjustment. Thirdly, the real world value of the vehicle. Yeah, that's one option if the trade-in value is anywhere near the balance you owe which is not the case on any SUV today. The other option is to pay your remaining payments (see option 2 below). You might know how to negotiate better prices but please don't try to fool all of us into thinking you know everything about leasing. From the Ford Credit site: "Early Vehicle Return * Return the vehicle to the original dealer * Sign a Vehicle Condition Report and Odometer Statement * Pay one of the following amounts, whichever is less 1. The difference, if any, between the Current Balance (see below) and the Fair Market Wholesale Value of the vehicle, plus an early termination fee (except California and some Wisconsin leases), plus all other amounts then due under the lease. The Fair Market Wholesale Value will be determined at your option by one of the three following methods: 1. An amount agreed to by you and the originating dealer, or 2. The net amount received by Ford Credit upon the sale of the vehicle at wholesale auction, or 3. An amount determined by a professional independent appraiser (the appraiser must be agreeable to Ford Credit and will be at your expense) OR 2. The sum of the remaining unpaid lease payments, plus any excess wear and use and mileage charges, and all other amounts then due under the lease." Have you looked back at posts in this thread by chance? Show me where anyone had a payment better than what I was quoted. And no, 2009 models have not been on the lots for 7 months now. Two local dealers finally received their first 2009 Explorers which have been in production for roughly 6 months now. There are several loaded Flex Limiteds around that have been sitting for a while but even with a great deal I'm not sure I'd want one. Everything else has been kept at low stock levels and new copies don't arrive until the old ones are gone. It sounds like you have one of those mega dealers near you if you can see '09s sitting around since August. I don't have one of those near me, at least not one that sells Fords, so it's pretty stable right now. You really and truly have to understand the differences in markets before handing out advice you take to be universal. I guess that's why we all ask carman for his thoughts and not you.
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Replying to: jmartin1 (Mar 05, 2009 7:46 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: baggs32 (Mar 09, 2009 9:03 am) ANY dealer will tell you about your LEASE PAYOFF. Notice I didn't say BUY OUT. PAYOFF is as I described. It has nothing to do with an appraiser or fair market value. You owe what the rent charge portion of your payments add up to be plus/minus the trade-in they give you. Pinching pennies??? Try pinching the $5600 you overpaid on your 39 month lease. I guess that's why we all ask carman for his thoughts and not you. FROM CAR_MAN (TO YOU) FEB. 24th, 2009: "To be honest with you, $500 per month seems like a lot of money to lease a Ford Flex to me anyhow. Leasing just isn't what it used to be for domestic vehicles. The Flex is probably slightly bigger, but you could lease a fairly similar nice AWD Subaru for at least $100 per month less than that, if not $150/month less. That seems like a much better value to me. If I really wanted a Flex, I personally would be more inclined to finance it instead of lease it." You are THE ONLY ONE who thinks $500 for a Flex is reasonable.
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Replying to: Car_man (Sep 24, 2008 2:31 am)
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A reporter would like to talk with owners of the Ford Flex. Please respond to jfallon edmunds.com by March 18, 2009 noting your daytime contact info and a word about why you bought your Flex.
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Replying to: djhalptert (Mar 10, 2009 3:18 pm) Boy I'd really like to know how you arrived at that amount. Please enlighten me. Tell me you can't find a "MEGA DEALER" within 250 miles?? Only if you aren't looking. You're right about that. I'm not looking that far out. I've looked 50 miles out or less and there definitely is not a mega dealer in that range. I'm not going farther than that because it's not that important to me to save every dollar I can. Have I not made that clear? Yes, carman did say this as you pointed out: "To be honest with you, $500 per month seems like a lot of money to lease a Ford Flex to me anyhow. Leasing just isn't what it used to be for domestic vehicles. Did you read the second sentence though? Do you see how all he's telling us is that leasing deals are not what they used to be and that's why the payments are higher these days? If 0% comes back in May when I'm ready to buy/lease I'll definitely try for a lower price, maybe not to the extent you would, and see if buying is better. Right now the interest rates are 3.9% for 60 months and 2.9% for 48 months from Ford so leasing will still be cheaper for us even if it were possible to get some insane amount of money off of a Flex at that time. The lease finance rate is 2% currently. I think that's actually up from what it was a few months ago. He also said this: The Flex is probably slightly bigger, but you could lease a fairly similar nice AWD Subaru for at least $100 per month less than that, if not $150/month less. How much can you get that Subaru for? $100 a month? Maybe $150? You are THE ONLY ONE who thinks $500 for a Flex is reasonable. Did you look back through this thread to see what others paid like I asked you to? Didn't think so. Remember that about $60 of that is the first month's payment, 10% PA tax and security deposit rolled into the payment. Pay close attention to the trim levels and options the other posters listed too. Don't just look for the lowest price you can find and report back. I've seen it and it was a base SE with 2 or 3 inexpensive options that stikered for $7000 less than the one I'm looking at right now.
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