We’re looking at Ford Explorers with Platinum trim, just wondering if anyone can post MF and Residuals for 36/12k. We’re in Florida.
Using the Ford.com Lease Calculator, I am coming up with VERY different #s vs what the dealer has emailed to me.
The Ford calculator assumes full price ($0 off MSRP) but is generally accurate in terms of residuals, MF, acquisition fee, and regional incentives.
It does not include the following, however:
- Sales tax
- Doc fees (in FL, dealers are known to impose $700+ fees)
- Targeted incentives
- Dealer discount
You’ll need to account for these differences when using their calculator.
Here are the numbers for 2016 Explorer 4WD Platinum in FL:
36/12K: 54% residual, .25% APR
$250 Lease Cash
Targeted: $1,000 Military/First Responders, $500 Grad, $250 Competitive Lease/RCL Renewal
Dealer is saying in Florida, that you have to pay sales tax on the entire sale price of the car (in this case, nearly $3100 – almost $90.00/month!!!).
I’ve never had to do that when leasing before in Florida. Does anyone know if that is true?
You should not have to pay tax on the sales price in FL. Only a handful of states do this. You pay tax on the monthly lease payment and annual ad valorem. I’d go with a different dealer, sounds like they want to pocket 3K from you.
It’s a shame, because this dealer seemed straight-forward, advertising “no dealer fee” and showing a good sale price on their website. Dealers here in Florida are terrible with fees (some even marking up license/registration fees 200-300% on top of dealer fees, etc.). To say you have to be vigilant is somewhat of an understatement.
Unless this is a new law in Florida, I’ve never had anyone try this “scam” before.
Im a broker/dealer down here in FL and never heard of that before, like osxaj said it sounds like they are trying to make some extra cash on you.
Here is an example of pricing:
2016 Ford Explorer Platinum MSRP $53915
39 Months 10500 Miles
$617 + Tax ($661 tax in)
Due at signing: $1608 = 1st month. Ford bank fee $645. DMV transfer/Doc fees $250($450 for new plate). Upfront taxes $62.
Ford charged a security deposit of $675 on this car, but it is waived depending on your credit.
Thanks for the advice.
Thanks to the info obtained here, I was easily able to stand firm and work out a deal!
No major rebates on this car in my area ($250), but did get the 0.25% APR and 54% residual, again thanks to Michael here at Leasehackr.
The dealer was marking up the APR by a point, and trying to hide it. As others said, and we all suspected, the game with the “taxes” was being played to hide profit (I called the Dept of Revenue here in Florida to confirm the rules, and they were very helpful – dealer quickly dropped that).
In the end, we got the Explorer Platinum, MSRP $53,915 for $1000 under invoice, NO DEALER FEE, and with the promotional lease terms left unmolested. No mark ups on the title/license fees either (another Florida gem).
Only out of pocked was first payment and $219 for new tag, title. Payment is $650/month for 36/12 including tax with acq fee rolled in.
We love the car so far, and could have waited for better rebates (sale price and lease terms won’t get significantly better) but decided to get it now.
Thanks again! Leasehackr easily saved us $50/month.