Good evening. Sorry in advance for the long first post.
Here’s my situation…
The wife and have a 1 year old and a 3 year old (hence the need for a SUV with plenty of room) which she stays at home with. Her current vehicle (2005 GMC envoy) which the second transmission is going out. Vehicle has approx 200k. She doesn’t drive much at all, under 12k a year. I’m a fan of Ford and know they don’t lease very well, however I’m looking at the explorers.
First, I looked for a 3 year old Explorer with aroind 30k-40k miles. All I’m finding is in the $28,000-$30,000 price range. After further research into leasing I’m finding the RV on a lease would be about $25,000. Is leasing a reasonable option for me if I plan to buy at the end of the lease?
I’ve reach out to a couple dealers and most know nothing about leasing. The ones who have knowledge are providing quotes that discount the selling price very little (see attached photos).
My job is commission based, so I like the ideas of lower monthly payments, with the option to buy at the end of the lease with a reasonable payment.
Is it possible to get a lease on a 2019 Explorer for less than or close to 1% of the MSRP with 0 down?
Should I look for alternate lease company aside from FMC?
I just turned in a ‘17 Explorer Sport and partially didn’t get a new one because the numbers weren’t very good vs. luxury SUVs. I think you can get a bigger discount on the outlined deal, but not sure where you need to be. I did like the car a lot so good choice as long as you get the 3.5 V6.
You may want to check out Swapalease since there is usually a good number of Explorers on it and can get them with a payment under 1% MSRP. Also, Ford has one of the best lease transfer policies as it’s only $75 total so essentially $0 down and the process was rather painless and you have the option to buy it out in the end.
As an example, here is an XLT for $390/month and I bet you can get more of an incentive if you pushed:
I have actually. The residual is much better. Haven’t had a chance to test drive one but I planned on looking closer.
You are correct. I’m in Kentucky. Zip 40868, which is rural Eastern Kentucky. Unfortunaly, leasing isn’t very popular in this area, so it’s hard to find anyone who knows what they’re talking about. Of the 15 or so inquiries I’ve sent out, about 1/3 have given a legitimate response. I’ll attach a photo of the best offer I’ve received so far.
I’m patient so I may wait til warmer weather and see if better rebates and discounts are available.
Still pretty bad… that also looks like a quote to buy, which can be different than leasing due to incentives. I would go to the Edmunds forum and get the proper RV, MF, and incentives for your area. Certain trims may have higher RV so could be around the same price for a more expensive car so ask for them all. You can then work backwards and know where you need to be from a selling price to get your ideal monthly payment.
what’s the closest larger city to you? May be worth the ride if you can lock down a deal or use a broker since limited competition may be part of your problem.
May just be easier to hire a broker… going into the dealership is typically not recommended until you have a tentative deal and may just not be possible to get what you want based on location.
Additionally, I noticed lease incentives varies greatly by market (I saw up to $3,500) so may be worth getting it out of state as long as they can register it for you in KY. The $1,500 delta would be over $40/month lower on the same lease.
The last quote I posted from from a dealer in North Carolina. Roughly 5 hours away. That’s about as far as I have reached out.
I was under the assumption that Ford incentives were based on my home zip code? Or are they based on the dealership location?
Sorry to be ignorant, but what do you mean by $1500 delta? Is that just the additional rebate that’s available in a different market?
Another reason I thought on waiting a couple months was to see if Ford would raise the rebates closer to the spring/summer months in order to move vehicles before the 2020 units start to arrive. Is that usually the case?
Lastly, my work place does provide me with the X-plan pricing. When I’ve introduced to a dealer previously, they informed me that the price they’re offering up front is cheaper than X plan pricing. Does the manufacture reimburse them for discount?
Nope in fact they picked up my last 3 previous Ford Focus payments. Truthfully I want to get out of the explorer and into a something more cost effective as it’s a second car that we barely drive. I wonder if a $479/mo explorer sport would gauge interest in the lease transfer section of this forum.
No worries… all good questions to ask. Incentives are based on dealership location. The $1,500 difference is based on what is available in your area vs. max lease cash I saw on Edmunds for this month so why you may want to go out of state. At the same time, RV or MF could also change so you have to run the numbers. NC could be the same $2,000, you would have to check. Surround states should have no problem registering the car in KY but some ones further away may not be willing, just check with the dealer.
I believe X-Plan is just a prenegotiated selling price like TrueCar, not a rebate, so he could be right. Did you get an actual price via your X-Plan?
Rebates like lease cash incentives, loyalty, college grad are reimbursed by the manufacturer so why people usually separate them out from the discount since it’s not coming out of the dealers pocket.
If you can hold out with the Envoy slowly dying, the numbers should only get better especially with the redesigned 2020 Explorer. I’m in NJ and without even submitting the request, TrueCar is coming back with a $41k price for a $48K Explorer (with rebates) so definitely still room in the quotes you got.
Thanks for the info. I’ve already located a transmission for the envoy for around $400. With installation, shouldn’t be out of pocket for more than $650. If it last two more months, it’ll be worth the money. I’m still waiting for a couple more work sheets. I’ll post as they come in.
I’ve got one worksheet on a Highlander so far.
Also an Explorer worksheet from them same dealership group
Anyone who provides a unreasoneable lease quote, I just ask if that’s the best discount they can provide. If they say yes, I let them know I’m getting other quotes. Haven’t heard back from any of those yet.
