2020 Ford Explorer XLT 4WD 202A package (leather), premium color (Rich Copper)
MSRP: $45,115
Monthly Payment: $349/month
Drive-Off Amount: $0
Months: 24
Annual Mileage:15,000 / year
Incentives: $6,180 (Ford incentives: $4500; dealer discount & contribution: $1,680)
Region: Midwest (MI)
I inquired multiple dealers located within 30 miles radius for pricing quotes, and the best quote received was $392 per month/24mth/15k miles for base vanilla RWD Explorer.
I expanded my search radius to 100 miles and sent another batch of emails, this time with explicit terms (target price, sign & drive, commitment to sign within 24 hours). I heard back from only one dealer about 80 miles out and picked up the SUV the same day.
If you get a chance would love to see a copy of the lease contract. Black out any personal info. Just want to see break down of all the details on how the dealer got to that number, may get the wife one…
RCL stands for Red Carpet Lease. So just the lease cash incentives. PCO stands for Private Cash Offer, it’s a targeted incentive recieved from Ford thru email, mail, or website popup.
Primarily, the Ford website to locate dealers and to search through available inventory.
I did review the usual details at Edmunds and Autobytel but honestly speaking none of it came up at negotiations; it helped being upfront with the dealer with what I was willing to pay, sign and take. The finance guy even skipped the ‘warranty and insurance package’ smirking that it probably wouldn’t be of interest to me, …and he was correct.
The MSRP was $45k, gross cap $42k (AXZ plan), and then incentives further reduced the number to $38k. Residual: $30k
There was a nice RCL incentive as I was coming off an Escape lease and dropped it at the dealer.
Lastly, dealer also picked up $188 over mileage fee (1200 miles at 0.15) and $140 in damages ($440 less $300 voucher credit received from Ford for any damages).
Would also love to see the contract on this one. So it was no first payment, zero Drive-Off, and 23 payments of $349? That seems like a great deal on a 15k.
