2021 Ford Explorer ST lease

Ask the Hackrs
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1

Have a deal on the table:

MSRP: $57,985 (new 2021 Explorer ST went down on the msrp by about 3 grand from the 2020s)

Selling price: $50,979 (about 12.2 off)

39/16,500 miles a year

0 down : $730 a month with tax title ect…

Located in NJ

Don’t have MF at the moment but will get it tomorrow.

From what I’ve read, this car leases bad but given the high miles I’m going to be getting and no money down I feel like this is a good price. Thoughts?

2

It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

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3

You seem to acknowledge that these lease poorly and I think a $730/mo payment on a $51K vehicle is a good demonstration of that. Your paying almost $30K to rent this vehicle for just over 3 years. Hard to spin this and draw any other conclusion IMO. Now 16,500 miles a year is wow… you will be out of of warranty for almost 18K miles if you leased it this way. It would make much more sense to finance this vehicle.

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4

I should have mentioned that my company pays for everything including when this car is out of warranty. They are also paying for my wheel and tire up front.

5

Is it mandatory for you to post this on every post?

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Only the ones where the question would be answered by someone reading it and following it.

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If we don’t care about the lease value… I can go on Rodo (in NJ) and pickup a $57K Explorer ST 401A for $705 at 39/12K and $767 for 39/18K. I am showing $2000 in incentives for leasing w/ Ford, so your 12.2% off may include that already. Deal for this vehicle seems slightly above average at best-- but is better then the 2020’s.

8

57k isn’t 58k. 0 down? Everything included for drive off?

I’ve seen threads on here where people are paying well into the 6/700s with just 10k mile as year…

I had another dealer quote me at 750$ with 3k down.

9

On a 20 or a 21? Were the lease programs the same? Same tax rates? Same das? What das amount do you have here?

10

Well is this 730 a month with tax title etc DAS, a 0 down payment (Cap Cost reduction), or 0 down, just first payment, or true 0 das with sign and drive. You gotta compare apples to dem apples, not apples to oranges.

Have you considered maybe a GC with similar spec, might be cheaper, Pilot, etc? Are you married to the explorer, because even you can admit these don’t lease that well, so why push a rock uphill and switch to something that may lease better by any margin.

and yes it pains me to even consider recommending a FCA product of any fashion.

11

I am married to the performance of the ST , yes. Those other cars can’t compare to this ST trim.

Will get more information tomorrow about the DAS.

12

“Performance” is a strong word for what the ST is actually offering.

If you’re absolutely married to this trim and vehicle then you’ll most likely have to pay to play here. A lot of folks here will definitely say that’s a lot of money for an explorer.

1 Like
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Especially since the das amount is still to be determined.

With NY/NJ taxes included in the das, we are talking effectively $800+/mo here potentially

14

Why would a dealer quote me 730 a month with 0 down?

Don’t you think they would include the DAS in the monthly payment?

Will get the breakdown today.

15

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Am I allowed to post this?

16

Money “down” is usually referring to a cap cost reduction. You can have a $0 down lease that still has thousands of dollars due at sale (das). This is especially true in states like NY/NJ where the tax is paid up front rather than on the monthly.

What you need to find out is what the due at sale amount is here. Your lease breakdown there doesn’t specify.

Also, without knowing if there’s a mark up on the mf, you have no way of knowing if that discount amount is really accurate or not. They could be showing a big discount but then be making it all back up on the back end by marking up the mf.

17

Your mind is so clearly made up … Take the deal and move on with your life.

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18

Thanks for the information. I have asked for a screen shot of the breakdown.

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You’ll also need to gather rv/mf/incentives so you have something to compare the breakdown to. Can’t tell if the MF is marked up without know what buy rate is and you’ll want to be sure to break out any incentives from the discount amount so you can get down to what the actual deal here is. Comparing monthlies against other deals doesn’t tell you anything useful.

20

I most likely will, but what other cars should I be looking at?

I am not interested in any kind of luxury car (X5, Q7, SQ7 ECT). For my job, I can’t have a super nice car as that would look terrible in front of my type of clientele. SRT Dodge or Jeep would be way to much to lease so that leaves me with the ST explorer. If I tune it, I am at 500 HP and my dealer is MOD friendly and I am happy.

But seriously, I have thought about what other cars (SUV) I should look at and I can’t come up with a single one that compares to the ST in the class I am looking for.