Alright - first time looking at a lease and I found this awesome forum. Could use some insight/help. I want to make sure you experts get your eyes on this and advise if you think it’s a good deal or not, OR what further questions to ask. The $10,250 rebate includes the $7500 Ford incentive as well as a Ford Employee X Plan discount. For $49,619, I thought the monthly payments would be lower than $600-700 but maybe it’s because I’m not throwing nor do I want to, $5k down. Also do not want to buy as who knows what EVs are going to be doing 2-4 years down the road. Please and thanks!
I’m not sure what the going discount off MSRP is going on one of these but it looks like they haven’t discounted anything so bad deal especially on a 23.
CCR- Rebate 10,250.00
CCR Cash 90.63
Tax 637.48 Tax Rate? Needs to be vetted.
Gov. Fees 360.00
Doc Fee 260.00
1st Payment 651.89
TOTAL Inception Fees 12250.00
Rebate/Credit 10250.00
DAS 2000.00
Here’s what I don’t know…
Sales Tax Rate
MSRP
Residual Factor
Residual Value
FMC interest rate (Note: FMC does not use a money factor)
State
I need all the above, except the interest rate (I can determine that), to evaluate. I suspect that the interest rate is quite high.
Comment:
Seems that you’re chasing after the dealer and allowing them to dictate terms. Research the selling price in your market. Also, vet all data (fees, interest rate, etc.). You may want to obtain a copy of the window sticker.
Finally, I’m not a fan of paying any money upfront. A car is a depreciating asset, not an investment. Total it and you risk losing all or part of your upfront money.
Thanks for your assistance. I’m gathering the rest of the details and will post. The LH Calculator while awesome, is a little confusing to me as some fields I don’t know what to input and/or ask the dealer. I also have the window sticker which I can attach.
Side note, caught your username; I’m also a licensed pilot but only as a hobby. Big aviation enthusiast here!
I understand and don’t use online calculators although the LH calculator is by far the best I’ve seen. Sometimes dealer worksheets are very helpful. The usefulness of these worksheets is the data that must be vetted. Once I’ve vetted all relevant data, I input them into my lease program, and it does all the calculations. Next, I create a knock 'em dead lease proposal like the one below and email it to the dealer. Let the email/phone negotiations begin!
Once an agreement is reached, I ask the dealer for the completed lease agreement and worksheet (this is sent to the fund provider) to ensure that there are no mistakes.
I’m looking forward to receiving your additional information so I can have some fun number crunching and maybe learn something new! Lots of very bright people on this website and so you’ve come to the right place. I’m just a deck hand.
I started flying in HS. Flew commercially for a short time but most of my flying was for pleasure. However, most of the thrill for me was flight planning and teaching ground school.
To be honest, if you don’t figure out the fields and learn how to use the calc (it isn’t hard) you will leave thousands on the table…you need to be smarter than the dealer otherwise your best option is to find/use a broker.
Got some more information! Appreciate your help and I’m going to read the calculator how-to forum that was also posted here; see what comes out of that too. So to fill in the blanks above which you requested.
State: Michigan
Sales Tax Rate: 6%
Monthly Tax (Part of payment): $36.90
MSRP: $60,235 (window sticker attached)
Residual Value at End: $27,708
Residual Percent: 43%
FMC Rate: 1.65
Bottom line: DAS = 1999.56 followed by 38 payments of 651.55 each.
The Bad: A 1.5% dealer discount is very weak at best. Couple that with a 46% res. factor and 10000 miles annually, and you have a recipe for a bad lease deal.
You should not have to pay any money upfront. I can structure the lease with DAS = 0 or, just your 1st payment due, if you like. This is accomplished by allocating the 10250 rebate to all inception fees including cap reduction. If interested, PM me. BUT the first thing you may want to do is work on getting the selling price way down. Also, make sure you’re getting FMC’s buy rate if it isn’t already. Not
much you can do about the residual… that’s nasty.
