OK,
Just closed a deal! 5K downpayment, 401$ (incl. taxes and fees) x36 for 12K/year.
MSRP 47515$
What do you say?
I think you need to let people know more details(agreed selling price, MF, and residuals, etc…)
OK, sorry
the residual value is 55% MF 0.001 Cap cost 41000
Honestly it’s pretty bad. You probably made that salesperson’s month.
For starters, there is 2k in lease cash according to the payment calculator on ford.com, so that likely means your cap cost was full MSRP with zero dealer discount. Also, you had mentioned in the other thread that the residual was 51% but you were hoping to negotiate it to 55%. This is not possible to do and Ford Credit will reject the lease if the dealer submits it that way. So if it really was 51% and they told you they would go to 55%, they were lying.
Why did you ask for help in the other thread if you were just going to immediately go out and sign anyway?
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basically you paid $540 for 47K car. WOW WOW WOW. LUCKY DEALER
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That’s not correct. According to the calculator at this site I should pay 355x36 with agreed price of 41K (6500$ down of MSRP) and 55% of residual value. The very similar car on the Ford website depreciation value after 36mx12K miles is around 56% so I believe the dealer tried artificially to lower the depreciation value and we eventually negotiated it to the reasonable figure.Adding taxes (2460$ - in MD you pay full purchase tax) makes it 423$. I am paying 401$ so where I did wrong?
How much should I pay then?
You put $5000 down, which makes the monthly payment $139 higher than what you are saying. Basically you are paying BMW money for a Ford, but the deal is done so there is nothing you can do. Enjoy the car!
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I still haven’t signed the leasing contract and haven’t picked the car up. So I believe I could walk away still, but what essentially wrong with the deal ? I am getting fully loaded top of the line model which priced for 47K and what it has to do with the brand name? I could have gotten BMW x1 basic model for the less but that’s not the same category of car and if I would have chosen all the features added to the BMW it would cost me 150$ more with 5K down. So where I did wrong?
assuming this is a 2016 Edge AWD Sport.
MSRP $47515
10500 miles is 55% residual
12000 miles is 54% residual
ford uses APR instead of a rebate 1.00% ( equal to .00042 money factor)
Assuming this is a California deal with tax @ 8% and Cali fees…
with $5000 total out of pocket & $401 per month then they discounted $3975 off of MSRP in addition to the $2000 rebate.
backing into those numbers the price is $43080 & $41080 with the $2k rebate.
seems like a fair deal, only problem is…its a ford edge.
-Anthony @ DSR
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Thanks Anthony,
The deal was completed in Maryland and you should pay 6% taxes on the entire purchase price according to the state law. The taxes and fees are rolled in the monthly payments. I still haven’t signed all the financing documents, just agreed and signed on the payment terms. I am waiting for them to finalize all the financing paperwork today and then I’ll pick the car up. Do you think I still can terminate the deal at this point, if I decide so, without penalty? What’s wrong with Ford Edge? Pretty decent car IMHO
Honestly, if you are happy with the deal, do it. Just don’t put any money down. If the car is totalled, you will not see any of it. In comparison, this BMW X3 will be about the same or less than what you will be paying on the Edge. http://www.bmwoffreehold.com/new/BMW/2017-BMW-X3-e15037b40a0e0ae8495dcebd5ad8d4a6.htm
Agree with you @apropo73, the BMW at monthly you would pay is not in the same league as the Edge with the options you are interested in. Put no money into vehicle lease, get price out the door with no money down. No sense paying $5,000 now, put in bank and use that monthly to offset your higher no money down lease. As others have pointed out, if vehicle is totalled you’ll be out the $5K down payment. I just ran monthly lease info on Ford’s site, used capitalized cost of $43,000 payment shows $518, with cap cost of $38,000 ($5K down) payment shows $377. Difference is $141/month or $5,076 over the lease. So putting $5K down only saved you $76 over the 36 month ($2/mo).
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Putting minimal downpayment makes sense but wife won’t be happy with high figure monthly payment 
Also, I am not sure I can open the deal for reevaluation yet. Given the fact that totaling is pretty low chance event (I can desribe myself as very expirienced driver) I believe I can take this risk. But thanks for the advice
If you put the $5K in a bank account and automatically set it up to pay $138/mo you’ll be with same monthly payment that your wife would see. You may be experienced driver but the idiot in the other car may not be. Whatever works for you - enjoy your ride…
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I dont understand. You come to this forum asking if the deal is good and when 5/5 posters tell you its bad you still want to go in and sign the paperwork?
You know as they say, you can take a horse to water but you can’t force it to drink…
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Well he really wanted the Ford edge and he came here hoping leasehackrs would confirm that he got a great deal. After all, it is his money, so he can drive whatever he wants for whatever price using whatever justification he feels for his payment. I am sure he did not check out my 89k Jaguar coupe for 479 + 4k down post lol
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I was able to walk out of the deal. The dealer turns to be complete con artist. They tried to inflate the monthly payment from 401 to 461/month because of my credit score is not “high enough” to get their low interest. I believe the whole story was completely made up from very beginning and they tried to sell me an outrageously expensive leasing. I still love the car but open to other options. What would you recommend me at 300-400/month range with minimal down-payment? @BoardWalkNJ, I am taking into consideration BMW…
Depending on the inventory in Maryland, you should be able to get a Chevy Equinox Premier for around $300 with no money down. Take a look at the volume Chevy dealers in your area, and see if they have any with Bonus Tags. If you are a Costco member, you will also get a $700 Costco Cash card with the lease. If you can wait a month, sign up for farmers’ bureau to save $500 (1 month minimum before you can use the discount). One of the CAs at BMW of Bel Air is on Bimmerfest (Jason I think), and you should be able to deal exclusively over email and the phone to get a good deal without getting dicked around. The 2016 Honda CR-V might also be a good choice, and the plethora of Honda dealers in the DMV area make prices low.