"Ford Options" Mach-E Lease vs standard lease - similarities and differences

[Jay_CincyOH]

Just got off the phone with my dealer. My car is 100 miles away in Louisville and am expecting delivery any day.

I've informed him I want go Options over RCL. He says that's fine, but their system is not able to do an Options contract yet. So he says we have to wait for the Ford rep to "come in" some time next week to set up the Dealership for Options before we can actually complete the deal. Wut?!!!!

Does Ford want to actually sell this car or are they just trying to set up as many barriers as possible?

No tax credit reduction baked into the traditional lease, so they are forcing people over to new financing model that the Dealer can't actually implement yet nor have they trained their Dealers on the new model.

I asked about the $2500 Options incentive and he had no idea that existed. I know more about this program than their own dealers do!

Our Tesla leasing experience in September was soooo much easier.

Come on Ford - get it together!

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[MurphyDog]

For Ford Options, is it possible to pay the fees and sales tax in cash if your down payment has already reached the 30% limit?

 

[RyZt]

For Ford Options, is it possible to pay the fees and sales tax in cash if your down payment has already reached the 30% limit?

My dealer said no on this. 30% of sale price (including destination, minus X-Plan if applicable) excluding sales tax and fees. Ford and state incentives are considered down payment.

 

[hybrid2bev]

Just got off the phone with my dealer. My car is 100 miles away in Louisville and am expecting delivery any day.

I've informed him I want go Options over RCL. He says that's fine, but their system is not able to do an Options contract yet. So he says we have to wait for the Ford rep to "come in" some time next week to set up the Dealership for Options before we can actually complete the deal. Wut?!!!!

Does Ford want to actually sell this car or are they just trying to set up as many barriers as possible?

No tax credit reduction baked into the traditional lease, so they are forcing people over to new financing model that the Dealer can't actually implement yet nor have they trained their Dealers on the new model.

I asked about the $2500 Options incentive and he had no idea that existed. I know more about this program than their own dealers do!

Our Tesla leasing experience in September was soooo much easier.

Come on Ford - get it together!

It's not actually Ford. The eContract system for Options has been ready for months and the information has been posted on FMC dealer for a while now too. The problem is that the dealers internal systems are not set up for balloon. The dealers need help working with their internal system vendor to get set up the for balloon financing.

 

[Jay_CincyOH]

@hybrid2bev Is the $2500 Options incentive a state-specific incentive or would you also expect it apply in OH?

 

[Jay_CincyOH]

It's not actually Ford. The eContract system for Options has been ready for months and the information has been posted on FMC dealer for a while now too. The problem is that the dealers internal systems are not set up for balloon. The dealers need help working with their internal system vendor to get set up the for balloon financing.

Thanks @hybrid2bev - any suggestions on how to move them along vs waiting for the Rep to drive down from snowy Michigan? I just emailed the bulletin locations you suggested earlier. Also, do the Options incentives/rebates differ by State? Cheers!

 

[back_at_it_19]

@hybrid2bev do u know how any additional/prepayment is applied? Only to future payments or possible to pay down principal/balloon payment? I know it’s possible to recalculate payments once based on reduced principal.

 

[hybrid2bev]

@hybrid2bev Is the $2500 Options incentive a state-specific incentive or would you also expect it apply in OH?

It depends on your zip code (which Ford market area you reside in not which state you live in). I know some parts of OH closer to PA get $2,500 other areas of OH get $1,000.

 

[Jay_CincyOH]

It depends on your zip code (which Ford market area you reside in not which state you live in). I know some parts of OH closer to PA get $2,500 other areas of OH get $1,000.

I'm in Cincinnati (45243)! Opposite corner from PA

 

[GoGoGadgetMachE]

@hybrid2bev Is the $2500 Options incentive a state-specific incentive or would you also expect it apply in OH?

It depends on your zip code (which Ford market area you reside in not which state you live in). I know some parts of OH closer to PA get $2,500 other areas of OH get $1,000.

one way to find out is to go in to the Ford web site and build and price a Mach-E as if you're buying it. just pick any Mach-E, it doesn't matter which, then tell the site you want the estimated monthly payment on Ford Options. There will be a line item:

 

[GoGoGadgetMachE]

I'm in Cincinnati (45243)! Opposite corner from PA

I'm a nice guy in a good mood so I did the work for you on the Ford site. You're apparently $1,000.

 

[hybrid2bev]

@hybrid2bev do u know how any additional/prepayment is applied? Only to future payments or possible to pay down principal/balloon payment? I know it’s possible to recalculate payments once based on reduced principal.

Options is a simple interest retail loan. When your monthly payment arrives it first is applied towards however much interest has accrued since your last payment was posted (and late charges but I'll leave that out of the discussion). The remaining amount of your payment is then applied towards the principal balance.

So for example if your monthly payment is $600. You send a check for $700. Since your last payment $300 in interest has accrued. Your $700 check is applied as $300 interest and $400 principal.

 

[Jay_CincyOH]

I'm a nice guy in a good mood so I did the work for you on the Ford site. You're apparently $1,000.

Thanks brother!

 

[back_at_it_19]

Options is a simple interest retail loan. When your monthly payment arrives it first is applied towards however much interest has accrued since your last payment was posted (and late charges but I'll leave that out of the discussion). The remaining amount of your payment is then applied towards the principal balance.

So for example if your monthly payment is $600. You send a check for $700. Since your last payment $300 in interest has accrued. Your $700 check is applied as $300 interest and $400 principal.

Thx. Figured. Just seems odd to restrict down payment to 30% when u can just send whatever payment you want the first month to reduce the principal regardless. Guess they’re managing residuals/balloon to some degree.

 

[GoGoGadgetMachE]

Thx. Figured. Just seems odd to restrict down payment to 30% when u can just send whatever payment you want the first month to reduce the principal regardless. Guess they’re managing residuals/balloon to some degree.

fwiw the 30% limit thing confuses me a bit as well as to the underlying logic.

on the other hand, I've decided that with the interest rate being so low, it makes more sense for me to invest the money that I would have gone towards that down payment and, as long as the investment is managed properly, probably come out ahead after it's all done. That money could grow and go towards the balloon at the other end and be better than up front even though it means higher monthly payments in the middle.

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