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

[minjaep]

Would you happen to know the Q2 residuals on options?

I also wonder the same thing as my car didn’t make it by March, unfortunately. The discount seems extended to Apr 4 and my ETA is Apr 5….

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[Dancefreak]

I also wonder the same thing as my car didn’t make it by March, unfortunately. The discount seems extended to Apr 4 and my ETA is Apr 5….

The residuals are different though as @hybrid2bev previously pointed out they're set quarterly. As for the discount and the options APR, you don't have to worry if either changes for the worse after April 4 since you can use whatever was in place at the time you ordered the car if you want.

 

[hybrid2bev]

Would you happen to know the Q2 residuals on options?

Sorry I’m out of pocket until Sunday. I can check then.

 

[minjaep]

The residuals are different though as @hybrid2bev previously pointed out they're set quarterly. As for the discount and the options APR, you don't have to worry if either changes for the worse after April 4 since you can use whatever was in place at the time you ordered the car if you want.

Oh, I thought APR is also updated. Is it guaranteed by the system? Last time when I asked my dealer about these to prepare financial stuffs (in particular as I was interested in Ford options), he said these incentives/APR vary every month so we should chat later. I assumed that means APR increases every month.

 

[Dancefreak]

Oh, I thought APR is also updated. Is it guaranteed by the system? Last time when I asked my dealer about these to prepare financial stuffs (in particular as I was interested in Ford options), he said these incentives/APR vary every month so we should chat later. I assumed that means APR increases every month.

You're correct in that the promotional APR and bonus cash update each month...though it's not a calendar month and the numbers have been fairly consistent. But you can use promotions at the time of when you order OR at the time of when you pick up the car. Whichever is better for you.

Residuals are separate and just about Ford setting what the balloon payment at the end of the options term will be for each model and mileage allotment. That can impact your monthly payment one way or the other.

 

[minjaep]

You're correct in that the promotional APR and bonus cash update each month...though it's not a calendar month and the numbers have been fairly consistent. But you can use promotions at the time of when you order OR at the time of when you pick up the car. Whichever is better for you.

Residuals are separate and just about Ford setting what the balloon payment at the end of the options term will be for each model and mileage allotment. That can impact your monthly payment one way or the other.

Thanks! That relieved me a lot. I was very frustrated as the car has been sitting at the last stop for 3 days waiting for a truck (and it should wait another weekend at this point), and it could've been delivered last month. But I don't remember what the incentives and APRs were when I ordered on 10/18/21. Now it says 2.49% and $2500 so hope I am offered at least better than this.

I have enough cash to buy but planning to do Ford options because it is actually cheaper than buying with these APRs and incentives. So residual doesn't matter that much.

 

[kennethjk]

I also wonder the same thing as my car didn’t make it by March, unfortunately. The discount seems extended to Apr 4 and my ETA is Apr 5….

My residual was the same as when I ordered the car back in Sept.

You're correct in that the promotional APR and bonus cash update each month...though it's not a calendar month and the numbers have been fairly consistent. But you can use promotions at the time of when you order OR at the time of when you pick up the car. Whichever is better for you.

Residuals are separate and just about Ford setting what the balloon payment at the end of the options term will be for each model and mileage allotment. That can impact your monthly payment one way or the other.

As an fyi, my residual didn’t change from when I ordered it in Sept 2021

 

[Dancefreak]

My residual was the same as when I ordered the car back in Sept.

As an fyi, my residual didn’t change from when I ordered it in Sept 2021

It's entirely possible that the Q3 21 and Q1 22 residuals for your car just happened to be the same. I don't think they've shifted by much since the car launched.

 

[Travman1974]

… But you can use promotions at the time of when you order OR at the time of when you pick up the car. Whichever is better for you. …

Doesn’t the dealer have to lock the incetives in Smart Vincent at the time of order? I didn’t think it was automatic.

 

[RickMachE]

Doesn’t the dealer have to lock the incetives in Smart Vincent at the time of order? I didn’t think it was automatic.

No. There is a box for them to select when you pickup the car that picks up the incentives at time of order.

 

[DrJay32]

Can someone explain the "renew" option in plain English? If you were to sell/trade the car, I'm assuming you'd still have to make the balloon payment? Or am I missing something?

 

[RickMachE]

Can someone explain the "renew" option in plain English? If you were to sell/trade the car, I'm assuming you'd still have to make the balloon payment? Or am I missing something?

It's a car loan. If you sell or trade the vehicle, you have to eliminate the loan by paying it back from the proceeds of your sale. "Renew" eliminates the balloon by trading it or selling it privately, i.e. you pay the loan back. There's no difference with this option and any car loan that has not been totally paid off.

If you keep the vehicle until the monthly payments hit, it's time to pay the balloon payment. You can pay it off, or you can refinance the balloon.

Or, you can simply hand Ford Credit the keys.

 

[macchiaz-o]

Can someone explain the "renew" option in plain English? If you were to sell/trade the car, I'm assuming you'd still have to make the balloon payment? Or am I missing something?

You could pay off the loan, including any accumulated fees, and the final month's balloon payment. Then you own the vehicle ("Retain") and can do with it as you please (keep, sell, trade, gift, ...).

Or you could give it back to Ford without making the final month's balloon payment. In this case you will pay for excess miles and excessive wear. You would owe a turn in fee ($475). This is "Return."

Or you could "return" the vehicle to Ford and make a new Ford purchase or lease at the same time. In this case you don't pay the return fee but all the other aspects are the same as Return. This is "Renew."

 

[DrJay32]

Thanks, guys!

 

[roz]

Has anyone seen the new rates/incentives? Looks like the current 2.49% APR/$2500 credit expires today. My car was delivered Friday but my dealer is taking their sweet time trying to figure out the price protection stuff and I’m not sure if I can take delivery by today.

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