Lease Payments?

nja

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Has anyone leased this car? My MME FE is sitting at the dealership waiting for me and the numbers they are quoting are telephone numbers. Even at X-plan it’s a staggering payment. It’s more than my Q7! Wondering if I’m the only one.
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JellyBelly

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Has anyone leased this car? My MME FE is sitting at the dealership waiting for me and the numbers they are quoting are telephone numbers. Even at X-plan it’s a staggering payment. It’s more than my Q7! Wondering if I’m the only one.
Lots of discussion on the forum about Leasing versus options versus direct finance. Leasing seems to be more but it’s hard to say without know what you are being quoted like are you trying to lease or options buy? Terms? Rate ?
 
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nja

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Lots of discussion on the forum about Leasing versus options versus direct finance. Leasing seems to be more but it’s hard to say without know what you are being quoted like are you trying to lease or options buy? Terms? Rate ?
The money factor on the lease is insanity. The APR IS 5.47 for a tier 0. That’s crazy money. He gave me a $900+ A month payment for a 3yr, 36k lease. I pay less for my Audi and it’s a 78k car.
 

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The money factor on the lease is insanity. The APR IS 5.47 for a tier 0. That’s crazy money. He gave me a $900+ A month payment for a 3yr, 36k lease. I pay less for my Audi and it’s a 78k car.
Yes if you search the forum the discussions sort of conclude the same that RCL is expensive
 


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The money factor on the lease is insanity. The APR IS 5.47 for a tier 0. That’s crazy money. He gave me a $900+ A month payment for a 3yr, 36k lease. I pay less for my Audi and it’s a 78k car.
I was originally going to lease. I eventually went with Ford Options.

I was quoted a lease price that was higher than the finance pricing. I don’t remember the exact numbers but it was something like:

Lease $9xx / month with $6k down

72 month finance $9xx with $6k down

Ford Options 48 months $7xx with $6k down

I always try to put the least amount down on a lease so there was no way I was even considering the lease terms after seeing the numbers. I went with Ford Options because I can apply for the $7500 tax credit AND I can return the car in 4 years if I want to (like a lease) AND it came out cheaper per month than all the other finance options.
 

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I was originally going to lease. I eventually went with Ford Options.

I was quoted a lease price that was higher than the finance pricing. I don’t remember the exact numbers but it was something like:

Lease $9xx / month with $6k down

72 month finance $9xx with $6k down

Ford Options 48 months $7xx with $6k down

I always try to put the least amount down on a lease so there was no way I was even considering the lease terms after seeing the numbers. I went with Ford Options because I can apply for the $7500 tax credit AND I can return the car in 4 years if I want to (like a lease) AND it came out cheaper per month than all the other finance options.
Yup, the Options plan is the much better deal than a lease with the additional $7500 federal tax credit. Depending on your region, options also has $1000 or $2500 Ford incentive cash.
 

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Yup, the Options plan is the much better deal than a lease with the additional $7500 federal tax credit. Depending on your region, options also has $1000 or $2500 Ford incentive cash.
Yes, Options is supposed to be the better way to proceed. However, the dealerships are having a difficult time figuring out the Options program. I got my car last Friday and tried doing Options, but there were many issues including wrong rates/residuals. Ultimately, they couldn't produce paperwork for a balloon loan. I'm still waiting to hear back from the dealership that they are ready to process the Options paperwork. Thankfully, I got a lot of support from this forum so I was ready with how the program should work. I provided the dealership with all the information, but they are still confused and are now working with FMCC.

Caution, the rates that I was quoted for Options were the RCL rates. So, 5.47% vs 2.25%. I also had to give them the program info for the $1,000 incentive. Do your homework on here and make sure you ask what rates they are using.
 

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My dealership said they do not have the paperwork yet for the Option Plan but hopefully will get it before I pick my car up in early March. With my trade and down payment I'll be putting $6k down also and they quoted me $803.71 per month + $72.33 sales tax for a monthly payment of $876.04 doing the 48 month. To me that seems a little high and likely not using the 2.25%. When I look at the calculator on Ford's website doing the 48 month with $0 down was $780 or so.
 

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My dealership said they do not have the paperwork yet for the Option Plan but hopefully will get it before I pick my car up in early March. With my trade and down payment I'll be putting $6k down also and they quoted me $803.71 per month + $72.33 sales tax for a monthly payment of $876.04 doing the 48 month. To me that seems a little high and likely not using the 2.25%. When I look at the calculator on Ford's website doing the 48 month with $0 down was $780 or so.
I think they are quoting you a lease price and not Options. Should not have a monthly sales tax on a retail transaction.

The dealer has access to all the Options info if they look it up:
FMCDealer » Finance (tab) » Consumer Finance Programs (left side menu) » Ford Options
 

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Yup, the Options plan is the much better deal than a lease with the additional $7500 federal tax credit. Depending on your region, options also has $1000 or $2500 Ford incentive cash.
I wonder if dealers, when providing RCL quotes, are considering that the $7500 federal tax credit goes to the leasing company
 
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nja

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I wonder if dealers, when providing RCL quotes, are considering that the $7500 federal tax credit goes to the leasing company
They are and it's not in the deal. Audi passes the $7500 credit to the customer in the lease, Ford seems to be keeping it.
 

bburk00

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I don't think my dealership knows what the are doing at all. They also charged me sales tax on my cash down payment and just told me that the rate is 5.47% not 2.25% even though my credit score is in the 800s.
 

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They are and it's not in the deal. Audi passes the $7500 credit to the customer in the lease, Ford seems to be keeping it.
Not exactly. It gets factored into the residual. That's why the residual is higher with RCL than Options.
 

MrRossKeys

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My dealership said they do not have the paperwork yet for the Option Plan but hopefully will get it before I pick my car up in early March. With my trade and down payment I'll be putting $6k down also and they quoted me $803.71 per month + $72.33 sales tax for a monthly payment of $876.04 doing the 48 month. To me that seems a little high and likely not using the 2.25%. When I look at the calculator on Ford's website doing the 48 month with $0 down was $780 or so.
Something isn't right here. Definitely make sure you are getting the proper rates. The Ford website won't include registration fees so it will end up a little higher.

I went in with the following math for my situation:

Mach E FE total MSRP : $58,700
X-Plan (-$899) : $57,801
Destination and delivery (+$1100) : $58,901

Auto Driving incentive : -$100
Ford Options incentive : -$2500
California CRV Rebate : -$1500

Purchase Price : $54,801

Sales tax (Santa Clara County) : 9% = $5301.09

Total Cash Price : $60,102.09

Down Payment : -$5700
Trade-in : $0

Unpaid Balance after down and trade : $54,402.09

Registration and other fees (specific to my location): $811

New unpaid balance : $56,024.09

FORD OPTIONS
APR : 2.25%
Term : 48
Residual value for ballon payment : 37%
Adjusted Options Financing : $35,295.18
Residual (Final Payment) : $20,728.91
Annual Mileage : 12,000

Monthly Payments : $751.86
---

I brought all of the above info with me to the dealer (in a spreadsheet and PDF with the ability to edit it on the spot).

When I told them I wanted $6k down they originally quoted a number in the $9xx/month. I told them my numbers were different and they combed over my spreadsheet, which actually surprised me. He confirmed my numbers actually looked correct!! After coming back in a few minutes he confirmed that they had been offering a higher APR, and hadn't included X-plan pricing. Once they fixed those two the total they quoted was $784.xx/mo which was only about $30 more than my calculation. I was fine with the difference as I imagine some of my math was not correct.

In summary: depending on the incentive for Ford Options in your area, you should be well below $800 a month on a 48 month ballon term if you have any trade-in value to go along with your $6k down. My trade in was actually negative equity of $535 so that's another reason why my actual monthly came out to more than my calculations above. Good luck!
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