Good / Bad Lease Deal

[blownb310]

A Ford dealer in Kingston, NY aired a radio ad saying $99 down, $99 a month for a FFE for 24 months. I called them and no one seemed to know anything about it. I was going by the dealership a few days later so I stopped in and got the real scoop. You can only get that price if you qualify for every conceivable discount they offer [student discount, military discount, multi-lease discount, etc] The salesman said it would be like trying to win the lottery. Yeah right..... :roll:

 

[blf09]

I just got my black 2014 FFE with leather (package 300A) lease in San Diego, CA. 12k miles/year with a 36 month lease. No first month payment and no money down for a total of 35 monthly payments at $303 each including California sales tax. No additional fees whatsoever. That brought the total cost over the course of three years to $10,605.

Good deal, bad deal?

 

[MNEV]

Similar to the deal I got. You have a few more miles (12K vs 10.5K). I think it is a good deal. Check what the buyout at the end is. I can buy it out for a bit over 16K. Considering I put 10K in payments over 3 years on a cast the MSRP for 34K and can buy it for 16K at the end, it seemed like a no brainer to lease then buy if I want to keep it. Given that battery tech is evolving, there may be a better car with 200 mile range by then that is affordable (new TESLA by then?).

 

[bivouac]

I was quoted this lease:

List Price $36,990
Sale Price $35,550
12K Miles / Year
------------------------------
24 Months Residual - 18,865
36 Months Residual - 15,906
$1000 Down
-------------------------------
24 Months/ $395 / mo
36 Months/ $325 / mo
-------------------------------

That's with taxes, licenses, fees, and stuff all included ($1921 in taxes, $500 licenses and fees, $95 service 'doc' fee)

I've already put $500 down to order the car, but haven't signed anything. Seems like an OK, deal, but not screamin'

 

[twscrap]

I have a lease offer from the dealer.

$0 out of pocket at signing, 300/month lease (with all taxes included in the quote) for a 36 month lease. This is for a 2014 Black FFE with leather. 50 miles on it (I think I put a 1/3 of them on it). They write me a check for the tradein (10,750 Ford and goverment incentives make it so they cannot put an more down payment or trade in).

Seems in the ballpark. Its not a $103/month steal...

No one got one for $103 a month, that was baloney.

I don't understand what you wrote. What year/make car did you trade in? It's value was $10.750?

Not true. Since jwilson165 was nice enough to post the dealer, I actually called them to see if it was true and if they could do it again. The answer was yes, and maybe. They didn't have any 2013's on the lot, but there were two left in MA extended inventory. Slightly different configuration cars, but was quoted $124 + sales tax.

 

[blownb310]

Not true. Since jwilson165 was nice enough to post the dealer, I actually called them to see if it was true and if they could do it again. The answer was yes, and maybe. They didn't have any 2013's on the lot, but there were two left in MA extended inventory. Slightly different configuration cars, but was quoted $124 + sales tax.

Interesting, did you jump on it?

 

[cwcabuhat]

If I could get some help from the veterans out there. Is this a good lease deal? Should I continue to haggle more? I've spent a good part of the day going back and forth with this dealer and afraid I may have shown all my cards.

White platinum with leather. 10,500 miles. I am in So. California
MSRP: 37,645
Sale Price: 25,895 (included federal incentive and ford rebate, 10750, plus $1000 off)
Down: $2000
Monthly payment: $285 (including tax)

Should I go for this or fuss with the guy more?

 

[pjam3]

Similar to the deal I got. You have a few more miles (12K vs 10.5K). I think it is a good deal. Check what the buyout at the end is. I can buy it out for a bit over 16K. Considering I put 10K in payments over 3 years on a cast the MSRP for 34K and can buy it for 16K at the end, it seemed like a no brainer to lease then buy if I want to keep it. Given that battery tech is evolving, there may be a better car with 200 mile range by then that is affordable (new TESLA by then?).

The Tesla Model X won't be out till 2015 as it got pushed back so I doubt they are going to have the newer cheaper model out by 2017. They are making and selling $100K cars and they are pushing their battery factories at this point. I honestly don't see Tesla ever really getting to the $35K point. What is likely to happen is other companies start buying their battery technology or paying licensing fees or partnering. The Toyota Rav4 uses Telsa's motor and battery and that's a $50K+ car. And it's not really talked about much.

I think Tesla will eventually make a cheaper model, but there market is luxury not FFE.

 

[v_traveller]

If I could get some help from the veterans out there. Is this a good lease deal? Should I continue to haggle more? I've spent a good part of the day going back and forth with this dealer and afraid I may have shown all my cards.

White platinum with leather. 10,500 miles. I am in So. California
MSRP: 37,645
Sale Price: 25,895 (included federal incentive and ford rebate, 10750, plus $1000 off)
Down: $2000
Monthly payment: $285 (including tax)

Should I go for this or fuss with the guy more?

$1000 off? I say it's time to throw more dealers into the ring... just checked ford.com, there are 100+ FFEs in SoCal. My advice is to go to edmunds.com and spam dealers within FFE range, perhaps add a couple that are not (i.e. I'd include Galpin and Sunrise if they're not too far out of range). Let them know of your current offer and that you want to give them a chance to do their best.

They may come back with different lease terms, so I have a little write-up on how I compare lease offers:
http://vinn.myevblog.com/2014/02/14/apples-to-apples/

Assuming the $2K is drive-off (i.e. includes taxes, license, doc, first pmt), then your payout over 3 years is $11975. I suggest using the 3-year total payout to compare. Given identical vehicles, I'd go with the lowest offer.

 

[cwcabuhat]

If I could get some help from the veterans out there. Is this a good lease deal? Should I continue to haggle more? I've spent a good part of the day going back and forth with this dealer and afraid I may have shown all my cards.

White platinum with leather. 10,500 miles. I am in So. California
MSRP: 37,645
Sale Price: 25,895 (included federal incentive and ford rebate, 10750, plus $1000 off)
Down: $2000
Monthly payment: $285 (including tax)

Should I go for this or fuss with the guy more?

$1000 off? I say it's time to throw more dealers into the ring... just checked ford.com, there are 100+ FFEs in SoCal. My advice is to go to edmunds.com and spam dealers within FFE range, perhaps add a couple that are not (i.e. I'd include Galpin and Sunrise if they're not too far out of range). Let them know of your current offer and that you want to give them a chance to do their best.

They may come back with different lease terms, so I have a little write-up on how I compare lease offers:
http://vinn.myevblog.com/2014/02/14/apples-to-apples/

Assuming the $2K is drive-off (i.e. includes taxes, license, doc, first pmt), then your payout over 3 years is $11975. I suggest using the 3-year total payout to compare. Given identical vehicles, I'd go with the lowest offer.

Yes the 2K is drive-off. I guess I was focusing on the $285 payment being at a good place. Unfortunately I am in the Inland Empire and the dealers here/people haven't warmed up to the electric car thing. I'll start spamming and see if I can squeeze a better deal. Thanks!

 

[v_traveller]

Looks like Advantage Ford in Duarte has a Platinum with leather in stock. Would try them first.

Sunrise in Fontana has other colors, could save you a few bucks.

Wondries in Alhambra has the best selection.

Knowing now that you're way out in the 909, $1K isn't bad at all if you can't get to the LA County delaers... you'll still love the car!

 

[cwcabuhat]

I took your advice and now have 3 offers. I reached out to Advantage to see what they can do so we'll see what they say.

This price below is without the fancy paint or leather but I am not sure if the $1300 premium over 3 years is worth that.

Fairview
MSRP $36,590.00
Sale Price $34,388.00
Rebates $10,750.00
Capitalized Cost $23,638.00
Drive off $1,000.00
Monthly Payment $270.84

They have to order this car so I still haven't had a chance to actually drive one around.

Good deal/bad deal?

 

[socal]

I am trying to decide between leasing or buying in southern CA - here is the latest deal I have received:

Platinum White with leather
MSRP...........................$37,645.00
Costco sale price...........$34,695.00
less Ford Cash/purchase -6,000.00
Net Cost: $28,695.00 plus tax and registration. I will still be able to get the state and federal rebates of $10,000.

Do you think I can get the price any lower?

Thanks!

 

[v_traveller]

I took your advice and now have 3 offers. I reached out to Advantage to see what they can do so we'll see what they say.

This price below is without the fancy paint or leather but I am not sure if the $1300 premium over 3 years is worth that.

Fairview
MSRP $36,590.00
Sale Price $34,388.00
Rebates $10,750.00
Capitalized Cost $23,638.00
Drive off $1,000.00
Monthly Payment $270.84

They have to order this car so I still haven't had a chance to actually drive one around.

Good deal/bad deal?

Wow, that's a better deal than the first one! Your total payment on this one is $10479.4, about $1500 less than the platinum with leather, but with $1300 less content. I'm just totally ballparking on a 50% residual, which means that 50% of the cost of the options on the first car ($650) should be captured in the 35 payments. So this deal is about $650 + $200 = $850 better than the first deal. Hope that makes sense.

I'll put it this way... For the loaded car to have an "equal" deal, the 3-year total should be only $650 more than the base model. That's a little less than $20/month extra for leather and platinum... worth it, if you ask me, but the cloth is nice too.

Sooo.... if Advantage just matches the $1K drive-off and keeps you at the $285 payment, that'd be pretty much the same deal in my book...sanity check is that the first car was $1000 off MSRP and the second is $2200 off MSRP (it doesn't always translate that easily, which is why I ran the comparison the hard way at first). And you'd have the car now instead of waiting.

Very cool, cwcabuhat... Keep us posted... Looking at the post by socal, you might want to consider buying through your local Costco, or trying for the Costco-sized $3K off on the lease's capitalized cost... you're only $800 away, which should translate into about a $500 drive-off on either car, given the payments you were already quoted. Worst they can do is say no, and if that's the case, $2200 off that cap cost still makes for a great lease deal.

 

[v_traveller]

I am trying to decide between leasing or buying in southern CA - here is the latest deal I have received:

Platinum White with leather
MSRP...........................$37,645.00
Costco sale price...........$34,695.00
less Ford Cash/purchase -6,000.00
Net Cost: $28,695.00 plus tax and registration. I will still be able to get the state and federal rebates of $10,000.

Do you think I can get the price any lower?
Thanks!

I'm gonna have to look into using Costco when it's time to turn in my FFE for a new one!

As for trying for a better deal... Doesn't hurt to try (as I mentioned above, by spamming your deal to nearby dealers through edmunds.com)... my guess is that you might get the silent treatment (that's happened to me) or they may match the deal, perhaps on a base model so it looks more attractive to you price-wise.

If it were me? I'd just break out the checkbook... As much as I prefer leasing, that $6K off on a purchase works much better for me since I drive a lot of miles...

 

[JimmyEV]

michael - i certainly will! the lease has changed slightly since my first post. during the paperwork, we were expected to pay ~$600 up front in "aquisition fees". since then, that money has been returned and added to our monthly payments, bringing the total to $122. so we're paying the same amount, just in a different way. i will do my best to provide some backup. i really love the car too. and i can't say enough about the dealer - Stoneham Ford in Stoneham MA. family owned, excellent buying experience. this is the third car we've purchased in the past year and their service was the best by FAR.

No one got one for $103 a month, that was baloney.

Not true. Since jwilson165 was nice enough to post the dealer, I actually called them to see if it was true and if they could do it again. The answer was yes, and maybe. They didn't have any 2013's on the lot, but there were two left in MA extended inventory. Slightly different configuration cars, but was quoted $124 + sales tax.

The posts by jwilson165 and twscrap seem too good to be true, so I called Stoneham Ford in Massachussets. They quoted me $2,700 down and $259 per month.

I am currently looking to buy or lease a FFE. If either of you have tips on how to get this amazing deal (proof that it is real, would be nice too), please post them to the forum.

jwilson165, it would also be nice if you clarified the trade-in part of your deal.

Thanks!

 

[blownb310]

I wonder how many calls Stoneham Ford has fielded from crazy people thinking they were going to lease for $124 a month, lol.

 

[cwcabuhat]

Wow, that's a better deal than the first one! Your total payment on this one is $10479.4, about $1500 less than the platinum with leather, but with $1300 less content. I'm just totally ballparking on a 50% residual, which means that 50% of the cost of the options on the first car ($650) should be captured in the 35 payments. So this deal is about $650 + $200 = $850 better than the first deal. Hope that makes sense.

I'll put it this way... For the loaded car to have an "equal" deal, the 3-year total should be only $650 more than the base model. That's a little less than $20/month extra for leather and platinum... worth it, if you ask me, but the cloth is nice too.

Sooo.... if Advantage just matches the $1K drive-off and keeps you at the $285 payment, that'd be pretty much the same deal in my book...sanity check is that the first car was $1000 off MSRP and the second is $2200 off MSRP (it doesn't always translate that easily, which is why I ran the comparison the hard way at first). And you'd have the car now instead of waiting.

Very cool, cwcabuhat... Keep us posted... Looking at the post by socal, you might want to consider buying through your local Costco, or trying for the Costco-sized $3K off on the lease's capitalized cost... you're only $800 away, which should translate into about a $500 drive-off on either car, given the payments you were already quoted. Worst they can do is say no, and if that's the case, $2200 off that cap cost still makes for a great lease deal.

These are the final contenders. Apparently I've annoyed quite a few dealerships around here with the back and forth emails but to each his own.

Oxford white or Tuxedo Black w/leather
$1000 down and $290/month

or

Whatever color I want no leather
$1000 down $270/month

I am leaning towards the oxford white, plus the dealer is closer to my house. But won't be available until March 8th. The no leather option also has to be ordered but for $20 more a month, I'm going to take your opinion v_traveller and spring for the leather and automatic adjustments for the seat.

The Black w/leather is available now but is considerably further away but not by more than 70 miles.

What do you guys think? At least I have choices and I think I am getting a respectable deal.

 

[pjam3]

I am trying to decide between leasing or buying in southern CA - here is the latest deal I have received:

Platinum White with leather
MSRP...........................$37,645.00
Costco sale price...........$34,695.00
less Ford Cash/purchase -6,000.00
Net Cost: $28,695.00 plus tax and registration. I will still be able to get the state and federal rebates of $10,000.

Do you think I can get the price any lower?
Thanks!

I'm gonna have to look into using Costco when it's time to turn in my FFE for a new one!

As for trying for a better deal... Doesn't hurt to try (as I mentioned above, by spamming your deal to nearby dealers through edmunds.com)... my guess is that you might get the silent treatment (that's happened to me) or they may match the deal, perhaps on a base model so it looks more attractive to you price-wise.

If it were me? I'd just break out the checkbook... As much as I prefer leasing, that $6K off on a purchase works much better for me since I drive a lot of miles...

Miles aren't really an issue with most electric cars. Even if you averaged 90 miles, it would mean wherever you go, you'd have to stop and wait 4+ hours to charge it up to get more than that. Most likely you're driving under 100 miles a day on these cars. It's not like a gas car where you'd drive 300 miles, fill it up, drive another 300 miles, then come back home.

The FFE and most of these under 100 mile averages pretty much guarantees you're limited.

 

[Gigi]

wherever you go, you'd have to stop and wait 4+ hours to charge it up

pjam3,
You keep going on about how difficult it is to charge an EV. It is difficult for YOU to charge because you cannot charge at home. I can't speak for everyone here, but I would bet that most of us come home, plug in the car, and get up in the morning with it fully charged. YOU have to stop and wait 4+ hours, but the rest of us just plug it in and go to bed. Charging an EV at a public station as your primary source of electricity is not very economical. Your life would be so much easier with a hybrid. Give it up, man!