tpm419419 Posted March 16, 2016 Author Report Share Posted March 16, 2016 I'll check further into it. My daughters Honda was totaled and she received a check for several thousand dollars. Payable to her Quote Link to comment Share on other sites More sharing options...
akirby Posted March 16, 2016 Report Share Posted March 16, 2016 Wait - you're in NY? I think NY requires the vehicle to be titled in the owner's name now and Ford calls it a RCO instead of a RCL (ownership instead of lease). I think it was due to the mfr getting parking ticket notices. Like I said - may vary by state. Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted March 16, 2016 Author Report Share Posted March 16, 2016 Sounds like Greek to me LOL. But I will call my insurance company before I do the lease. Don't like surprises Thanks Quote Link to comment Share on other sites More sharing options...
akirby Posted March 16, 2016 Report Share Posted March 16, 2016 It all has to do with who is the registered owner of the leased vehicle - you or Ford. And if it's Ford then you need to see what the lease contract says about insurance settlements for total losses. Quote Link to comment Share on other sites More sharing options...
WingNut Posted March 16, 2016 Report Share Posted March 16, 2016 It's the opposite of gap. Let's say you buy the vehicle with $8K down and finance $30K. You total it. Insurance writes you a check for $38K (replacement value). You pay off the $30K and you get your $8K back. If you lease the same vehicle with the same $8K down your payments will be low. But now if you total it, insurance sends Ford a check for $38K because Ford is the registered owner. Ford pays off your lease and keeps the balance. You're out $8K. Now this may vary by state and Ford may have a clause that refunds you the difference but it's up to the leasing company whether they want to do that or not. I'm just giving you a possible scenario where you could lose your big lease down payment. The insurance company is not going to screw you like this. You owe Ford the remainder of the lease payments and residual value of vehicle (which we know is stated in the lease paperwork). If that means you owe for $30k and the value of the car is $38k, Ford would give you the balance since you "overpaid" the balance on your account. Quote Link to comment Share on other sites More sharing options...
WingNut Posted March 16, 2016 Report Share Posted March 16, 2016 And Gap insurance is included in the lease. I asked Ford Credit about this a few months back. Quote Link to comment Share on other sites More sharing options...
mjonis Posted March 16, 2016 Report Share Posted March 16, 2016 That's not how it works. The more you put down the less your payments. You pay for the difference between the purchase price and the residual value (value at the end of the lease). You pay the same total amount regardless of how you split it between payments and down payment. The only difference is if you total the vehicle before the end of the lease and you made a big downpayment you may not get it back. Sounds like that's why you don't want to do a downpayment (or large one) if at all possible: http://www.carsdirect.com/auto-loans/should-i-put-any-money-down-when-i-lease http://www.nj.com/business/index.ssf/2014/05/your_money_why_a_big_down_payment_on_a_car_lease_is_a_big_mistake.html http://www.realcartips.com/leasing/0314-dont-put-down-payment-on-car-lease.shtml Quote Link to comment Share on other sites More sharing options...
akirby Posted March 16, 2016 Report Share Posted March 16, 2016 And Gap insurance is included in the lease. I asked Ford Credit about this a few months back. Yes, I doubt that Ford would do that even if they could. But there are other leasing companies other than Ford that might not be so scrupulous. Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted March 16, 2016 Author Report Share Posted March 16, 2016 A dealer called me stating I can get a 2016 Sport with 401a package plus cold weather package for 420.00 month, only taxes down. Meeting with him next Tuesday but I know what they say and what they actually do are 2 different things Quote Link to comment Share on other sites More sharing options...
mjonis Posted March 16, 2016 Report Share Posted March 16, 2016 Yes, I doubt that Ford would do that even if they could. But there are other leasing companies other than Ford that might not be so scrupulous. Could be because I live in New York, but when I leased a Ford from Ford Motor Credit in 1999 (yes, ages ago) GAP insurance was included. Of course now it's not called a Lease due to some stupid NYS law about holding the manufacturer responsible for things you did if it's called a "lease". But regardless, if leasing, I'd definitely make sure the signed paperwork has GAP insurance somewhere (checkbox/etc). Interestingly the NYS DFS doesn't quite say it's mandatory unless certain conditions apply: http://www.dfs.ny.gov/insurance/ogco2008/rg080320.htm And, off topic, but the above link is the reason why I was unable to purchase an extended warranty from HP for a laptop I bought years ago. The DFS determined that an extended warranty was "insurance" and HP was not licensed to sell insurance in New York. Ironically the NY State government agencies could purchase extended warranties from HP for the pc's/servers that the STATE bought, but we, as consumers, could not. Quote Link to comment Share on other sites More sharing options...
akirby Posted March 16, 2016 Report Share Posted March 16, 2016 Online X plan pricing shows you would have to put $3500 down (plus taxes) to get a $420 payment on that vehicle. You may have additional rebates but that sounds a bit low to me. 1 Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted March 16, 2016 Author Report Share Posted March 16, 2016 I agree Quote Link to comment Share on other sites More sharing options...
mdubdroid Posted April 9, 2016 Report Share Posted April 9, 2016 with top credit how is $400-425 even doable with Titanium w/302? MSRP @ 41,695. currently have $1k in cash back. im negotiated price would have to come down $35.5-36k to get that low $400/mth payment. please share details if you have them Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted April 9, 2016 Author Report Share Posted April 9, 2016 Just got back from the dealership in NY 2016 Titanium with AWD, 302a, V6, 20" wheels, all weather mats 420.00 month 3 years 4,000 out the door including first payment. Will also take my remaining 2 payments left 10,500 miles a year 2 Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted April 9, 2016 Author Report Share Posted April 9, 2016 That is with a competitive lease in household and firefighter discount. Both 500.00 Quote Link to comment Share on other sites More sharing options...
CaliBoss Posted April 9, 2016 Report Share Posted April 9, 2016 Congrats!! Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted April 9, 2016 Author Report Share Posted April 9, 2016 I'm taking the weekend to think it over. Wasn't the color I really wanted but think I'll do it. It's the Magnesium metallic. Pretty much grey.. Like the wheels, will be a good match for it Quote Link to comment Share on other sites More sharing options...
mdubdroid Posted April 10, 2016 Report Share Posted April 10, 2016 (edited) lol i just got quoted little while ago @ $596 for Titanium w/302a. not looking to put anything down on a lease. thats with x plan as well. Edited April 10, 2016 by mdubdroid Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted April 10, 2016 Author Report Share Posted April 10, 2016 Pay now or pay later right? Quote Link to comment Share on other sites More sharing options...
CapeDave Posted April 14, 2016 Report Share Posted April 14, 2016 Today I ordered the Granite Edge Titanium 302a, Cold Weather. Cognac interior. 2.0 EcoBoost, AWD. I am very excited. It will be the first time I ever waited for a car 1 Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted April 14, 2016 Author Report Share Posted April 14, 2016 Best of luck with it. That's the setup I wanted but was given a good deal with the V6 and optional wheels. Think I'm getting it Tuesday. I was hoping for the Bronze Fire with Cognac interior but nowhere to be found Quote Link to comment Share on other sites More sharing options...
CapeDave Posted April 16, 2016 Report Share Posted April 16, 2016 (edited) Best of luck with it. That's the setup I wanted but was given a good deal with the V6 and optional wheels. Think I'm getting it Tuesday. I was hoping for the Bronze Fire with Cognac interior but nowhere to be found Sounds like a great car. Enjoy. I may end up going to the dealer and seeing what they have that would work for me. I think they said they could change out the seat colors if need be I seem to recall they had a V6. I like a V6, but thought this time I would try a Turbo Edited April 16, 2016 by CapeDave Quote Link to comment Share on other sites More sharing options...
tpm419419 Posted April 16, 2016 Author Report Share Posted April 16, 2016 The V6 has been around for a while. My 13 has it as did my 11 and 07. Now it's a 645.00 or so option. Reports are the 4 turbo is powerful enough and you get better gas mileage. Not sure if it needs premium gas. One engine does Quote Link to comment Share on other sites More sharing options...
akirby Posted April 16, 2016 Report Share Posted April 16, 2016 None of the engines require premium. 1 Quote Link to comment Share on other sites More sharing options...
bogacsur Posted April 26, 2022 Report Share Posted April 26, 2022 (edited) I use the online payment estimator as a guide, but my payment is less per month than what it indicated. dickssportinggoods feedback www.lowes.com survey Edited April 27, 2022 by bogacsur Quote Link to comment Share on other sites More sharing options...
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