Know the Market

[modette]

We had a 2007 Ford Edge AWD SEL+ lease, we bought it on A/Z-Plan with rebates at the time. Out buyout was like $17K, it was a 15k mile a year lease but we only put 25K-28K on the vehicle in the 38 months we had it. We put no money down either. I was shopping around before that lease ended and saw here in CO them going for $22K with this low of miles.

 

I walked into a Lincoln dealer to look at the MKX and I got an A/Z-Plan price, I lied and said I own that vehicle (pointing to the 2007) They came back after checking it out and said $18,000 (had a few body dings and nics). I was not all to thrilled with the MKX to me why pay more for the Lincoln name, plus the wife and I did not want navigation and 22" rims because we were buying this vehicle and the plan is to keep it for at least 10 years (I've leased once myself and rather own a vehicle...my wife grew up in a house that leased).

 

So wanting to still checkout the 2010 Edges I went and looked at a Ford dealer. But the key was the Lincoln dealer had written out on their paper they give me $18K for my vehicle. So I walked into the Ford dealer saying this is what I want it comes down to color but we don't care about the rebate that much ($3,000 I think it was) we want these option with one of these colors. At first the dealer was like oh no you NEVER get money back on a lease..oh YES you can buddy and I pulled out the Lincoln dealers paper. They looked at the 2007 and said okay we will do $18,000...$17,000 to pay off your lease and $1,000 in your pocket.

 

So we ended up getting A/Z-Plan (Thanks Grandma) and $1,000 trading the lease in (dealer bought it actually from Ford) and we got $3,000 I think it was for rebate. I think with tax it was $36K for a 2010 Ford Edge AWD SEL (yeah we did not get the plus as we did not want that other shit). Also that was with a 10 year/100K mile ESP through Ford. Oh and the kicker I haggled on the remote start and ended up paying $175 for that ford option (dealer installed).

 

So don't ever let someone say you can not get money back out of a lease...just don't tell a dealer its a lease and shop around. Oh and this was like last July or August and its been a great vehicle, only 6K miles on it. And i do believe that dealer priced it at $22K-$23K on there lot we saw it there for a few weeks, I think it sold quick.

[akirby]

So don't ever let someone say you can not get money back out of a lease...just don't tell a dealer its a lease and shop around. Oh and this was like last July or August and its been a great vehicle, only 6K miles on it. And i do believe that dealer priced it at $22K-$23K on there lot we saw it there for a few weeks, I think it sold quick.

 

Of course you can - but only if the buyout is lower than the current value, which usually doesn't happen unless you buy it out and sell it yourself.

 

Realistically though what happened here is that you overpaid for the lease up front because you paid for 45K but only used 28K - that's why the resale value was higher than the residual. Had you opted for 10,500 miles per year your lease payments would have been a lot less and the residual value (buy-out) would have been much closer to the actual value.

[modette]

Of course you can - but only if the buyout is lower than the current value, which usually doesn't happen unless you buy it out and sell it yourself.

 

Realistically though what happened here is that you overpaid for the lease up front because you paid for 45K but only used 28K - that's why the resale value was higher than the residual. Had you opted for 10,500 miles per year your lease payments would have been a lot less and the residual value (buy-out) would have been much closer to the actual value.

 

Not really, it was a whooping $20 a month if that difference, its why we went with the 38 month lease. We also got like $4K-$5K rebate on top of the A/Z Plan which is below invoice. I almost want to say we also used a $1,000 cash check my Grandmother had from Ford but I don't recall. Also the Edges were cheaper then too...hard times people were not buying Fords that much.

 

One thing I know I feel sorry for whoever got that lease, the wheel came off after some work at the dealer as they forgot to put the cotter pin in the castle nut back on causing a lot of parts to be under stress/damaged...they fixed some of it...but as it was a lease they could of cared less. Dealer told us to sue, best I could do was new tires as the ones that were on it were worn...this was at 15K miles.....one reason why we dumped that vehicle not to mention being a lease I abused the snot out of it....they can if you dare go off-roading its amazing how much the body will flex with two tires int he air...LOL So yeah maybe we paid a little more and did not use the miles but we sure did use the vehicle...LOL

 

Seeing as we financed this new one at 0 for 60% and plan to keep it a long time, it will be taken care of. I guess thats the ONLY aspect to leasing I like...its not mine, F it. I only do what I need too...although I always did do the oil changes myself I tended to put in Mobil One....plus I towed with that vehicle which is hard on vehicles...once 4 Utility ATV's with the large trailer...LOL Talking about sitting low.

 

So like I said we got our moneys worth out of it. I think it was $330 a month, I feel we would of got something back anyways just do to the rebates and the A/Z Plan...plus I am known to haggle even at department stores.

Edited March 25, 2011 by modette