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viscount

Getting ready to turn in a leased Edge

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I bought one of the first ones on the lot in January of 2007.

 

Got and SEL Plus FWD on an A-Plan for $307 a month and so I must decide whether to walk or talk the dealer into giving me a better deal than the residual -which I believe is about $11K.

 

All in all, I have been pleased with it. after 36K (I took the miles out to 45K) I have not been to the dealer since I bought it, doing my own maintenance and such. I have not had one single problem with it that required a warranty trip.

 

With the economy the way it is, anyone have thoughts on whether FOMOCO would deal better than the 'three years ago' residual or perhaps I should be looking elsewhere???

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I bought one of the first ones on the lot in January of 2007.

 

Got and SEL Plus FWD on an A-Plan for $307 a month and so I must decide whether to walk or talk the dealer into giving me a better deal than the residual -which I believe is about $11K.

 

All in all, I have been pleased with it. after 36K (I took the miles out to 45K) I have not been to the dealer since I bought it, doing my own maintenance and such. I have not had one single problem with it that required a warranty trip.

 

With the economy the way it is, anyone have thoughts on whether FOMOCO would deal better than the 'three years ago' residual or perhaps I should be looking elsewhere???

 

Hi viscount. :D Pricing questions like this will vary greatly according to region you live in, Dealer?Financing willingness to negotiate, etc. etc..

 

Whatever answer we may give (as Internet strangers with little background information) is only a 50/50 crap-shoot guess at best. Your best course of action is to simply ask the General Manager or Leasing Manager of your Dealership the question.

 

Go in prepared. Check KBB.com. NADA.com and Edmunds for the average current value of your Edge. In general, take an average of the quotes from the three sites to give you a general idea of current value. Yes, I know some people say these sites are not accurate enough for them, but having three quotes from expert sites is better than nothing at all, and still better than a bunch of Internet guesses from a bunch of mooks like us. :hysterical:

 

Of course, Then you also need to figure in to the equation any extra charges for you may be assessed for damage, over-mileage etc. into the equation when deciding if it is worth it to buy, as opposed to turning in and paying those charges..

 

At least you will have some figures to back your request for a lower buy-out. Actually, while it is hard without knowing options etc, $11,000 does not sound all that bad (just a blind Internet guess).

 

For what it is worth, that would be my best recommendation.

 

Good luck. :beerchug:

Edited by bbf2530

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Keep in mind the body is being refreshed next year!

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I bought one of the first ones on the lot in January of 2007.

 

Got and SEL Plus FWD on an A-Plan for $307 a month and so I must decide whether to walk or talk the dealer into giving me a better deal than the residual -which I believe is about $11K.

 

All in all, I have been pleased with it. after 36K (I took the miles out to 45K) I have not been to the dealer since I bought it, doing my own maintenance and such. I have not had one single problem with it that required a warranty trip.

 

With the economy the way it is, anyone have thoughts on whether FOMOCO would deal better than the 'three years ago' residual or perhaps I should be looking elsewhere???

 

In the past Ford has been unwilling to negotiate on the buyout price - take it or leave it. But ask to be sure.

 

If it's a good vehicle and the buyout is close to what you would pay for a similar vehicle then go for it. But sometimes it's a lot cheaper to let that one go back and buy another used one - depends on how they set the residual value and what the current used market looks like. Essentially - you're just buying a used vehicle, albeit one you are familiar with.

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FMCC will not negotiate the Lease End Purchase Price as it is a predetermined number on your contract.

 

The dealer can't negotiate the price as they do not own it. FMCC is the owner of the vehicle, and once turned in, the selling dealer has a period of time to purchase from FMCC. If the vehicle is not purchased by the original selling dealer, it is sent to the Auction.

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We just went through the same decision process on our MKX. Turns out that the purchase option was a couple thousand less than the trade-in value (we just had 13,000 miles on our 2007 after 26 months, so we bought it.

 

One other consideration is that FMCC has additional incentives to buy or lease another new vehiocle on many of the lines, for people just coming off lease. If you see a vehicle you are interested in, ask the sales manager to run a VinCent on the vehicle or check the C&I chart for special incentives. That might affect your decision.

 

FMCC will permit you to extend the lease for 2 months, if you decide to order or need more time to decide.

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Here's my thoughts

 

I would do the math first of all. If you turn it in, you paid $307 X leased months = rental price. :shades:

 

You said you've had no problems with your brand new Edge that you broke in.I wouldn't go looking at other off leased vehicles that you don't know how it was drove. It could be on the lot because its lemon as well.You might be best to pay the residual value if you have to. It still could be cheaper in the long run.

Edited by breye

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