I was just wondering how the lease payment prices typically look on a '06 Mustang GT. I really would prefer to buy a Mustang instead of lease one because I'd like to keep it for a loooooooooong time. But because leases typically have lower payments and thus allow you to "afford" a car you might not be able to otherwise, I'll probably have no choice. I'm thinking of going for a 2007 because by then I should have my debts paid off and my credit reasonably rebuilt (I've gotten laid off twice in the last 4 years and was out of work for a while). And the reason I don't wait until I can finance one is because I might want to get one before the 2009 updates, depending on what spy shots reveal.

So, if anyone here has leased a GT that's reasonably loaded (leather, stick, IUP, and upgraded wheels at least is what I'll be looking for) or any of your dealership sales reps can give me an idea of your payments, down payments and terms, I'd greatly appreciate it.

Thanks in advance. I hope to get back into a Mustang sometime soon... [img]style_emoticons/<#EMO_DIR#>/sad.gif[/img]

 

Hey John, glad to help you out and answer your questions. I'm a sales rep, and I post info on the board frequently. Leasing a GT, is not really a good idea. The payments to buy it are actually better, and the reason it this. The residual percentage isn't bad, its 54%, but its the rate factor that kills the payment, and makes it sky high. See, in my region (SE PA) there was the $299 per month lease on a Supercrew F150 XLT. The residual percentage was 60% for 15,000 miles, but the real good thing was the rate factor. It was only 0.50%, almost no interest during the lease. See, the lower the rate factor, the cheaper the payment. And its reversed for residual. The higher the residual, the less you have to pay for the car, and the cheaper the payment becomes.

I see your from Cleveland. I used the ZIP code of 44140, to get the programs and rates in that area. They differ by region of the country. I did a 36 month lease, at 15,000 miles per year. I used a GT I have in my inventory. Premium, 5-speed, IUP, AAT, Sidebags, Fanblades. MSRP $29,000. WIth no money down, sale price at $1,000 off MSRP, the payment, including tax (I used 9%, as thats what it is here, 6% sales & 3% rental), comes out to just over $550 per month. Now, if you do 12K mileage, in PA, you get 2 more residual points (up to 56), and Ford also has a low, low mileage of 10,500 per. This would get you yet another point on residual, (to a final % of 57).

The reason, is that there are no rebates, and the rate factor is too high. See, Ford doesn't ever run lease deals on GT's, only on the V6 models. The reason I think, they don't want the cars back. They figure that GT's will get beat on, and the car, at the end of the lease will not be in good shape. I have been selling Fords for 9 years (I'm 29) and have NEVER leased a GT Mustang, ever. Everyone buys them.

Now, to give you some insight about leasing. For every $1,000 you put down, the payment, for a 36 month (3 year) lease drops approximately $30 per month. Speaking of money down. There is a thing called cap cost amount. Ford has a limit on how much you can put down on a lease. The limit is 25% of the sale price, not including rebates. For example, if the vehicle's sale price is $40,000, and there is a $4,000 rebate, the most you can put down on the lease is $6,000 in cash, or trade combined, no more. Plus its never smart to put alot of money down on a lease . The most I recommend, would be no more than $2,000. Another thing, Ford has an acquisition fee, that is $595. If you pay it up front, (with the tax on it), your payment will be anywhere from $16-$20 cheaper, give or take. The lease I figured out above, was with the fee financed into the lease. If you do buy a 2007, and put a fair amount down, you can trade out of it, as long as you don't finance alot of money. I know there is alot of info here, but if you have any questions, feel free to post them, or you can send me a PM. I'll be happy to help. [img]style_emoticons/<#EMO_DIR#>/thumb.gif[/img]

 

<div class='quotetop'>QUOTE(05fordgt @ March 1, 2006, 4:16 PM) Quoted post</div><div class='quotemain'>
Hey John, glad to help you out and answer your questions. I'm a sales rep, and I post info on the board frequently. Leasing a GT, is not really a good idea. The payments to buy it are actually better, and the reason it this. The residual percentage isn't bad, its 54%, but its the rate factor that kills the payment, and makes it sky high. See, in my region (SE PA) there was the $299 per month lease on a Supercrew F150 XLT. The residual percentage was 60% for 15,000 miles, but the real good thing was the rate factor. It was only 0.50%, almost no interest during the lease. See, the lower the rate factor, the cheaper the payment. And its reversed for residual. The higher the residual, the less you have to pay for the car, and the cheaper the payment becomes.

I see your from Cleveland. I used the ZIP code of 44140, to get the programs and rates in that area. They differ by region of the country. I did a 36 month lease, at 15,000 miles per year. I used a GT I have in my inventory. Premium, 5-speed, IUP, AAT, Sidebags, Fanblades. MSRP $29,000. WIth no money down, sale price at $1,000 off MSRP, the payment, including tax (I used 9%, as thats what it is here, 6% sales & 3% rental), comes out to just over $550 per month. Now, if you do 12K mileage, in PA, you get 2 more residual points (up to 56), and Ford also has a low, low mileage of 10,500 per. This would get you yet another point on residual, (to a final % of 57).

The reason, is that there are no rebates, and the rate factor is too high. See, Ford doesn't ever run lease deals on GT's, only on the V6 models. The reason I think, they don't want the cars back. They figure that GT's will get beat on, and the car, at the end of the lease will not be in good shape. I have been selling Fords for 9 years (I'm 29) and have NEVER leased a GT Mustang, ever. Everyone buys them.

Now, to give you some insight about leasing. For every $1,000 you put down, the payment, for a 36 month (3 year) lease drops approximately $30 per month. Speaking of money down. There is a thing called cap cost amount. Ford has a limit on how much you can put down on a lease. The limit is 25% of the sale price, not including rebates. For example, if the vehicle's sale price is $40,000, and there is a $4,000 rebate, the most you can put down on the lease is $6,000 in cash, or trade combined, no more. Plus its never smart to put alot of money down on a lease . The most I recommend, would be no more than $2,000. Another thing, Ford has an acquisition fee, that is $595. If you pay it up front, (with the tax on it), your payment will be anywhere from $16-$20 cheaper, give or take. The lease I figured out above, was with the fee financed into the lease. If you do buy a 2007, and put a fair amount down, you can trade out of it, as long as you don't finance alot of money. I know there is alot of info here, but if you have any questions, feel free to post them, or you can send me a PM. I'll be happy to help. [img]style_emoticons/<#EMO_DIR#>/thumb.gif[/img]
[/b][/quote]
Jeff,

You're have a wealth of information and go the extra mile to share......THANKS....I learn a lot from reading your posts.

EDIT: Jeff, I'm sorry! I addressed this to a "Dave" by mistake....or should I say, I just wasn't thinking. Again, I apologize!

 

Wow. Thanks for all of that information Jeff. I really appreciate the time you took to respond. I've read many of your other posts for the few years I've been a member here and I know you know your stuff. I have to admit that I had a feeling it wouldn't be good news about the lease, but I never would have expected it to be so high. I certainly learned a couple things about how leases work too. I also agree that putting more than $2000 down on a lease is a waste. That would be my maximum I'd consider (and probably be able to) put down. It looks like we may just have to do a decent ammount of saving up to get the finance payments more affordable. We could probably swing something in the $400-450 range, but that would be about the max. So I know I'll have a lot of saving up to do to accomplish that.

Thanks again for your time and knowledge. It doesn't go unappreciated! [img]style_emoticons/<#EMO_DIR#>/thumb.gif[/img]

 

<div class='quotetop'>QUOTE(John H @ March 1, 2006, 6:44 PM) Quoted post</div><div class='quotemain'>
Wow. Thanks for all of that information Jeff. I really appreciate the time you took to respond. I've read many of your other posts for the few years I've been a member here and I know you know your stuff. I have to admit that I had a feeling it wouldn't be good news about the lease, but I never would have expected it to be so high. I certainly learned a couple things about how leases work too. I also agree that putting more than $2000 down on a lease is a waste. That would be my maximum I'd consider (and probably be able to) put down. It looks like we may just have to do a decent ammount of saving up to get the finance payments more affordable. We could probably swing something in the $400-450 range, but that would be about the max. So I know I'll have a lot of saving up to do to accomplish that.

Thanks again for your time and knowledge. It doesn't go unappreciated! [img]style_emoticons/<#EMO_DIR#>/thumb.gif[/img]
[/b][/quote]


If you can put 2000 down you could easily get payment on a GT at less then 400 a month. Even with interests rates rising you still should be able to get some good rate. I put 500 down on my vert and my payment are 470 per month.

 

<div class='quotetop'>QUOTE(silverGTvert @ March 1, 2006, 7:06 PM) Quoted post</div><div class='quotemain'>
If you can put 2000 down you could easily get payment on a GT at less then 400 a month. Even with interests rates rising you still should be able to get some good rate. I put 500 down on my vert and my payment are 470 per month.
[/b][/quote]

Huh? How's that possible? How long is your loan for and how much did you finance? In 2000, I got my GT for 60 months, I think $1000 down, and the payment was like $511/mo. I don't remember what the interest rate was though. And I won't even get into what my Cobra payments were before I had to get rid of it.... [img]style_emoticons/<#EMO_DIR#>/crying.gif[/img] I'm not saying I don't believe you. I'm just curious becuase I thought with $2000 or so down that a $29,000 GT like Jeff used in his example above would be around $500.

 

Man, I'm paying $500/mo for my 06 GT Vert for 60 mo with 10k down! Of course, I got all the options with the exception of the Shaker 500. My rate was 5.89%. Also, I plan to pay it off within 12 months.

 

Wow. There's no way we'll be able to come up with $10k down on ours. I think we'll be lucky to have $4000 by the time we're ready if we were to order an '07. Kilmar, can I ask what your purchase price of the car was before your down payment? I'm just tyring to get an idea of what some payments are that I should try to figure out if we can handle.

 

If you stretch out the loan for 7 years you can get ~27000 financed for 400 a month depending on your interest rate. On a 5 year you would have to get the financed amout down to around 20,000 to be in the 400 payment range.

 

Seven years?! That's 84 freaking months. There's no way I'll go that long. 60, maybe 66. Depending on the situation. I might be able to be talked into 72 months if the deal and car is perfect. But there's just no way I'll do 7 years.

 

<div class='quotetop'>QUOTE(John H @ March 1, 2006, 7:51 PM) Quoted post</div><div class='quotemain'>
I'm just tyring to get an idea of what some payments are that I should try to figure out if we can handle.
[/b][/quote]

I use this auto loan calculator for "what-if" payment analysis.

 

To answer the post question, I would only purchase with todays lease offerings.

05fordgt

I don't know whats up in your area, but I could have leased a Mach1 back in O3 for $565 a month. Plus a one time pay of around $13,400 on the 2 year 30K lease. Way too high a cost there.

I have leased 4 Lincolns, a 95, 97, 99 and 01. Did one pay for each. $10,640 for a 2 year 30K on a 95 Mark, now that was a deal at the time. The latter being $16,440 for a 2 year 50K lease on a $40,000 LS.

Although since O3 I have opted to purchase my vehicles because leaseing is no longer the good deal it was in the past. At least on the vehicles I'm interested in.

I Was at my Dealer a short while ago and could still do a one pay on the Zepher of $11,588 for 2 year 27K. [img]style_emoticons/<#EMO_DIR#>/dunno.gif[/img] Nah, I would purchase it, one time pay of course.

 

<div class='quotetop'>QUOTE(Tony Alonso @ March 1, 2006, 9:29 PM) Quoted post</div><div class='quotemain'>
I use this auto loan calculator for "what-if" payment analysis.
[/b][/quote]

That tool is great. I added it to my favorites for future referrence. Thanks. [img]style_emoticons/<#EMO_DIR#>/thumb.gif[/img]

 

<div class='quotetop'>QUOTE(John H @ March 1, 2006, 7:24 PM) Quoted post</div><div class='quotemain'>
Huh? How's that possible? How long is your loan for and how much did you finance? In 2000, I got my GT for 60 months, I think $1000 down, and the payment was like $511/mo. I don't remember what the interest rate was though. And I won't even get into what my Cobra payments were before I had to get rid of it.... [img]style_emoticons/<#EMO_DIR#>/crying.gif[/img] I'm not saying I don't believe you. I'm just curious becuase I thought with $2000 or so down that a $29,000 GT like Jeff used in his example above would be around $500.
[/b][/quote]


Got my car on X-plan. Cost was 29 grand. Alabama tax came to 550 which I payed separately. Financed for 6 years at 5% interest. Already paid off more than half now. Trying to have it paid off in 3 years or less.