Ok, I'm having some serious problems with "my dealer"...

First, I'm trying to negotiate about two weeks ago (w/ no plans of obtaining x-plan at this point) and the guy tells me that "these cars sell themselves" and if I somehow manage to get him to give me a deal on it, then I can expect to be last in line when I need any form of service from them. (I since went back and asked the owner of the dealership if purchasing a mustang on x-plan would affect my service with them, as per dealer so-and-so. hahahaha. needless to say, dealer so-and-so apologized for "leading me astray").

Second, he tells me on Friday that he's too busy to get me a quote at x-plan rate and that he'll get it for me on Monday. I call him back because I realize I forgot to include remote start, he says he's about to go on lunch but makes a note of it. I ask him to confirm with me what options he has me down for and we get cut off (bad reception on my cell). I left it, not wanting to bug the guy when he's on his lunch (esp on a Friday!) but he never calls me back! So I go in there today before work (today being Monday as I write this) and ******** left off two options I wanted -- one of them being remote start. :bang: When I ask him what happened to the leather seats (the other option he forgot) he fumbles a bit and says "Oh, I wasn't sure if you'd decided either way on those yet." BZZZ! Wrong answer, McFly. Leather was never up in the air. (just so you know, I'm not as much of an a s s as I may be sounding like right now, it's just that this guy literally makes me want to do this: :bang: )

Ok, so the part that really pissed me off is that the quote I got today is astronomically higher, now that we're talking x-plan, than it was ever spec'd to be at MSRP. He tells me he doesn't have time for me on Friday right? So what do you know, holy cow, it's the biggest surprise of the century but there's nothing we can do about it now: interest rates on a 48 month lease have mysteriously doubled over the weekend. Did I throw in one of these yet: :bang: ?? Plus, the guy worked out the lease at the wrong monthly rate...

I know (or would assume, rather) that not all dealers are like this guy; but, if you are a dealer please take this as a perfect example of how to completely lose a sale at every possible opportunity.

I'm calling the owner tomorrow to see if he can rectify the issue(s) and perhaps personally recommend a dealer which might be interested in actually selling me a car.

 

Can anyone verify if any leasing interest rates went up on July 9th?? I was told the % mysteriously went up from the 4.9 -5.9 % range to a whopping 9.? % over the weekend... Coincidentally, following a requst for a re-quote at x-plan... Anyone heard anything about this change?

By the way, I'm talking Canadian rates.

 

I will check US rates tomorrow but if you are ordering avehicle it is a moot point as you will get whatever is avaialble at time of delivery. residual values went down as they are adjusted quarterly and July 1 was the start of the 3rd quarter.

 

Wow, I somehow missed the boat a little earlier... Feelin' pretty stupid right about now. Anyway, apparently leasing rates have been around 8.9% for the '05s and just went up to 9.95% for the '06s ("until 06 pricing is available" according to the dealer. hmmm..). I apparently had it mixed up with the financing rates of 4.9% (3 yr), 5.9% (4 yr) and 6.9% (5 yr). Regardless, I'm still ticked about this. How can they justify charging nearly 10% on leasing a vehicle? They're alREADY making money just by selling the darn thing who knows how much above actual manufacturing costs -- even at x-plan!!

This is bs. 9.95% is robbery. I know it'll never happen, but I wish people could actually hold off buying to give Ford the message.

Here's my quote as of this afternoon (to be "confirmed" tomorrow apparently, but who cares. If it's anything near this, I'm not getting my mustang. )

'06 Tungsten V-6 Coupe
Pony Package
Leather seating
Shaker 500
IUP
Auto tranny
remote start
active anti-theft
wheel locking kit

$29,191 at x-plan. That's great. But read on... Leasing plan is as follows: $5862.43 initial payment, 48 months at $434.65, estimated $15,179.32 residual. Total amount invested after 4 years and buying car at least end = $41,904.95 That's almost $13,000 over the price of the car!!!

For a $29,000 car??? No thanks. I don't know who decides on the percentage for leasing rates at Ford Canada but they are a greedy mother$%&#er. The rich just keep on getting richer.

 

Leasing is designed for either a person who is in business and wants a straight write-off; or a high mileage driver who needs to turn a vehicle every couple years; or someone who wants to drive a nicer car than they could afford to buy. It is not designed to financed a vehicle for 4 years and then buy it out. 48 month leases are NOT a good deal for the consumer, period, no matter what type of vehicle it is. In this example, a finance contract for a person with good credit would run around $680 a month for 48 months [tax and lic not incl] so you would be able to drive a Mustang in your example for $250 LESS per month on the lease. And technically the percentage rate you mention is NOT an interest rate, there are NO interest rates on leases. The "rate" you mention is actually a payment factor which is one part of the equation that figures a lease payment. It is based on cost of money which prime right now is 6.25%.
Hope this helps.

 

I agree, it's never a good idea to go longer than 3 years with a lease.

I was intending to lease my car, but the 3 year lease rates were about $150 more per month than the 6 yr loan rates. I could still sell the car after 3 years and come out far ahead of where I would have been with a lease.

 

I certainly hope that's Canadian dollars.

 

I think you should find out whether those are leasing or financing rates. Iwent to a few dealers here in toronto, and they offered pretty much the same rates. But then again, these rates have been the same when i went to them last november. I dont think the rates have sky rocketed. I would suggest going to another dealer. It's not just worth your time and money when u finally realize you have the car and going back to them for servicing issues will bring a bad taste in your mouth.

 

This guy gave you the same quote he gave me. Which dealer did u go to. Btw, all Canadian dealers have one common sales pitch. "these cars sell themselves".I went to about 4 dealers and all of them say that right off the bat. It just pisses me off now. :angry:

 

My friend, take some advice, GO TO ANOTHER DEALER!!! If they are treating you like this already and you're their target customer, just imagine how they'll treat you once they have you latched. Waiting 5 hours for a simple oil change, etc. A big :notnice: :notnice: for them !!

Matt

 

Thanks for all the input, guys. I appreciate it.

Regarding the dealer and the prices, my most recent post before this (the one where I gave the prices) is after talking to a second dealer who is, as far as I can tell, being straight up with me. I had no question about walking away from the first guy.

I'm going to look into a loan or something, but I've pretty much given up on the idea that I'll be getting a new mustang. Just wasn't meant to be I guess!

Thanks again for the info!

 

I know a lot of dealers have "in house" leasing. The rates are considerably less app. 5% range. However, their are caveats like only offering a 3 year lease. I know Dixie Ford does this.

 

It's dealers like these that actually stink the fun out of purchasing a new car. Don't be discouraged, look into a loan, and if you think you can go for the stang. Do it. You won;t regret it. Good luck!

 

Is that Canadian? 29k is WAY to much for a v6.

Try a Credit Union if you have any near. Generally beat most auto loans.
I was approved for 6.9 on 5yr loan.

CapitolOne Credit card company does auto loans also(7.9% 5yr for me) , with fair rates, and can apply online.

Ford said 12.9% Rofl, needless to say I walked out

whats up with the .9! cant they just round it, lol. Its like the gas prices too 2.499

 

"in house leasing" eh? Interesting. Of course, the dealer never mentioned that today when I told him I'd have to decline on his "offer." I wonder if in house financing exists too...

With the forecasted end value on these things, plus the interest they're making during the lease period, it really doesn't seem worth it if I want to end up keeping the car (and who wouldn't?). I understand that leasing is geared for people who don't intend on hanging onto the vehicle at the end of the period, but I can't afford to put $10,000+ for an initial payment and still have crazy high monthly payments in order to finance it. Nor am I in a position to dish out $29,000 to buy it outright. It's unfortunate, but a reasonably priced car is unaffordable for myself because Ford insists on having higher rates than everyone else.

The more I think about it, it doesn't make sense to buy a Ford from Ford at this point. haha. New car buyer's always take the biggest loss in depreciation anyway, and tacking on $13,000 in interest over four years to have a brand new car is a slap in the face. I think I'll wait a few years and pick one up once the hype dies down and they're not even worth the residual Ford claims they will be. But not from a dealer, of course. haha, do I sound bitter yet? Sorry, it's been a depressing day!

Thanks for everyone's encouragement and input! I honestly think I'm going to wait though. Have fun with your 'stangs, and in the meantime, know that I am jealous! haha.