jedikd

Anywhere here familiar with fords leasing programs? Good experience? bad experience?

Has anyone leased a 99+ GT? curious about how much you put down, payment, terms, length, etc.

Thinking about maybe leasing a 05 GT if the payment is right, I would like to get a new car sometime next year, but I really can't afford to buy a 05 GT outright, but I don't want to pay for something else for 4 years when the GT is what I really want, and I will be graduated college in about 2 years so my finances will be better after that.

also i hear with leases you get charged extra for miles over 12k a year? is this true of all leases? i drive closer to 15k a year..

thanks

CA Stang

I leased a '99 GT for three years, and just finished a two-year lease on my '02 GT (I haven't decided if I'm buying the '02 to wait for an '06 GT, or turning it in and taking the '05 that I have on order).

I put zero down (other than the first month's payment and registration fees etc) on both cars. I don't believe in putting money down on a lease. I ended up paying around $380 per month on the 99's three-year lease, and have been paying around $400 per month on the 02's two-year lease (this was higher because I had a shorter lease term). I wouldn't recommend a two-year lease; I only did it because I thought the new stang would be out by now. Your lease will be based on the purchase price of the vehicle, among other things. So, make sure you negotiate a low purchase price before you even bring up the lease. I expect lease rates to be a little higher on the '05 GT, due to the vehicle being a bit more expensive, especially without any rebates.

As for miles you can lease the car with 10K, 12K or 15K per year. You get charged $.15 per mile over your alloted miles at the end of the lease. On my '99, I got 15K miles per year and didn't need that many. On my '02 I got 12K miles per year and am a few thousand miles over. Make sure you forecast an accurate driving schedule for yourself so you get the proper amount of miles per year.

Kluski

I have never heard anyone say they were happy with their lease. I listen to a financial guy on the radio sometimes, and I hear a lot of people call up with problems because they leased a car. Plus I have listened to co-workers complain.

I could be wrong. I have never leased a car myself. I just have not heard anyone say anything good about any car lease. That was enough to convince me to not lease a car.

IMO I would finish school in the car you have (or as I did, I had a sloppy jolopy that lasted until I finished college). Then when you're out. Get the car you want. Since you already know you want it, why worry about the lease.

What the... I think...I'm... turning...into.. my father.

Its scary/funny geting older and seeing things in a differnt light than when you were younger.

V10

I have leased several cars from FoMoCo.

As long as you have an honest dealer, you will find that Ford Credit leasing is very simple and very straight forward. Don't let the dealer bamboozle you with monthly payment #'s. You need to first negotiate a discouted price, the same as if you were going to purchase it and then talk about leasing based on that discounted price. Don't buy GAP insurance from your dealer, you should be able to get it from you insurance company for about 1/4 of what the dealer will charge you.

You can sign up for almost any mileage that you want, 10,000, 12,000, 15,000, 17,500, 20,000 / year, etc. The game is to guestimate how many miles that you will really drive and sign up for that amount. Paying for the miles up front is much lower cost than paying for them at the end of the lease if you go over.

But before you lease an '05 Stang, you have to figure out if leasing is a good deal for you.

Do you drive less than 15K year?
Do you keep your cars in excellent condition?
Do you want a new car every 2, 3 or 4 years?
Do you have excellent credit that qualifies you for the lowest financing rates?
If you can answer YES to ALL of the above questions, then leasing may be right for you.

If you answer NO to ANY of those above questions then leasing is NOT for you.

Another thing that you have to consider is that in many states Ford Credit no longer offers true leases. This is because Ford has been successfully sued for un-paid traffic tickets and damages in accidents caused by people who leased Ford cars. Instead they offer what is called the "RCO Program". The RCO program is similar to a lease, but you hold title to the car (Not Ford Credit). It is essentially a financed purchase that has a baloon payment. The objective is to lower your montly payment At the end of your "lease" you either turn the car in or buy it out with the baloon payment. But you have to be careful with the RCO program, as you will be upside down during the term of the program.

Finally, keep in mind that leasing is NOT the lowest cost way to own a new car, unless there are agressive lease specials being offered by Ford. Yes your monthly payments may be less than a purchase, but at the end of the lease you have to pay the piper, which comes about because you pay all your lease payments, turn in your car and have absolutely nothing to show for all those lease payments you've been making over the last 3 (or so ) years.

kevinb120

I still doubt leasing will beat buying one. Usually leases work better for luxury models. I would bet Mustang gets released with no rebate but 3.9% financing for 60 months.

jedikd

thanks for all your input, thinking leasing may not be best because I drive just about 15k a year, don't have really great credit (although I don't think my dad would mind cosigning), and the car would not be garaged (although I would definitely invest in a car cover). hmmm, well, i've got plenty of time to think about it, thanks

Karpro

Definately the way to do it

I believe FMCC includes GAP at no charge (at least in NY)

I agree with all of those except the mileage statement. In my opinion you pay for driving high mileage whether you lease or own (in the form of diminished trade value) As a matter of fact I would much rather OWN an extremely low mileage car than be giving it back to my lease company.

You'll be upside down in a conventional lease as well

Badsnke98

Leased 4 vehicles from Ford Credit. In 95 leasing was great deal. The first I leased was a Mark VIII for $20 more a month than a SuperCoupe or SHO would have leased for at a low cost of $425 @ 15K miles. The Last one an 01 LS cost $665 at 25K miles. Leasing has not been your friend the last 5 years. I checked on a Mach 1 and it was $485 a year and half ago @ 12K miles.

Extra miles cost of $.15 a mile is very low compaired to the $.35-.50 for base lease miles. We got tired of guessing the miles. Lincoln will refund any prepaid over base mileage not used. Also tired of looking for a new vehicle just because lease was up. It was nice to just give back vehicle and take a new one.

Purchased our last vehicle and will purchase the 05. Manufactures lossed $$ and raised the cost of leasing. Unless terms turn favorable sometime in future

ZwerRacing

Wow I got such a good deal on my lease a BMW with the options mine has is about $43k msrp and I get 15k miles a year for $300 a month for three years.

V10

This is because of the huge drop in resale prices. I'm sure that your MK-VIII lease was so low because the residual value was higher than reality. The largest factor in new car ownership is still depreciation and you pay for it whether you lease or purchase.

As Kevin said, you usually get much better leasing deals on luxury cars. This is because the manufacturs subsidize the leases for these cars. Last year I got a 2003 LS under the RCO program. At the time there was an extra $2,000 rebate under RCO that was not available for either a conventional lease or an outright purchase. All other rebates applied and it included a special finance rate of 0.9% APR. I'm paying $408 / mo. on a 39mo RCO program (12K miles) for a LS V8 Sport that had a MSRP of $45K. If I end up buying the car at the end of 39 months, it will come out cheaper than if I had bought it up front.

acadian

And remember... if you lease, you can't mod your car. You'd be stuck driving it stock for 3 (or so) years.

EleanorsMine

Don't fleece........
I have heard nothing but horror stories about doing it. Anyone I know who has done it regretted it.
Would never work for me anyway, cause I drive the wheels off my vehicles.