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Old 7th April 2017, 06:08   #5686
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by Cesc View Post
I must have missed the fine print then. It looked as if only $257 was due at signing based on the link below:

http://www.ford.com/cars/fusion/2017...s/?gnav=vhpnav

I guess you still have time to dispose of the car so you can take your call based on the interest you are getting at your current asking price.
There are a lot of factors at hand that you must consider. All automotive websites are setup such as to lure people in with lucrative numbers but a nicely hidden (*) stuck in there. The price you read must be quoting every possible discount tacked on like, trade-in discount, existing customer discount, military discount, student discount, etc, but most people are not eligible for any of them. You're also forgetting all the fees that are related to leasing a new car like acquisition fee, documentation fees, etc which can cost up to another $1,000. My car is a 2015 Ford Fusion SE w/ Tech Package and I also have the "WearCare" package which means upto $4000 of excessive wear and tear would be covered when the lease ends aka nothing to pay for excessive wear (any chips/worn out tires/ scratches). I've attached a screenshot below from the Ford website for a 2017 Ford Fusion SE without Tech Package or the WearCare package for 2 years (least allowed) and 19,500 miles (maximum allowed) with $0 down payment (even with $0 down payment there is $1,054 due at signing somehow) and you can look at the price yourself.

My car would be best suited for someone who drives a considerable amount every year (33,000 miles, which is a number high enough that lease companies don't offer it, but would increase the price) and wants a modern car but doesn't want a lot of commitment and possibly get a newer/faster/different car in 2018 (a time period small enough that lease companies don't offer it but if they did would increase the price). My landed cost with the cost of the vehicle ($11,000) and all the different additional fees and packages was $13,000 so it's not like I'm ripping anyone off with what I'm asking. Rest I'll leave it to Jomz to consider.

Buying, Owning, Driving and Maintaining a car in North America-capture.jpg

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Old 7th April 2017, 06:09   #5687
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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I paid $11,000 at the beginning of the lease and was looking to get $3,500 lump after which it can be transferred to it's new owner, and the new owner owes nothing to Ford.
I'll let the guy know. In typical american fashion, it is hard for a consumer to shell out $3500 in one shot. Would prefer probably to make payments per month.

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Rest I'll leave it to Jomz to consider
It is for a friend. I have a 2017 STi for my use. The friend is dealing with this on liability only insurance.

Ford fusion lease here is $149 per month with $1819 down, FYI
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Last edited by Jomz : 7th April 2017 at 06:24.
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Old 7th April 2017, 20:37   #5688
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Originally Posted by jalajprakash View Post
There are a lot of factors at hand that you must consider. .. SNIP ..

My landed cost with the cost of the vehicle ($11,000) and all the different additional fees and packages was $13,000 so it's not like I'm ripping anyone off with what I'm asking.
Attachment 1627192
Not familiar with the leasing process jalajprakash and was just throwing out an opinion if you wanted to unload the car sooner. Clearly there is more to it. Like I said, you have time on your hands so that should work in your favor. Hope you get the price you are looking for.

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The friend is dealing with this on liability only insurance.
Curious to know what will happen with this next. Total loss or repairs and a 'salvage' title?
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Old 7th April 2017, 23:20   #5689
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Ford fusion lease here is $149 per month with $1819 down, FYI
I bet it is a lot lower than the 410 on the website. Given the rapidly shrinking sedan market and the already sizable deals that domestic manufacturers are always throwing on their cars, there is no way that the Fusion lease is that much.

I couldn't find the April link - but here's Edmunds 199$ lease deals page from March - Edmunds 199$ lease deals March
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Old 8th April 2017, 02:12   #5690
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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I bet it is a lot lower than the 410 on the website. Given the rapidly shrinking sedan market and the already sizable deals that domestic manufacturers are always throwing on their cars, there is no way that the Fusion lease is that much.

I couldn't find the April link - but here's Edmunds 199$ lease deals page from March - Edmunds 199$ lease deals March
Shortening the period of the lease and increasing the number of miles is what drives up the price. Almost all deals from the Edmunds link are 10,000 miles/year and 3 years long. Another thing that you are missing is that the numbers released in advertisements are meant to lure the customer in to the dealership, after which, one too many surcharges and extra fees is added on top but not included in the monthly price. Monthly price is only one small aspect of a complete lease agreement.

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Old 8th April 2017, 02:18   #5691
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Shortening the period of the lease and increasing the number of miles is what drives up the price. Almost all deals from the Edmunds link are 10,000 miles/year and 3 years long. Another thing that you are missing is that the numbers released in advertisements are meant to lure the customer in to the dealership, after which, one too many surcharges and extra fees is added on top but not included in the monthly price. Monthly price is only one small aspect of a complete lease agreement.
Of course, I have leased twice. I know what we are talking about. But, 199 to 409 seems unrealistic. My friend leased a new BMW X1 for 400 a month last week.
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Old 8th April 2017, 02:26   #5692
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Of course, I have leased twice. I know what we are talking about. But, 199 to 409 seems unrealistic. My friend leased a new BMW X1 for 400 a month last week.
Can you possibly share his down payment, trim level, additional service packages, the time period of the lease and the number of miles he's allowed to drive per year?
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Old 8th April 2017, 03:28   #5693
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Can you possibly share his down payment, trim level, additional service packages, the time period of the lease and the number of miles he's allowed to drive per year?
Yes - x1 xdrive 28i with Premium, cold weather and driver assistance package. I think the MSRP was about 42k, she got the Costco pricing on it, so down to about 39xxx. Downpayment was 4k+ but her employer had a 1500$ cash off downpayment deal also. All in all it was about 420 per month including taxes for 3 years 36000 miles. Just called up and asked so that I don't quote from memory and say the actual numbers.
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Old 8th April 2017, 09:26   #5694
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Curious to know what will happen with this next. Total loss or repairs and a 'salvage' title?
Repairs with a clear title and accident history on carfax. Since insurance is not involved no salvage/ rebuilt title
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Old 10th April 2017, 19:41   #5695
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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Repairs with a clear title and accident history on carfax. Since insurance is not involved no salvage/ rebuilt title
So the title status post repairs is dependent on insurance? I thought the extent of the damage in the accident was the primary determinant of the title status. Did he get this fixed at Ford dealership or outside? If you could share the costs involved then that will be great. I am just curious to know how things like these are handled in the states. Not that I would venture out on a liability only insurance but I guess you can take a calculated risk depending on the cost of the vehicle you are driving.
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Old 11th April 2017, 03:56   #5696
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So the title status post repairs is dependent on insurance?
If the insurance company deems that cost of repairs is excessive compared to the current value of car, they declare the car a total loss, write you a cheque for the current value & issue a Salvage Title for the vehicle.

Check depends on various factors. E.g. type of insurance, who caused accident, etc.

If the guy decides to get the car repaired at his own expense, then title remains clean.

It's a foolish way to deal though - get only liability insurance & try to repair under the radar.
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Old 11th April 2017, 07:31   #5697
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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. Did he get this fixed at Ford dealership or outside? If you could share the costs involved then that will be great.
Shady workshop for 8k. The car itself costed only 12k.

He is trying to find more shadier dealers - I guess he might find one for 6k eventually.

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Check depends on various factors. E.g. type of insurance, who caused accident, etc.
It was an at fault accident, and that guy chose to have only liability to same some money. So insurance does not pay him anything. Michigan being a no- fault state, his insurance does not pay the other guy either. A complete lose- lose situation for the owner

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Old 11th April 2017, 10:09   #5698
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Question Re: Buying, Owning, Driving and Maintaining a car in North America

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Michigan being a no- fault state, his insurance does not pay the other guy either.
What does this mean?
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Old 11th April 2017, 11:39   #5699
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

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What does this mean?
It just means in Michigan if you are in an accident your insurance pays for the damage according to the policy you have even if it is the other party's fault. In most states in the US the insurance of the party at fault pays for both damages.
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Old 11th April 2017, 20:36   #5700
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Default Re: Buying, Owning, Driving and Maintaining a car in North America

Wont the liability insurance cover the 'not-at-fault' party for damages sustained to their vehicle? Or is that what the 'no-fault' state is all about? Who would buy liability insurance in a no-fault state then considering everyone is on hook for their own damages irrespective of who caused them. Boy, insurance here is a real nightmare!
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