With car leasing increasingly becoming a common phenomenon, interested persons are looking to find lease deals for their favorite automobiles. If your best car choice is Ford, you are in for an exceptional treat on Ford deals, particularly Ford Explorer lease deals. For 2020, Ford continues offering large cash-back deals on various sequels, making it among the best choice of vehicles to lease. Like other lease deals, Ford offers purchase of their vehicles after lease, with rebates and additional discounts. This has made it affordable to own a vehicle thousands below the invoice.
Ford, like other car manufacturers, offer various enticing lease deals for their customers. For instance, you can get a dealer offering a $99 car lease no money down for interested individuals. According to the dealer, such deals may apply to those with good or bad credit history. Some dealers also offer lease deals without inquiring about a credit check.
Ford Explorer 2020 Advertised Lease Deals
Below are Edmund.com available lease deals for Ford Explorer 2020
|Ford Explorer Model||MSRP||Monthly Payments|
|Ford Explorer XLT||$39,870||$442|
|Ford Explorer Sport||$54,065||$625|
|Ford Explorer Platinum||$60, 340||$701|
|Ford Explorer ST||$58,320||$715|
Why Consider the Ford Explorer?
Ford Explorer is certainly an exciting SUV that combines the utmost power and comfort. Dealers and manufacturers offer similar deals to other SUVs, such as the Chevy Tahoe lease deals and Chevy Equinox lease deals. The slight difference may make it difficult for SUV lovers to select a car model, but Ford enthusiasts will always stick by their model. All these vehicle models are good options, but individual needs are what guides one into selecting either.
Before leasing, you should consider several factors. To begin, inquire if the dealer can agree to a no money down lease deal. This will save a lot on the costs and increase the number of monthly premiums. If they don’t accept zero down payments, evaluate the initial deposit amount required to be approved for the lease. Experts advise against paying too much money upfront. You should also consider the monthly premiums and maintenance costs before leasing a vehicle.
Ford Explorer 2020 Overview
Before opting for Ford Explore Lease deals for 2020, it is important to understand the vehicle features you are subscribing to. Despite the all-new rear-wheel-drive Ford Explore 2020 being around the corner, the 2019 model came with lots of challenges with its technology and safety options. Below is an overview of the various Ford Explorer models available and what to expect.
Exterior and Interior Trim Options
The Explorer remains one of the consistent Ford best-selling SUV models, featuring both front and all-wheel drive options. It also accommodates up to seven people. These can scare you into thinking that you can’t find Ford Explorer lease $199 deals. Don’t worry as the presence of plenty of dealers makes this very possible. The base Ford Explorer model featured 18-inch aluminum wheels, a leather shift knob, automatic headlights, an excellent infotainment system, cloth seats, an eight-way power driver’s seat. Below are the main Ford Explorer sequels:
- 2020 Ford Explorer XLT
The Ford XLT provides a 10-way power driver’s seat, second armrest, keyless entry with push-to-start button, keypad entry, and six-way power passenger seat.
- 2020 Ford Explorer Limited
Additional features of the Explorer limited include a 10-way power passenger seat, heated second-row seats, heated and cooled front seats, remote controlled windows, power tilt, or telescoping steering wheel, 12 infotainment system, HD radio and navigation among many others.
- 2020 Ford Explorer Sport
The sport version is built on XLT trim and adds quad exhaust pipes, hands-free power tailgate, paddle shifters, 10-way passenger front seat, power-folding third-row seat, a sport-tuned suspension, high gloss black exterior trim, and advanced connectivity features.
- 2020 Ford Explorer Platinum
The Platinum version is Explorer’s top trim and features a satin chrome exterior, a dual-pane sunroof, an all-digital instrument cluster, active bolstering on front seats, active parking assistant and adjustable pedals with memory setting.
Ford Explorer Performance
The Ford Explorer comes in three engine options. Most models feature a 3.5-liter V6 engine with a 290hp torque. Other engines include the turbocharged 2.3-liter with 280hp and twin-turbo 3.5-liter V6 engine with up to 365hp. All engine options have a six-speed automatic transmission system and standard front-wheel drive. The front-wheel 3.5-liter models drive at 17mpg on cities and highways and 16mpg in all-wheel drive form. The turbocharged engines are exclusively all-wheel drive and nets between 16 to 22mpg.
Ford Explorer Safety
Safety is probably a key feature when looking for a vehicle model to drive in. The Ford Explorer received a five-star rating from NHTSA. From the IIHS tests, it received the lowest rating due to the small overlap of the front passenger from the side crash test, poor headlights, average on the front driver-side small overlap, and highest ratings in other collision tests. That aside, the safety features of this vehicle model include adaptive cruise control, forward collision warning, lane keep assistant, rain-sensing wipers and automatic high-beams.
Ford Explorer Cargo Space and Interior Room
The third-row seating in the Ford Explorer makes it possible to seat up to seven passengers. The front, second, and third-row legroom measures 42.9, 39.5, and 33.3 inches, respectively. The cargo volume after the third row is approximately 21 cubic feet. This provides just enough space for those fond of carrying average luggage or with large families.
Ford Explorer Leasing Tips
With the above-mentioned features, you are certainly more than ready to lease this vehicle model. But, with the several Ford Explorer lease deals Michigan options, it can be challenging to complete the lease process with ease. Before setting out to look for a deal, check out the following handy leasing tips.
1. Understand Leasing Language
Most interested people end up signing for a bad lease deal purposely because they don’t understand the language lease dealers and finance officers use. Unlike vehicle purchase and auto loans, leasing terminology is quite different. Below are some common phrases you should expect during the process:
- The capitalized cost
Shortly known as cap cost, this describes the initial tag price of the Vehicle. Ford Explorer lease deals Ohio will definitely have a different capitalized cost from those of another state depending on several factors. Fortunately, you can negotiate this amount for discounts.
- Money factor
This describes the interest rate accrued by the funds that finance the deal. The money factor cannot be compared to car loan interest rates. Inquiring the money factor of a lease dealer makes it easy to compare various dealer offers to find the best.
- Residual value
It is an estimate of the vehicle’s worth after the lease period. This value is calculated at the beginning of the contract and factors in the expected depreciation of the car. Despite being an educated guess, the value could be high or low. Whatever payments you will make during the lease period will be a result of the capitalized cost plus fees and interests less than the residual value.
- Due at signing
It is the amount payable for you to drive the leased vehicle home at the beginning of the lease. This includes a down payment if the dealer doesn’t offer any down payment deals or ford explorer incentives.
- Acquisition fee
It describes the administrative fee that is paid for the cost of preparing the lease deal. This includes registration fees and taxes at the beginning of the contract.
- Buyout price
Most dealers, offer their used Ford Explorer for sale. in most cases, individuals who leased the vehicle are encouraged to buy it. If you are interested in purchasing the vehicle once the contract expires, the buyout price is what you will pay. This may be the residual value or vary.
- Disposition fee
These are fees payable after the contract. They are paid to cover the costs of preparing and refurbishing the used Ford Explorer sport before the dealer sells or releases it again. These fees also cover any additional fee on excess mileage and wear and tear costs due to poor maintenance.
2. Negotiate Where Possible
From the above mentioned Ford Explorer lease deals payments, some are negotiable while others cannot be negotiated. To find a good deal, it is prudent to understand and focus on what can be negotiated. Among the negotiable charges, include;
- Capitalized cost – just like when purchasing a vehicle, you should negotiate to lower the price of the car to save some money. Focus on negotiating to bring down the capitalized cost of the car. Begin by conducting some general research about the cost of the car from various dealers. This will give you a rough estimate of the much you can negotiate.
- Money factor – always find ways of leveraging discounts on the interest rates charged on Ford Explorer lease deals. Ensure that your credit check is above average as most lease deals favor customers with a good credit score.
- Mileage cap – you should understand the distance you will be covering before leasing the car. If you estimate that the mileage might surpass the cap provided by the dealership, negotiate for more mileage.
- Buyout price – this applies to those who want to purchase the vehicle after the lease deal. Since this value is given at the beginning of the deal, negotiate it beforehand. Otherwise, you will not get an opportunity of negotiating after the lease. Note that negotiating for a reduced buyout price will not affect your lease terms.
3. Look Beyond Monthly Payments
You should not lease a car based on the monthly installments. If you want to save money while leasing, calculate the total amount you will incur during the lease. This should sum up the down payment during the beginning of the lease, taxes charged, and accrued fees. With the total value, you can easily compare the lease offers from various dealerships for the best.
During calculations, multiply the monthly payments by the lease period and add the down payment. Include interests, taxes, and fees charged by the dealership. The sum of all these will indicate the cost of the lease contract. Insist on making the calculations yourself as sales agents can ignore some hidden fees to lure you into thinking that their deal is cheaper.
4. Crosscheck Lease Documents
Before signing and committing to any lease deal, ensure that you double-check the documents. Ensure that the terms and conditions stipulated in the documents are exactly what you discussed and agreed upon. Some dealerships are known for sneaking in some hidden charges that can raise the total cost significantly. Avoid signing a lease deal with errors or blank spaces, even if the dealer promises to fill them up or correct them later.
Is Leasing the Ford Explorer Right for Me?
Car leasing does not suit everyone. For instance, leasing is often restricted to new cars. If you don’t intend to drive a new vehicle, find other alternatives such as purchasing cheap second-hand vehicles. With the many options of driving being available, deciding if leasing is a good choice for you is an individual decision. Only you can evaluate if you can meet the monthly costs, maintain the vehicle properly and observe other key contractual terms. To guide you, below are some pros and cons of leasing. This will help you decide if you can lease or opt for auto financing deals.
- An affordable way of driving with a low upfront payment
- An easy way to drive a new car
- Drive without worries of vehicles depreciation over time
- Warranty cover during the lease period
- You will never own the car
- Limited milestone
- High charges for wear and tear
The Bottom Line
Ford Explorer is a good SUV for the price. Opting for purchase can be difficult, especially if you have bad credit. Even with good credit, auto loans can take a toll on your bills. Those who don’t want a long term usage vehicle won’t find purchasing a good option. You should lease this model if you want to drive expensively. From the engine performance to maintenance costs, it is not a cheap car to lease. The low monthly payments and manufacturer or dealership lease deals can be enticing. Always check on your credit and budget availability before signing up for a lease.