[Ford] 2021 Ford F-150 Lariat 502A - <$95/Week Lease
- February 1, 2021
No, this is not a beige '04 Corolla.
Right now you can factory order a brand new redesigned 2021 Ford F-150 Lariat 502A (4x4, Chrome or Sport package, 5.5' Box) from dealerships in the GTA for ~$95 a week plus tax with around $2000 down. That's an insanely good deal. MSRP is just over 68k. Big dealerships can offer discounts on cars and trucks because of their sales volume and there are always manufacturer incentives. Combine that with a high residual after 24 months relative to the MSRP of the car and you've got an RFD!
2021 Ford F-150 4x4 Lariat 502A SuperCrew 5.5' Box
Chrome or Sport Package
~$95/week, 24 month lease
Freight and Air Tax down ($2000)
Ford Build and Price Tool - Use this to build a truck and see what it will look like, and to see what options you might want to add.
Ford Canada PDF Order Guide - Use this if you want a lot more details on the truck.
RFD Pricing Spreadsheet - Post your detailed numbers in here.
YMMV. Please note I have no experience or relationship with these dealerships outside of a few e-mails or texts back and forth trying to get details. Please report good experiences or detailed deal breakdowns to help others. Watch out for dealership profit gravy like document fees, admin fees, glass etching, wheel locks, etc. Regardless of what dealerships say they don't have to charge you for those.
Yonge Steeles Ford (Vaughan/North York ON) : Reports of RFD'ers getting very good pricing. See detailed number section below. Also reports they are not doing base 502A trucks but will also allow the lease prepayment option to save ~2k on interest.
Meadowvale Ford (Mississauga, ON): Advertising the same as last month on their website. $95 per week, $2,000 down for a base 502A Sport or Chrome package. Link is here
Gallinger Ford (Milton, ON): RFD reports of $91+tax a week for a Lariat Sport 502A with 20" Rims and the upgraded B&O Unleashed Audio system. Details in this post.
Oakridge Ford (London ON) RFD member got a 20k/year (instead of 16k) lease deal for $108 a week plus tax, but a larger down payment. Sport 502A with FX4, 20" Rims, 360 Degree Camera, and Upgraded B&O Audio. $1000 deposit and for a total of around $2700 down.
Miller Hughes Ford (Cornwall, ON): User blacktree211 is offering a similar albeit not as hot deal for $92.37 a week plus tax. The difference here is $2995+tax down, $1000 of which would be taken as a deposit. Looks like they are applying the $1000 order bonus towards the price of the vehicle instead of reducing the amount down. Might work for some who dont want to trek into Toronto.
East Court Ford (Scarborough, ON): Replied to an e-mail on January 8 saying they will have more details soon.
Cam Clark Ford (Alberta): Advertising $249 bi-weekly ($124.50/week) plus tax for a Sport 502A with the FX4/20" Combo plus the panoramic sunroof. Only $1000 down instead of ~$2000. They have a bunch of websites since they're a large dealer group, but here is a link their Airdrie location with the deal posted.
Dams Ford Lincoln (Langley, BC): User JordanAtFord offering $108/week plus tax for a base 502A or $115/week plus tax for a 502A with the sunroof and 20" Rims with $2021 down.
West Coast Ford Lincoln (Langley, BC): Advertising $199 bi-weekly (98/week) plus tax for a 502A with FX4/20" Rims. Please post detailed numbers if anyone works with these folks, as their down payment is significantly higher: $1,999 Cash Down, plus 1st payment, fees and taxes = $3,425 Due on Signing
January 18 2am: Added a tracking spreadsheet created by eugeno to help RFD'ers. Feel free to add your deal details in there.
January 16 11pm: First post housekeeping. Remember this is good until (at least) the end of January. See the latest posts for the most up to date deal information.
January 10 3pm: Added another dealership from London ON. Don't let a low payment number fool you. If a dealership wants more cash down or tacks on doc fees or other dealer extra to get the payment similar to the dealerships in the GTA, it's not as hot of a deal.
January 10 1am: Added another dealership from the Vancouver area and clarified that the Cam Clark (Alberta) advertised deal is only $1000 down. Changed the funny deal logo slightly and update the FAQ section.
January 8 11pm: Added a dealership from the Vancouver area and a link to the Cam Clark (Alberta) advertised deal. No experience with either of them. Also added a quick section to help calculate (or remove) options from lease deals to help you price with dealerships.
January 8 2pm: As expected, other dealerships are starting to get in on this, with Yonge Steeles Ford looking like they are the most aggressive on pricing right now. Meadowvale has the $95 deal back on their website and Planet Ford is offering an interesting twist (1 big lease payment to reduce the total cost by around $2k) I would try that move with other dealerships as well. Just make sure if you wreck the truck that you're covered by your insurance company. All details have been added to the dealer section. Please help out fellow RFD'ers and post your detailed numbers after getting a quote or doing a deal with a dealership. I also cleaned up the original post a bit, removed some of the updates, and added to the FAQs. I'll update further as I'm able, but keep checking the most recent posts for the latest discussions. Pricing should be good on this until at least the end of January and you don't necessarily need to rush to place an order if you're interested. That said, people who order before you would more than likely get their truck before you, possibly months before you, depending on the dealership.
Frequently Asked Questions
How is this possible? A bunch of different variables with an F-150 lease have lined up right now. Stay with me here:
- Residual values (how much a vehicle is worth after x number of months and kilometers travelled) are calculated on the MSRP of the truck. That's the number you see on the window sticker of a new vehicle.
- Residual values are set by Ford and chance throughout a modal year. At the beginning of a model year (especially a fully redesigned truck) residual values are relatively high. In the case of a 16k/24 month lease the residual value is 68% of the MSRP. For 20k it is 67%
- Manufacturer incentives discount the price of the truck
- Some dealerships willing to eat into their profits for the sake of volume sales or just doing a deal.
- Incentives and dealership discounts bring the price of the truck down significantly.
- In a lease you are responsible for paying the difference between the price you negotiate on a truck (the capitalized cost) and the residual value of that truck. That spread is particular tight right now which leads to a great lease deal.
- The interest rate for a 24 month lease is currently 2.99%.
The majority of used pick-up trucks end up in the US after they come off lease or are traded-in. MSRP on trucks is very similar in USD, yet we pay in CAD and have access to better incentives up here. Once the truck is considered used, dealerships can make a fortune flipping these trucks at auction to a dealer in the US.
I'm in, how can I order one? See above for a list of dealerships currently advertising the offer or posting here. Go test drive a Lariat 502A at your local dealership and then walk out and do business remotely.
Any questions I should be asking a dealership? Ask about what kind of 'allocation' they have available and the lead times for a factory order. Most of the dealerships are quoting 2-6 months for delivery. Get a detailed quote from them. Don't go into a dealership unless you want to test drive. Do this remotely. It's 2021, we don't need to come in and talk.
Can I see a Window Sticker of one of these trucks? Sure go to Ford.ca and do a search for Lariat 502As at dealerships in your area. Here is a base 502A that has the FX4 and 20" Rim combo that shows you the MSRP discounts being applied.
My local dealership is saying they cant do it or that I should be worried this is a scam of some kind: These volume dealerships push an insane number of vehicles out their doors each year. Your local dealership can't (or just doesn't want to) compete on price and they know it. That is not their dealership model. That being said, I would a) put good money on there definitely being some shady/clever behind the scenes stuff going on at these dealerships that the manufactures already know about and (somewhat) tolerate b) bet that you'll get a truck for the agreed upon price after waiting for your order to come in. If not, make some noise about it with OMVIC or social media. Dealerships hate bad press.
What about a higher trim level? Can I get one of those instead? Higher trim levels (King Ranch, Platinum, Limited) do not have the same high residual value after 24 months relative to the MSRP and are not nearly as hot as the Lariat 502A. That said, dealers will lease you just about anything if you are willing to pay for it.
What about the lease deals I'm seeing on a lower trim level like XLT 300A or 302A? They're alright but nothing I would categorize as hot.
What's all this about doing only one lease payment to save some interest? Dealerships are able to structure this deal so that you would provide them with the total cost of the 24 month truck lease on delivery. Given that the 24 month APR is 2.99% and the 1 time payment option is 1.24%, you could save up to an additional $2000 when you look at this from a 'total cost of ownership' perspective. Now what this means if you want to eventually transfer the lease, or if you get into an accident and the truck is written off is another story. Transferring a lease with a pre-payment would probably deter some folks. Make sure your insurance includes the waiver of depreciation (gap insurance) to cover a total vehicle loss situation during your lease, especially if you pre-pay it. Ford Credit would receive the settlement from your insurance company and you would receive a refund for the balance of the lease term.
I'm working with a dealership right now that seems to be playing games with me. They wont be transparent with me on pricing, etc. Shop elsewhere. Free market capitalism.
Can I just go to my local dealership and buy one they have sitting on the lot? You could, but it wouldn't be as hot of a deal because there is a $1000 factory order incentive on until at least the end of January. Your local small Ford dealership (usually) cant match the discounts that larger volume dealerships are able to offer. Volume dealerships rely on kickbacks from the manufacturer that come after moving a certain number of units per month and take such a bit profit hit on all or even a good portion of the vehicles they sell. Base or near base 502A Lariats are tough to find on dealer lots right now because these trucks just started to hit dealers a few weeks ago and there is really high demand for this redesigned truck.
What would options do to the price of my lease? 32% of the price of the option would be added to the price of the vehicle, since this lease deal is calculated on a residual of 68%. A good estimate for a 16k/24month lease is to just take the MSRP of the option off the Ford Build and Price tool, multiply it by .32, and then divide by 104 payments to see how much it would add (or subtract) from the weekly cost of the truck. As an example, opting for Rapid Red Metallic ($450) would be around $1.32 a week plus tax and interest on top of that. Exceptions here are choosing a different engine or the combination of the FX4 and 20" wheel combo. Options create a larger spread between the MSRP and the residual and make the deal less advantageous.
Are there any decent options worth looking at adding? Options are residualized in a lease situation, meaning they add Option MSRP Price *(100-the residual rate percent) to the cost of your lease. It depends on what is important to you but most options quickly increase the cost of the lease. Adding the interior work surface could significantly delay your order since Ford still has that listed as a constrained option at the factory. (IE: They don't have enough to go around for everyone who wants it).
FX4+20" Rims is an interesting situation you should look at. Ford offers a $550 "off road" MSRP discount associated with it. The residualized value of those options is almost identical to the MSRP discount, so the price of the truck remains almost exactly the same.
Take a peek at this PDF document, look in the Lariat section, and then in the 502A column. Anything with an 'O' can be added to the base 502A truck.
Popular options include:
- Twin Panel Moonroof
- 360 Degree Camera
- 20" Wheels
- FX4 Off-Road Package
- 18 Speaker B&O Unleashed Audio System
- Drop in/Spray in Bedliner
A 2.7L V6? Seriously? What about other engines or that new PowerBoost Hybrid V6? The 2.7L V6 is a twin turbo with 400lb or torque and is arguably the best and most reliable engine in the lineup right now. It's a beast of an engine. If you aren't planning on towing this is the engine you'd want anyways. If in doubt, go test drive one at your local dealership. Check YouTube for more too. The other engines in the lineup can be added, but they would significantly increase your lease cost, primarily because the combo of Lariat 502A and 2.7L V6 knocks $1500 off the MSRP. That and you have to pay the difference in price for the different engine. The hybrid V6 is extremely limited availability in Canada right now and a really expensive option. The latest 'blend' stats a dealer sent me showed only 2% of 2021 F-150s in Canada would be built as hybrids.
What if I received a discount offer in the mail, or have an employee A/Z/D Plan PIN? Jackpot! Private cash offers you might have received or folks eligible for Employee/Retiree programs (A/Z Plan) help reduce the cost even further. A/Z Plan folks are looking at under $80 a week instead of around $90-95 and they can go to any dealership they want. Ford subsidizes the purchase price of A/Z Plan deals and it wouldn't rely on dealership discounts. The question you want to ask yourself is what dealership can get me a truck the fastest. Dealership staff qualify for D-Plan pricing which is just slightly above A/Z.
This is one of those in house financing deals right? Balloon payments at the end? Nope. The vehicle is financed directly through Ford Credit. There are no balloon payments.
What if I just bought the vehicle outright or financed it instead? Buying the vehicle outright or financing it and then trading it in or selling privately after a similar period of time could indeed lead to a better overall cost of ownership, and incentives for cash/financing will continue to get better as the model year progresses. The difference here is that Ford is assuming the risk that the value of the truck will be less than the residual value in 24 months time. You also don't have to tie up a whack of cash in a depreciating asset and can keep that balance of lease vs financing (or a cash purchase lump sum) invested. You also have the option to buy the truck out so you could keep an eye on trade-in values with dealers and leverage the value of the truck down the road. Ford is essentially buying market share here. Remember with a lease you are limited on km's and you need to ensure the truck doesn't come back all dinged up at the end of two years to avoid excess wear charges. Excess kilometers are .16 each.
What if I need more kilometers per year? Opting for 20,000km per year (40,000km total) drops the residual price of the truck by 1%, or about $650-700 over the course of the lease. 25,000km is also available but that is a further 2% reduction in the residual. Excess kilometers are .16 cents a piece if you don't opt for the extra mileage upfront.
What if the deal gets better once the truck arrives? When you factory order a car with Ford, you can take either take the pricing that was agreed upon at the time the order was submitted or you can choose to work with what is available once the vehicle arrives.
What if I want out of the lease eventually? Sites like LeaseBusters can be used to 'get out of' or transfer a lease. With a monthly payment like this I expect there would be very little difficulty doing that down the road if you so choose.
Leasing is throwing money away, and I dont get why this is so hot. I mean I can't help you there. Try and find a similar deal on on a different vehicle with an MSRP of 70k.
I ordered a truck, now what?
- Get a hold of the DORA (Dealer Order Receipt Acknowledgement) from your dealership. It's a confirmation document that the dealership receives within 24 hours of placing the order with Ford that confirms they actually ordered your truck. They can definitely share it with you so push them for it.
- Post in here to let others know how your experience was with a certain dealership. Better yet, post all the financial details and blank out your personal information to help others.
- Stay in touch with your sales rep and have them keep you updated on when the truck will be scheduled to build. Lots of great information over here on how the Ford order and scheduling process works.
- Your truck will eventually be scheduled to build at either the Ford Truck plant in Dearborn, Michigan or the one on Kansas City (Claycomo, Missouri). Your truck will first be scheduled to a week and receive a VIN number. It will eventually get a specific build date. Use this site to track some of the details. Your dealership has access to what is called a vehicle visibility report. Ask them for updates every now and then if you're interested in tracking the progress.
- Poke your head into F150Forum and F150Gen14 if you want to talk with or read about your new truck with enthusiasts
- Start thinking about or pre-ordering accessories for your truck like bedliners, tonneau covers, and floor mats.
Keep in mind that these videos feature trucks that include options (like a different engine, the bed power system, upgraded B&O audio, sunroof, 20" Rims and Tires, the FX4 package, etc.) that are not standard on the 502A. Both the Sport and Chrome package are part of this deal.