The honest version
Lease ads showing $299/mo F-150 are almost never the actual payment you will pay — they assume top credit (Tier 1), high down payment, low miles, and exclude tax and fees. Real lease math is residual value + money factor + cap cost + miles + taxes + fees. Eugenio at Sunrise Ford runs the actual numbers based on your situation, not a teaser.
Residual value — the biggest lever
Residual is what Ford says the vehicle will be worth at lease end (e.g., 56% of MSRP after 36 months). Higher residual = lower payment. Models with strong residuals (Bronco, Maverick, F-150) lease better than models with weaker residuals. Residual changes by model year and trim — Eugenio pulls current Ford residual tables.
Money factor — the lease "interest rate"
Money factor is the lease equivalent of an interest rate. Multiply by 2400 to convert to APR (e.g., 0.00150 money factor = 3.6% APR equivalent). Lower money factor = lower payment. Ford Credit publishes money factors that vary by tier and model. Tier 1 (best credit) gets the lowest. Always ask the money factor.
Florida sales tax on leases
Florida charges 6% state sales tax plus county surtax (1% in St. Lucie, Martin, Indian River — 7% total). On leases, tax is collected on the monthly payment (not the full vehicle price). This makes Florida lease tax cheaper than purchase tax. Tag, title, and registration fees are separate.
Lease vs buy math
Lease wins if: you upgrade vehicles every 2-3 years, you drive under 12k-15k miles/year, you want lower monthly payments, you can use the vehicle as a tax-deductible business expense (talk to your CPA). Buy wins if: you keep vehicles 5+ years, you drive 18k+ miles/year, you customize/modify, you want to own the vehicle outright.
Mileage and overage
Standard Ford leases: 10,500 / 12,000 / 15,000 miles per year. Higher annual mileage = lower residual = higher payment. Overage at lease end: typically $0.20-$0.25 per mile over. Plan honestly — buying back miles upfront is usually cheaper than paying overage.
The end-of-lease decision
At lease end you can: return the vehicle (no further obligation if within mileage and wear limits), buy out the residual (Ford locks the residual at sign), or trade into a new lease/buy. If the market value is above residual at lease end, buying out and reselling can be profitable.
Getting a real lease number
Send Eugenio your brief: model, trim, money down preference, miles per year, lease term (24/36/39 months are most common), credit tier honest estimate, trade-in if applicable. He runs current Ford lease cash, money factor, and residual to give you a real number with FL tax — not a teaser.