The Ford Explorer has been doing the American family SUV thing longer than most of its competitors have existed, and the current generation proves the formula still works. It is rear-wheel-drive-based in a segment dominated by front-drive platforms, which gives it a more engaging feel from behind the wheel than a three-row crossover has any right to have.

The ST-Line trim sits in the sweet spot of the lineup, offering sporty styling cues, a 10-speaker Bang & Olufsen sound system, a 360-degree camera, and 4WD capability without the price tag of the full-blown ST. For 2026, Ford added the off-road-focused Tremor model and kept everything else largely intact.

This April, Ford is running a lease through Ford Credit that brings the ST-Line 4WD under $370 a month, though there is a significant qualification requirement worth reading carefully.

Current Explorer lease offer

is advertising a Red-Carpet Lease on the 2026 Explorer ST-Line 4WD at $369 per month for 36 months with $4,979 due at signing. The MSRP for the ST-Line 4WD is approximately $47,020. The security deposit is waived, and taxes, title, and license fees are extra. Ford's standard Red Carpet Lease mileage allowance is 10,500 miles per year, which is slightly more generous than the 10,000-mile cap from most competitors, though you should confirm the exact terms with your dealer. Ford notes limited inventory availability, and the deal expires April 30, 2026.

Here is the catch that the headline does not shout: this deal is restricted to trade-in customers and current lessees. If you are not bringing a vehicle to trade or rolling off an existing lease, you do not qualify for this price. That is a meaningful restriction. The national Ford lease on the Explorer Active AWD, which does not require loyalty, was recently advertised at $499 per month with just $1,498 due at signing. That is a fundamentally different structure, and it is the deal most walk-in shoppers will actually be offered.

Breaking down the real cost

For those who do qualify, the math is strong. Total monthly payments come to $13,284 over 36 months. Add the $4,610 in upfront costs beyond the first payment, and the total out-of-pocket reaches $17,894, producing an effective monthly cost of approximately $497, or roughly 1.06% of the Explorer's $47,020 MSRP. That is an excellent result by any standard and one of the strongest three-row SUV lease numbers available this month.

Ford is clearly using the loyalty requirement to justify the aggressive pricing, and it works. By comparison, the 2026 Volkswagen Atlas SE Tech with 4MOTION is currently leasing for $399 per month for 36 months, with $4,499 due at signing and an MSRP of $45,630, resulting in an effective cost of about $513, or 1.12% of sticker. That deal has no loyalty requirement but is limited to select northeastern and midwestern states.

What the Explorer brings to the table

The ST-Line 4WD is powered by Ford's 2.3-liter EcoBoost turbocharged four-cylinder, producing 300 horsepower and 310 lb-ft of torque, and is mated to a 10-speed automatic. That is 31 more horsepower than the Atlas and enough to make highway merges and passing maneuvers feel confident rather than merely adequate. The rear-drive-biased platform gives the Explorer a distinctly different character from its competitors. It feels more athletic through corners, the steering is better-weighted, and the overall driving experience is closer to a sport sedan than to a minivan alternative. Fuel economy lands at 20/27/23 mpg (city/highway/combined) with 4WD, and every Explorer comes standard with a Class III tow package rated for 5,000 pounds.

Inside, you get a 13.2-inch center touchscreen running SYNC 4, a 12.3-inch digital gauge cluster, wireless Apple CarPlay and Android Auto, and the 10-speaker Bang & Olufsen sound system. Ford's Co-Pilot360 Assist+ suite is standard and includes adaptive cruise control with stop-and-go, lane centering, blind-spot monitoring, a 360-degree camera, front and rear parking sensors, and rear automatic braking. BlueCruise hands-free highway driving is available as an option. The ST-Line adds visual aggression with 20-inch wheels, unique front and rear fascias, and black upholstery with red contrast stitching, giving the cabin a sportier edge than the cloth-and-plastic interiors of most base-trim competitors.

Where the Explorer falls short of the Atlas, and the Palisade is an interior volume. Third-row legroom is tight for adults, and cargo space behind the third row measures just 16.3 cubic feet, significantly less than the Atlas's 20.6. The Explorer is better thought of as a five-passenger SUV with an emergency third row rather than a true seven-passenger hauler. If you regularly carry six or seven people, the Atlas or Palisade will serve you better. But for families of four or five who occasionally need the extra row for carpools or visiting grandparents, it is more than adequate.

Is this the right lease for you?

If you qualify, absolutely. At 1.06% of MSRP effective cost, this is one of the strongest three-row SUV leases available this month, and the Explorer ST-Line 4WD delivers a driving experience that most competitors in this class simply cannot match. The 300-horsepower turbo-four has real punch, the rear-drive-based chassis feels a class above, and the ST-Line's tech and styling package justifies its mid-$40,000 price point. The loyalty requirement is the deciding factor. Shoppers who have a trade-in or are coming off an existing lease should seriously consider this deal before it expires on April 30. Those without a qualifying vehicle will face a meaningfully higher payment on the non-loyalty national offer, which changes the value equation considerably.

Disclaimer: This post is for informational purposes only. We are not a broker or dealership. All lease figures presented are estimates based on current market data and are subject to change without notice. We are not responsible for pricing discrepancies, errors, or availability. Please verify all terms and conditions directly with your local dealer.

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This story was originally published April 18, 2026 at 6:30 PM.