What happens if you end your lease early?!
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- Опубликовано: 5 авг 2020
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Today we are looking at leasing a vehicle through Ford Motor Credit Company. We are answering the question, "How can you get out of a lease early."
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Good stuff. Thank you for clarifying FMCC specific requirements. I have leased and financed F250s and a mustang thru FMCC. Always a positive experience. Looking forward to seeing more of your badass Raptor.
Thank you for helping me to understand the lease process.
This actually helps a lot! I got an F-150 Super Cab short bed leased for 36 months and am about half through it, but here soon I think I will be looking at getting a 3/4 Ton Crew Cab for towing and more cab room. Knowing now that I can "Trade it in" is a huge benefit and maybe help me get my next truck sooner!
Fantastic video and answered questions I had about my current lease
I have become a regular watcher on this channel and I love it
Thank you for this video!! Was wondering about this for a bit.
Thank you so much, this video came at the most perfect time! I just started asking around about trading in a lease last week. 👍
This video is great ,many thanks.
YES NEW VID
Great videos could you do one on the new hybrid engine for 2021? trying to decide between that an lariat 2020
Hey Mitchell, like your videos bud. My 2015 302a package f 150 has the 3/31 gear ration with open diff. I learned of this after I purchased the truck, and was bummed it was not a posi unit. After about a year of searching for a posi unit for this truck, I came across some news that Randy’s ring and pinion are taking the same posi traction units in the mustangs and modifying them to fit into the f150s super 8.8 rears. Have you heard of this or know anything about it? Thanks and keep the videos going.
Mitchell, did your 35’s ever rub with that 2.5 inch level? I’m looking to do a similar setup and was wondering if you had any rubbing issues
11th gen F150 spotted in the background 👀 04-08 is the best body style imo
I love you Mitchell
So I am in the same boat with my F150. My dealer tells me I only had up until 120 days to cash out my equity, while other dealers say that was BS and they can buy out the lease and take it as a trade anytime I want.
I think there is going to be some equity, so I do not want to lose out on that at the end when I get another truck. Will I have the option to use that when I trade on a 21 in Oct, or will I get screwed out of that? I am also trying to avoid paying the fee at the end as well.
One point you missed, likely because you are a “Ford” employee. There’s a $395 reconditioning fee due at lease turn in now. It gets waived if you purchase/lease another Ford however.
@Paul Meyer Correct. He gets 'D' plan and is employed by the franchise owner, NOT Ford.
Hi, when you buy your truck, you have to give a check to the dealer or have you transfer this ""debit"to the new purchase?
I do have a question,
If a customer returns the leased vehicle, we will use you and your truck for example.
Since you purchased the truck, would your truck still receive the cpo warranty? Or would you have to finish the 36 month lease?
(If you were to keep the f150 that is)
Can give me some tips about it I will buy a ford 150 2021 is better give a high downpayment or give a regular payment with good credit??
So, I just leased a 2020 Ford Ranger. Please correct if I've misunderstood.
On a 3 year lease, when I'm just above the 120 days of the remaining lease, I am allowed to trade in the vehicle for another lease, pay my last payment to walk away, or purchase the vehicle?
I’ve watched both videos on your lease to purchase process. I’m assuming the $37,500 trade value is a perk of working at a dealer. I have a 2018 Tundra SR5 TRD off road with only 14,300 miles on it and the best offer I could get was $34,000. At that trade value, I just decided to pay out my last year lease.
So I have a 2018 F-150. 36 month lease that is up 6/21. I will most likely go over on mileage. Am I better off trying to turn it in early and lease another? Trying to avoid as much negative equity as possible.
Do you have to add the lease payment to the end purchased price if you end lease early ?
I was told different from my dealership in the past. I was told I had to make all my payments and pay the residual to pay off my truck. Is that the same as a payout? I was 15 payments into a 36 month red carpet lease.
Great video, could you do a video on a one pay lease, there’s nothing out there explaining this leasing option, thank you
Don’t recommend it with Ford. It may make sense with other manufacturers, but not Ford
I'm still misunderstanding this a bit. My dad has a 2017 ford Taurus SHO. He doesn't drive alot and he only has about 5k miles on his car. (he barely drives it. Lol) car is in excellent condition. He wants an f150 for his next lease and his last payment is in December. Are u saying he can get the equity out of his vehicle if he turns it in now even though it is a lease or he has to buy it first and then get the equity. KBB says trade in value for his car is 28,334 as is as of today. Ford credit says if he wanted to buy it it is 19,500 I believe it was. Could he buy his truck through u? We are in Michigan and he doesn't really like the dealership he got his car from. His credit is is around 780 too
Wild that you get a value of $37K on that truck. Must be nice working for a dealer. lol. Most places are offering $30-33k for newer trucks with lower miles and same options
You need to look again. It has been a recent spike in F-150 values. There is a huge shortage of them on the market
Town and Country TV I was at a dealer yesterday and I have a 29k xlt 302a+ model and offered $33,400 I think the number was and told me I had no equity. My residual was high $29k with 3 payments left.
Either I or they were partially retarded, but I walked from the deal.
If you guys are paying normal guys off the street $37k, I’ll make the trip from PA to your dealer wherever that may be.
If that is a figure because you work there, you should make that clear.
Negative equity is the bane of my existence.
Here's what people need to know about the lease process; its money wasted. Get a CPO > pay cash > drive 7-10 years (or 100k) > sell privately > repeat. Throw a few extra $ a month towards maintenance account for the vehicle in case of issues and throw a little more towards retirement.
My 2018 F-150 XLT 302 A Screw 3.5 EB is a lease and I’m about 5 months away from lease end. What’s the policy on scratches in the bed ? I’m thinking about what to do at lease end myself and thanks for more clarity on the lease end process!
I have the same truck as you and lease window. I just traded mine in for a 2020 Lariat. I got the Ford employee pricing and some other perks. My payments increased by $5.40 a month. In Canada they give us USA pricing to get the trucks back early and then ship them back to the US. They get top dollar for them and I get the Lariat trim package as an upgrade. Seems like a win win for all. Box scratches are considered normal wear and tear so you should be okay. Do a spray in bed liner for your next truck, like I do. It’s worth the money.
@@prairiestrong4037 you got damn lucky! I am getting quoted lease rates +$200 a month more than what I currently pay on the same exact trimmed truck as I currently have
PMPerformance damn, that’s crazy. Maybe go on Fords website for better clarification or actually talk to Ford leasing instead of the dealer. Good luck.
@@prairiestrong4037 they give me conflicting answers as well.
Spent $50 on some cans of paint on bed liner and bed line the bed before you trade it in. Boom scratches gone.
My lease was supposed to end two months from now. Today I walked into the dealership and they offered to pay the payoff on my car even though I didn’t have any equity in the vehicle. Saves me all the fees and the inspection you have to schedule at the end of lease term.
Everyone I know in the business is saying now is the absolute worst time to buy or lease any vehicle.
I paid under $31k for my 2017 4x4 5.0l brand new.
🤔
37 trade in value for a 2017?? My 2018 XLT Super Crew V8 with sports appearance is 2000 miles under the average and listed at 30-37... 🤔
Yeah, while F-150 values are high right now, I’m so skeptical about the whole $37k.
Actually you will do even better since you get a sales tax credit for that sales tax that you paid as well.
So basically you bought an f150 for 33k and avoided all interest? I don't understand that part, if I lease and want to buy at the end of my lease, I can buy just by paying the rest of the amount previously stated in the contract? That's a hell of a deal if true
No, leasing and then buying is almost always more expensive than financing. He paid the entire depreciated value plus interest during the 36 months. 32k was what it was worth after those 3 years.
How RU getting $37,500 for your truck? Makes no sense at all, KBB which I know is not the official bible books your truck at $34 and change high. I know you have to do the instant value deal to really get a good number. BUT I have the identical looking truck but Lariat trim, with low miles. When I saw values climbing thought ok maybe trade it, Best offer from anyone is $33,400.00 including getting bid from Car Max. Truck is paid for so best to just keep it.
Is Ford only doing lease deals on XL spec trucks? Leasing is an option this time.
leasing is pretty horrible right now. I got quoted a $700/month lease on an XLT with the graphics package. I laughed and walked out.
If you buying the truck then why put the stock wheels and tires back on? better off selling them
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Your 3 year old xlt is no way worth 32k
So what happens in the case the lease vehicle has been wrecked and fixed via insurance or totaled ?!
i would like to know this too
I would think gap insurance would cover this. I could be wrong
Brian Smith correct that’s what normal insurance + gap insurance covers. Normal insurance pays what car is worth and gap insurance covers any additional delta between value and amount owed left.
Good content but this guy cant even keep his midsection from coming over his belt.
Why is everyone is a D Bag these days ?
Confusing as hell!
I've decided to buy after hearing all this b.s.😂
Simple way to sum up the video for you guys. DO NOT LEASE!
Leasing a vehicle sounds terrible
Basically, you’re renting a car for 3 years, and you walk away with nothing
I’ve never leased a car. 0% financing is a much better option.
Basically, you didn't listen to a thing he said.
Kendrick basically, you don’t understand finance.
Leasing isn't renting, and he isn't walking with nothing.
Too much stupid confusion. Buy the truck and keep it for 10 yrs. Dont be like this guy who works at a dealer.