As far as you have a Ford lease agreement, you should be able to purchase your leased vehicle. Be sure you calculate your Ford’s actual and residual values before committing.
Buying a car can help you save thousands and numerous headaches. Car financing saves you a whole lot of stress. Besides, if you decide to purchase your leased Ford, you may still be able to go down the road. Read on to find out what an early Ford car lease is all about.
How A Ford Lease Buyout Works
If you have a lease agreement already and you want to purchase your leased vehicle, here’s how a Ford lease buyout works.
- Check your Purchase Option Price
The purchase option price at the end of your lease is included in your agreement. If you are attempting to purchase your Ford before the end of your lease, you’ll need to contact your dealer for a purchase option price.
- Talk with your Ford Dealer
Your Ford dealer will explain all you need to know about your purchase options. You can clarify the final purchase price and any other fees or taxes, and set up your appointment to buy out your Ford lease on or before the date of your lease’s expiration.
- Purchase your Leased Vehicle
Before purchasing your leased Ford, you must satisfy any remaining financial obligations, review and sign the Odometer Statement, and provide all necessary funds. Ford will then transfer the vehicle’s ownership to you.
If you have moved and it is no longer convenient to visit your original Ford dealer, you may return or purchase your leased vehicle through another dealership.
Will Ford Finance A Lease Buyout?
Your local Ford dealership can finance your lease buyout, but they will likely charge higher rates than credit unions and banks. Car dealerships aim to extract the maximum possible profit from their financing agreements. Credit unions and banks, especially those with which you already have a relationship, will likely offer you better terms. Make sure you obtain multiple quotes before committing to a financier.
Besides, you don’t need to rush into a lease buyout agreement. Make sure you carefully go through the numbers first and determine if a buyout will be of benefit to you.
How To Calculate Ford Lease Buyout Fees
You can obtain a payoff quote from Ford through account manager or by contacting Ford customer service. Alternatively, you can figure it out yourself using a simple “back of the envelope” calculation.
First, you need to determine your car’s residual value. You can find this information on your lease agreement. Next, you need to calculate your car’s actual value. This can be done using an online service.
If your car’s actual value is higher than its residual value, a lease buyout may be an excellent option. Since your car has retained more of its value than anticipated, your negotiating position is much stronger.
If your car’s actual value is less than its residual value, either due to accidents or excess miles, you should probably reconsider committing to a lease buyout. As your car is not worth so much, you may be on the edge for covering the difference between its actual and residual and values.
Conclusion
Whether you decide to buy out the lease on your Ford or wait for it to expire, our team will guide you through the process till you’re ready to sign up for the Ford Financing Buyout. We help drivers find their best path to their next vehicle.
Also, you can reach out to us for more information and car buying tips. To get started, visit us today at 32 US-46, Lodi, NJ 07644 (201) 749-4339 https://vipautonj.com/
