I am mostly unfamiliar with Ford but my understanding of the policy is that third party dealer buyouts are prohibited. Only Ford dealers or the lessee can pay off the car. I believe the originating dealer has access to payoff numbers which is why all non original Ford stores contact them first, but my guess is the transaction is still between Ford Credit and the buyer dealer.
Start with calling your Ford dealer and asking how much they would pay to buy your car. You can move to the next steps after.
The market value for my car is $20,200, but the dealership is valuing my car at $17,600, without even inspecting it. I wanted to trade in for another used vehicle without having to owe anything in the new agreement.
What have people been doing ever since the concept of trading in was invented?
Haggle, accept or move on to someone else.
According to whom?
kelly blue book and Edmund
Neither kbb or edmunds will give you money or buy your car though. How much have you been offered for it by someone that will actually pay?
A price that isn’t actionable isn’t worth the paper it’s printed on.
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Is the dealership even a Ford dealership? If not, does it matter what they offer you if you can’t trade it in anyways ?
KBB’s purpose is after you total your car.
Get a real market value by going to Carmax.com (And the other 4) and putting in your VIN / mileage.
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Lol, so I go to the original dealer I leased it from? Or another dealer?
Is yours also a Ford?
Her’s is a BMW
If your leasing company allows 3rd party buyouts at the residual price you would pay, you can go to any dealer that is interested in buying your car. I have a Toyota and was at Acura yesterday but Vroom was offering a much better deal. I ended up selling it back to the Toyota dealer but that is because I wanted the same car again, I would have done better with Vroom but wanted to get it done. They have to locate a car, if they cannot then I will consider the Vroom deal
Thanks, im visiting a Lexus dealer tomorrow, lemme see if I can do this! I was gonna hold out for the new 2 series Coupe, but no one knows if the 2 door Coupe M model is gonna come out on American market (asked 3 dealers) And I’m not really interested in the Gran Coupe. But Lexus RC F sport intrigues me too. Lets see what happens.
Of course you wouldn’t even start to consider talking numbers with the Lexus dealer when you go in to look at the car before knowing exactly what it should cost and what your current vehicle is worth, right?
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Exactly, why im here! Ive learned so much here. More than when I worked at a dealership.
Make sure your leasing company allows 3rd party buyouts, there are tons of posts on here with people getting screwed because they have a VW and the buyout is higher when it is not the customer. Not sure about your manufacturer and leasing company. Also, I would get the lease price of the new car before mentioning that you have anything to trade in to them (I know Toyota lists it on the sales contract as a trade which generally goes against the out of pocket, I would assume Lexus does the same but I am not familiar). Then use the trade to negotiate off the price if you can. This way you know how much they are giving you. I probably would have done better selling my car to Vroom and then negotiating with the Toyota dealer directly but it was not worth it me. Also, I did not realize how high the MF was on the car I was buying. Looking back probably would have done better buying it outright, financing it and selling my car to Vroom and using that as the downpayment however I really do not want it for more than a few years, then want something smaller
Well you can try to do, which I have done successfully, is to use a dealer for your new car that has a sister store that is a Ford dealership. This is made much easier with a chain like AutoNation, Sonic etc. that has a gazzilion stores. The dealership where you are getting your new car from can possibly take possession of your Ford lease and coordinate their sister store sending out a payoff. The sister stores then coordinate the movement of the money within their overall corporation.
I’m not sure if every dealership will want to do this, but I can confirm mine did.
Absolutely not.
Negotiate the new car and the old car completely independently of each other. The moment you start trying to mix them, you leave all kinds of opportunities for tomfoolery.
Bumping this to inquire another scenario …
Anyone have experience using KBB Instant Cash offer, where one of their offered buying dealerships is a Ford Dealership? Does Ford credit still consider this a 3rd party?
Thanks