My wife has a 2021 bronco sport big bend on a 39 month lease term. She wants out early, it ends December 2024.
What’s the easiest way to get out of this without having negative equity.
The buy out at the moment for dealers or 3rd party is extremely high (32-33k) and buy out for us is 25k. The offers that I have received are 19-22k.
forbs
February 7, 2024, 2:37am
2
You go down this list and see who will give you good money.
Then take that number to a Ford Dealer and ask them or take it to a Big Box Dealer like autonation.
For the quickest results:
Copy your VIN to your clipboard and just paste it into each site. Quicker than plate lookup.
Enter “I own the vehicle” where applicable — you don’t need to get into the details of your lease payoff or loan balance until you’ve eventually chosen one entity to sell to.
Use a Google Voice or some other device you can turn off at will. Otherwise your real phone will be bombarded initially.
In alphabetical order:
Buyer Name
Direct Link
Review Link
AutoCo…
But if it is 19-22, you are well underwater.then SWAPALEASE is the way to go. Just make sure the buyer isn’t borderline or you will still be on the lease.
1 Like
forbs:
buyer isn’t borderline
What does borderline mean?
forbs
February 7, 2024, 3:35am
4
6XX credit rating usually…means they might not pay the car so Ford holds you responsible.
Really? Even if the lease is transferred over? Amazing. Lol
Newjack:
3rd party
Does Ford allow 3rd party buy outs? C&D article says that there is partial or complete restriction:https://www.caranddriver.com/auto-loans/a44063803/another-dealership-buy-out-lease/#
Typically Ford Motor Credit allows Ford dealers to buy out the vehicle, and even then I think their is some last 90 days or so restriction. Obv it still has to financially make sense.
3 Likes
Will these companies buy the lease out even if I’m over the total allowed mileage or will ask me to pay it to the financing company?
Always re-confirm with FMC, last I knew it was 120 days
Just spoke with Ford Financial. For a lease, the payoff goes to the originating dealer (or another ford dealer if the original isn’t available). This is whether I buy it or trade it. They didn’t seem to care whether it was traded or not, just that the full payment be made through the dealer to end the lease (contradicting what the dealer said).
They said outside of 120-days, the third-party buyout price is the same as “my” price, which is the end lease value plus the 500 fee for “buying” out th…
1 Like
You are probably correct. I knew it was either 90 or 120.
In my head it was 150, why I searched. But all that “you can buy it until X days prior and third parties can by Y days prior” are post-covid changes, they were not a thing with either of my Ford leases - always good to confirm. If nothing has changed, a third party should be able to buy for OP’s payoff.
1 Like
Newjack
February 7, 2024, 6:36am
12
Sorry I’m pretty new to this, but how would that work?
As used car prices soar, many lessees are finding that their vehicles are worth considerably more than their current payoff amount. Instead of simply returning the vehicle at lease end, you may be able to sell the vehicle to a third party (such as Carvana, Shift, Vroom, and CarMax) for a profit.
However, some lenders are making it difficult for consumers to access this “lease equity” by charging a higher lease buyout price to third-party buyers than to consumers, or altogether prohibiting third…
Someone who wants to buy your Ford could potentially
You can check if any buying services are interested
For the quickest results:
Copy your VIN to your clipboard and just paste it into each site. Quicker than plate lookup.
Enter “I own the vehicle” where applicable — you don’t need to get into the details of your lease payoff or loan balance until you’ve eventually chosen one entity to sell to.
Use a Google Voice or some other device you can turn off at will. Otherwise your real phone will be bombarded initially.
In alphabetical order:
Buyer Name
Direct Link
Review Link
AutoCo…
If FMC isn’t allowing 3rd party purchases, you can buy it and resell it to one of them.
I’ve used Lightstream (Part of Suntrust Bank) many times for auto purchases/refi but they’ve increased their % heavily with every rate hike.
Used auto loan with them now is above 8% but its non collateral. You get the cash deposited into your account and hold a lien free title.
1 Like
forbs
February 7, 2024, 2:12pm
14
And put OP another 4k in the hole? Buying incurs taxes.
max_g
February 7, 2024, 2:23pm
15
forbs
February 7, 2024, 3:11pm
16
@trusted_hackrs
(edit: I’m seeing this still says no, check with Ford if this is still the case, I thought we had an update)