Lease buyout ford

Ask the Hackrs
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1

I’m about a month and a half out from my lease ending. I just did an appraisal offer on carvana and it was for about $3000 more than my residual leftover from my ford explorer buyout price. I furthrt read that carvana does not do ford motor credit though so I do not think mine will be accepted.

Does anyone else accept Ford lease buyout?

Would it be smart for me to pay outright (I can) and then go sell it to carvana or elsewhere? Or would tax etc be too costly?

I am over my mileage by few hundred miles and may need to buy tires as well. Would it save me money in the long run? 400 deposition fee (considering another brand lease)

Is there any other way around selling it for the 3k profit?

2

Others have recently reported that Ford will not allow a third party buyout this close to lease end. So you have only two options. Either turn it in at lease end, or buy it out yourself. Depending on the amount of tax you would have to pay to buy it, there may be no other option other than turning it in.

3

So basically see how much the purchase would cost? And decide if to turn in our buy and sell?

4

What is your local tax rate? What is the buy out price on the vehicle? Hard to say how much of the $3k delta you’re going to eat up in taxes without knowing how much the taxes are.

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5

Offer amount

$25,427

Lease payoff amount

  • $22,455

Payment to you

$2,972

I’m in PA so I think car would be the same as other things 7%.

Do you know of anywhere or companies that will deal with Ford lease takeover or any loopholes I can do?

6

Pretty sure FMCC refuses to sell the car to anyone but the originating dealer.

How long is PA taking to deliver titles? The longer that lag, the higher the chance that your offer falls in value.

7

Yes…no way to sell to Carvana…I have tried😢

I was able to get the originating dealer (3000 miles away) to somehow sign off on my local Ford dealer doing the buy out however.

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8

the only loophole for this is, Have Autonation appraise it online, if you are happy with their offer then you will have to take that appraised amount to an autonation ford dealer to have it squared out, other than that there is no loophole, Ford is very stingy with 3rd party lease buyout

9

They offered 26k with an asterisks closest location is almost 2 hrs away. I will call and find out more. Are they legit? How much will they come down from their online offer? They told me since it’s a lease it’ll take a week to issue check. I guess it would be worth driving 4 hrs if I’m making a couple grand and no ending lease fees.

10

They are legit, they will only come down, if there are any damage that is not normal wear and tear, Closest ford autonation location or closest autonation dealer location, because sometime they send you to the closest dealer location, if that dealer is not a ford dealer, they wont be able to buy it out. Keep us posted how it goes

11

I just spoke with autonation and they said I’m too close to end of lease it needs to be 120 days before lease ends.

So I either I need to turn in to Ford pay overage miles and disposition or buy outright then sell and risk being stuck with the car.

Not sure how much buying tax and fees would be or how much of a risk I have to buy if there is a big wait for a title or if I can sell with temporary one or something.

12

Never heard of the 120 days rule, but you can ask ford to extend your lease with the same monthly payment. Ford is allowing upto 1 year lease extension, then tell autonation, hey the lease is extended till 4-5 months, now lets close it. i wouldnt buy out the car because you will have to pay taxes

13

Ford will only sell to the originating dealer during the last few months of the lease.

14

Not sure if this is new info, but people have reported on here that only Ford dealers can buyout ford leases, what if op extend their lease by 1 year, i think autonation will buy it, autonation ford dealer might need to reach out to the originating dealer to have it signed off, but it can be done

15

I don’t know that anyone knows if this would reset the clock or if ford finance would continue to go off of the contracted lease end date.

17

Who would I need to ask to find that out?

18

Was anyone able to find out if a lease extension resets the contracted lease end date? I have a great offer on my truck from my originating dealer, but because I am 60-days to lease end they can’t buy it. I either have to buy it (and get slammed on the taxes) or turn it in. With Ford’s new Lease-end Extension program I am curious if this would solve the problem.

19

Someone posted that it worked with VW Credit.

20

I don’t think any other third parties can take title of a Ford lease but a Ford dealership can. That’s what I read. Plus the extension will cost you a fee.

21

I contacted Ford Finance and they said if the lease is extended then a new contractual end date is assigned. Proof is given in the extension document. They said at that point while the lease may be six months or a year, for example, it is basically a month to month rent and can be turned in any month (dealer would cancel remaining months). Because the contractual end date is changed, I would assume the 120-day rule would start over.

Additionally, I asked if they support third-party buyouts and they said it isn’t a problem (if outside the 120-days). It would be the residual, plus any remaining payments, plus $500 (end of lease). Unfortunately, there seems to be a lot of different opinions/experiences from people saying it can only be traded at a Ford dealer, while others say any third-party is fine. Can anyone shed more light on the third-party buyout?