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.
Who would I need to ask to find that out?
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.
Someone posted that it worked with VW Credit.
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.
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?
Can anyone point me to this 120 day policy in my lease contract? I don’t see it anywhere so I’m curious how Ford is getting away with all of this unless I’m missing some legal verbiage.
No where in your contract does it say you can sell their vehicle to someone else. They extend a courtesy exemption to this up until 120 days out, so there’s no reason to expect to find discussion of this in your contract. If you follow the contract language, you can’t sell it before 120 days out either.
I agree it’s annoying that their exemption policy isn’t made clear, but it’s an important delineation when you’re looking for verbiage in the contract.
All your rights as a lessee are spelled out in the contract. Beyond that you have no rights
It’s like renting an apartment and saying “where in the lease does it say I can’t sell this apartment for profit?”
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Well that’s just it, I see no where in the contract referring to this 120 day rule. Either I can never sell the car to a third party or I can. There is no timeframe listed in the contract so I’m confused how this “can’t sell a Ford within 120 days of lease end” is a thing because it isn’t in the contract I signed.
I’ll update once the Ford lease specialist returns my call because maybe I missed something, but this all seems like Ford is making up rules as they go and as long as no one presses them on it they can get away with it.
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Per the contract, you can not sell it ever, as is the case with most every lease contract.
The bank may offer, as courtesy, to allow you to sell it, if they wish, but there is no contractual obligation for them to do so.
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So I just spoke with Ford and the first “specialist” confirmed the 120 day rule but when I asked her to tell me where that was in my contract, she sent me to another specialist. This lady told me there is no 120 rule at all and the car just has to be purchased through the Ford dealer.
So assuming she is correct, my Chevy dealer can walk across the street and pay the Ford dealer for my Explorer and everything will be fine. This lady confirmed this was in fact possible. I’m curious how different the payoff amount will be from the amount I can purchase the vehicle for personally. Sounds like Ford will increase the price since it isn’t me purchasing it.
I’m confused because based on most reports here and online, people have had no issues trading in Ford leases outside of this made up 120 day timeframe. It seems you can sell to a 3rd party if you are not within 120 days of lease end, according to Ford, but also according to Ford there is no 120 day rule. So I have no idea what’s going on.
You’re not going to find anything in the contract that says you can’t sell in the last 120 days because per the contract, you can’t sell ever.
As a courtesy, they will allow a sale up to 120 days before, at their discretion. They have no obligation to do this ever.
You’re looking at this as is “they’re restricting me in the last 120 days.”
What this is actually is “they’re enabling me to sell for the first 990 days when they don’t have to.”
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We can keep going in circles but the lessee has no rights beyond what’s specified in the contract. Beyond that the owner of the asset decides everything.
They can allow a sale today and disallow it tomorrow
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I guess my next logical question would be am I able to trade in my lease at a Ford dealer? I don’t see any reason any Ford dealer would offer me any more than the residual for it seeing as I’d have to turn it in to them soon anyways, but is trading in even possible since it’s technically not me purchasing it and that seems to be my only other option?
If memory serves, Ford only allows the originating dealer to buy it out in the last 120 days, unless the originating dealer doesn’t want it.
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Quick update. It seems this 120-day thing is only in Ford’s system in that within that time frame you fall under the lease ending requirements which include having your vehicle inspected and all that jazz. It really has nothing to do with Ford owning the vehicle and not allowing it to be sold to a 3rd party, it’s just the stupid way Ford’s systems work.
I confirmed if I extended my lease out a few months, I’d have zero issues trading it in. Basically Ford is stupid…the only stipulation for extending your lease is that the current contract is satisfied, e.g. you’ve completed all payments. Seems like an easy loophole for such a ridiculously stupid situation.
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Update to the update! Every time I’ve called Ford their representative has told me something different. I was told today extending my lease will not work because I can never trade it in. The second representative repeated that I could have traded it in had I been outside this magical 120 day period the first representative said didn’t exist. A supervisor is supposed to be calling me within 24 hours. I can’t wait to see how they will interpret their own rules.
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I’m kind of in the same boat. I’m 7 months away from my lease end and ford credit and my dealer told me I have to buy out the car before I can trade it. So as of now i’m just going to buy it out. I have about 4k equity in it and after taxes will leave me about 2.8k. Hey, every 1k counts right?
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