(Colorado) My lease ends June 29 and I don’t want to go back to original dealership to either buy it or trade in or whatever. They were unprofessional when I leased it, to put it kindly.
Can I go to a different dealership? Would that need to be in Colorado or does that matter?
And any wisdom to offer on what kinds of shenanigans might go on so I am prepared for that?
You should be able to go to any Lincoln (or possibly Ford? Can anyone confirm that?) dealer to complete whatever transaction you want, be it selling, trading in or turn in. I would contact Lincoln/Ford credit ASAP though. Ford has buyout restrictions that you need to be aware of. Ford does not allow lease buyouts once you have less than 120 days left in your lease term. As of today, 2/5/2022 you have 144 days left so you are running out of time, unless you apply for a lease extension before you hit the 120 day mark. It’s possible that Lincoln has different rules but I would confirm that before you hit the 120 day mark, especially if you believe that you have significant equity in the vehicle.
Didn’t even think of this possible issue. Thanks! So a lease buyout is not the same as buying the car at the end of the lease for the residual value in the contract? Yes, I believe I have significant equity. I actually ended up liking this car very much and it’s in excellent condition. It’s only got about 22K miles on it. And that’s kinda the issue with keeping it…we don’t need another car .
It is, however Ford (and presumably Lincoln) have certain rules when it comes to buying out your lease. In order to buy a Ford lease out you must exercise that purchase option at least 120 days before the lease is set to expire. I believe it must be done at a dealer as well. Your best bet is to call Lincoln Automotive Financial Services ASAP and tell them that you want to buy your expiring lease. Let them walk you through the particulars. Don’t walk in cold to a dealer and let them bang you with a bunch of unnecessary fees. Find out what to expect from LAFS first then shop around if needed to find a dealer who won’t try to charge excessive fees, assuming that LAFS just won’t let you buy it directly from them.