I currently have a Mach-E lease and have some needs for a pickup. Is there any chance of getting out of it early with just paying the remaining payments (plus small fee)? Equity position is pretty bad (probably 10k negative) since I leased right before Mach-E prices tanked . Lease is through US Bank and contract reads like they have penalty + equity loss payment for returning early; which just seems crazy. No issues rolling the remaining payments into the next deal but the need to switch isn’t enough to pay thousands extra.
Specifics below. I’m okay leasing or buying the next one and also okay sticking with Ford if that could help.
2023 Mach-E GT
29k Miles
Well under target (45k at lease-end)
Residual ~$38k
KBB is under $30k
Lease ends October ‘26 (8 payments left)
Excellent condition, no concern with wear/tear fees
Call US Bank and ask them, but that is the contract you signed so those are the terms that you agreed to. Typically if you wanna exit early and they don’t have an early termination option then it’s the large negative equity position you laid out.
And USB may not be able to tell you what tha number is until the car is sent to auction and sold. This is not uncommon with lessors, and some even charge early termination fees.
USB also doesn’t make it easy for transfers; paper-based? Best bet is probably to ride it out. Good luck.
Why get out of it early then? If you’re going to pay the remaining payments you’re no worse off than keeping it. I guess you save money insuring it for the time so you’ll be a head a few hundred best case scenario. I’d keep it as a second car.
. Lease is through US Bank and contract reads like they have penalty + equity loss payment for returning early; which just seems crazy. No issues rolling the remaining payments into the next deal but the need to switch isn’t enough to pay thousands extra.