I have a 2019 Expedition. the buyout is $44,561.20 . About a month ago, vroom showed an offer of $59,823. That offer expired and now the latest offer as of last week was $55,779. Is it worth buying the vehicle out, waiting for the title and then seeing what vrooms offer is at then? Are there any other options I have? maybe a way towards a 3rd party lease buyout so I myself do not have to incur sales tax? Thank you in advance.
Yes, you can have autonation appraise the car, and if you like their offer, they can buyout the car that you wont have to pay taxes, and they will cut you a check for the difference
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May not be that simple with Ford. They have weird buy out restrictions
Ok I got a great quote from autonation but when I called up and told them I had just made my last lease payment they said they couldn’t do it anymore. I would have to buy the vehicle out first. Im thinking now, wonder if I extend the lease?
Ford significant limits who can buy out their leases in the last 120 (I think that’s how many) days to basically you and the originating dealer.
Yea ask for 1 year lease extension that will waive you from the last 120 days then autonation will be able to buy it out
Yes, you will be fine if you lengthen your lease (I am speaking from someone who extended their Ford lease). However, although you can end the lease at any time, the time you request is the new turn-in date (if kept until lease end). It even shows on my credit reports as a 42-month lease (from 36). The former leads me to my next point:
ask for 1 year lease extension
I initiated the extension entirely through my online account. However, the maximum length I could choose was six months. Although the limitation did not appear to be an individual restriction to my lease, it was the longest allowed upon communication with FMC. The one thing I do wonder is if Ford allows extensions within a specific window/timeframe. Unfortunately, I cannot recall if there was a 60-day constraint. However, I know they allow them after final payment as I paid three months in advance (which should have closed the option/lease), and they still granted the extension.
I had actually inquired last week and they said I can extend it for four months. I would just have to pay some sort of tax worth about $200. It’s up front and non refundable. I don’t remember what kind of tax it was. If this extension then allows autonation to buy me out then I obviously have no issue paying the $200 tax. I think they left the office for the day so I left a message and will inquire tomorrow. Thank you for your input! Gives me a sense of hope haha
-I was also told I couldn’t extend the lease until the final payment was made. I have since made that last payment.
I got in touch with the autonation dealer and the guy told me it’s based off the original maturity date so even if I extended it, they wouldn’t be able to buy it out. This sound right?
Try to speak to someone higher up or contact a different AutoNation dealer. It could be correct, but it does not sound like it, as the extension effectively creates a new maturity date. So I am baffled as to how they would:
- Know it was a lease extension without being told beforehand (which is the case). Again, as my example, even my credit reports show a new lease maturity date (so does my Ford account). Nothing else indicates an extension beyond my correspondence with FMC. To anyone not familiar with leases, it looks like a 42-month lease from the start.
- Not be able to purchase your vehicle. Instead, AutoNation would contact Ford and find your lease was not due until four months from the extension point.
It seems very odd that that is the answer when it will become a new turn-in date. What I found with most third-party buyout companies is that they are often unaware of the rules from person to person. Meaning the information you get is only as good as the knowledge of the person you speak to. So even if you receive an answer saying they can purchase your Expedition, I would still confirm it with at least one more person before extending your lease. Dealers need inventory, though, so if they are saying they cannot purchase it, that might indicate the truth (or it could just signal a lack of proper information).
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