I got this generic quote from the Mach E post from the EV thread Link to leasehackr post. I’ve traded emails with them and they have said I’d need to pay 1st month up front and they will ship to me for $750. I am fine with that just wanted to know others thoughts on the deal and if it is worth pulling the trigger. $400 per month for 36 months and can cancel any time after 3 months with no fee, I just have to get it back to them.
I have never leased from out of state before. They are in Iowa and I am in Michigan, I am waiting on a quote from my insurance company on how it would be covered. The seller has said they provide Iowa plates and will send renewal tabs each year.
Absolutely no idea. The OP of that thread has pretty strategically kept details to a minimum. I haven’t heard of an auto manufacturer – even despite Ford’s EV sales woes — getting desperate enough to lease 2 year old vehicles month-to-month at 1,666 miles/mo before.
I thought someone in the thread said they were self financing them. They told me at the end of the term that I could drop it off at any Manheim auction site. The credit app they sent me says “Pritchard Commercial Sales”
OK yeah that was my hunch but I removed it from my initial post cause I just wasn’t sure. Sounds like it is third party on unpunched MY22s.
I’d make sure you really do have an out noted in your agreement. The doc you uploaded shows the total of your monthly payments is $14,400. It’s interesting they’re still using a hyper inflated RV on these agreements. Also shows 15k miles/yr.
Under point 6, it looks like if you return the car early, you’ll owe fees and taxes? I don’t see anything in there about an unpenalized early return after 3 months. In fact, it says on page 1 “You may have to pay a substantial charge if you end this lease early. The charge may be up to several thousand dollars. The actual charge will depend on when the Lease is terminated. The earlier you end your lease, the greater this charge is likely to be”.
This is an example she sent. She wont send actual terms until I submit a credit report. She said in the email to me 20k per year for 36 months. She also said in the email chain that there was no penalty for early turn in after 3 months.
That poster seemed super shady. Originally, they listed that deal as unlimited miles, then changed it to 20k/yr, but then your contract shows 15k/yr. I wouldn’t trust what they say, but what’s on the contract.
It sounds like a sub-lease. NIE is essentially a finance company and the leasee - probably some sort of commercial lease that allows sub-lease. They are leasing it for 15k/yr, giving the sub-leasee 20k/yr, but risk analysis predicts that most people will be driving it no more than 15k/yr. If you go over, they pay the overage.
Since you’re subleasing it, as long as you return it back to Iowa, I guess they would just sublease it to someone else.
But definitely go by what’s on the sub-lease contract.
I wouldn’t place too much credence in a generic quote.
That’s a huge red flag. It doesn’t matter one hoot what they say. What matters is what the lease agreement c says. Glad you found and posted the early termination criteria as that supersedes what anyone says and is the final authority.
Can’t tell you if this is a good deal or not as far as the sell price (46082) is concerned. What I can tell you is this lease uses a 7.6% interest rate, not a money factor.
Anyone who does business while hiding all the terms and conditions of their business, especially in a place like this where brokers and dealers alike are so open about pricing/terms, is not to be trusted.
I highly dislike their approach to business, and I would suggest anyone to avoid them. Every time someone asks them a question, they ask to communicate via email. You’ve got 10 people asking for the same thing dude, why are you hiding that answer privately?
Based on other info in this thread, my assumption is that you’ll be on the hook for additional depreciation whenever you end your lease. There’s no free lunch - how do they make money? Why won’t they answer everyone’s similar questions directly in their sales thread?
I wouldn’t risk it. It’s one thing if this contract is with a Ford Finance but another if it’s a third party nobody has experience with. There’s nothing stopping them from making you jump through hoops if you try terminating. It’s especially alarming that if you decide to terminate, you’ll owe:
unpaid monthly payments
early termination fee
the $1,353 upfront fees and taxes noted on page 2 of agreement
“The amount by which the adjusted lease balance exceeds the vehicle’s realized value at termination” (despite the stated residual being ~$44k, they would re-assess in the event of an early termination and you’d owe the difference between the RVadjusted cap cost ($48k) and the actual appraised value of the car, which could be upwards of $10k considering these are probably only worth like $35k right now)
Storage fees caused by your termination (in other words, if they never find someone else to sublease your car to, you’ll pay for them to store your car somewhere until the end of your agreement)
The only way one could argue this makes any sense is if you’re certain you’ll keep it for the full term and are comfortable signing over your rights to these guys. Otherwise terminating early would result in you receiving a bill for like $30,000 or more depending on what vehicle storage costs.
I actually have the contract they sent looks to cover everything. I’ll post it up so u guys can take a look. She said the one that was posted was a “sample contract”
