What are my options when my car lease is up?
I leased a car through ford for 2 years. It has been a year now and I'm looking into my options for when it is up. I would like to get a new truck so can I take my leased car to a different dealership and trade it in as a trade in? If not what are my options
In my experience you would take your leased car back to Ford dealer and Talk to them about leasing a truck
3 options:
Buy the car for the agreed upon price when you signed the contract.
End the lease and pay any fees or overages you might have.
Trade in lease with original dealership toward a new lease. You will have to pay all upfront fees again for this option.
All options need to be done through the original dealerships.
You have no equity in your current vehicle. It belongs to the finance company, so you have nothing to trade at another dealer. This is the downside of leasing…
You can -
Return the vehicle to Ford and walk away. Go to another dealer, with no trade, and see what deal they can do you.
or
Return the vehicle to Ford and buy or lease another one from them.
or
Arrange to purchase the ex lease vehicle from the finance company
Chances are the purchase price will be slightly more than the trade in value. They base the vehicles residual value on what they could sell the vehicle to a used car dealer for. So you can probably buy it below retail, but for more than the dealer would pay for it (trade in value)
If your lease is from Ford, you are a lot freer. If it's from a dealer owned leasing company, you probably have a lot less options. OEMs often often allow you to terminate a lease early if you are upgrading to another product from the same manufacturer… Just like cell phone companies.
The smart move would be to buy the car when the lease is up and never lease again.
In fact, keep the car for at least the next 15 years.
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