Lease Buyout
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Tuned
Joined: Apr 2004
Posts: 391
Likes: 18
From: Calhan, CO
Lease Buyout
I'm getting ready to buy my leased 2020 F-350 Tremor and would like to know if dealers are charging extra fee's or anything like that.
The amount should be just the stated amount in the lease contract. Mine was leased thru Ford Motor Credit by the way. Thanks
The amount should be just the stated amount in the lease contract. Mine was leased thru Ford Motor Credit by the way. Thanks
Cross-Country
Joined: Apr 2022
Posts: 96
Likes: 39
From: South Holland Ill
That is true if you did not put a large down payment amount,I leased my truck to get the payments more reasonable,and I put down $27,500 and right now I only owe 70,000 to buyout the lease my residual value is $65,000 in another 18 months.When I buyout the lease I will only owe $58,432. I did it this way so I could afford to pay for a $90,000 truck on my retirement from Ford.
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Tuned
Joined: Apr 2004
Posts: 391
Likes: 18
From: Calhan, CO
Games
I did the buyout at Phil Long Ford in Colo Springs and what a mistake that was. All I wanted to do was pay off my lease and leave but they turned it into a 2 hour ordeal. Pretty sure I will not go
back there for any reason.
back there for any reason.
Hotshot
Joined: Jul 2013
Posts: 14,266
Likes: 2,187
this may vary based on local practices.
I had a lease turn in on a new vehicle which we leased for 3 year. new vehicle with msrp of 32k . 4k needed don on the lease start (welcome to NYC). so 16k was paid into it over the 36 months, 4k down, 40k totl paid in.
kbb said retail value was 16k.
lease buy out was 26K. dealer claimed the dealer cost was 25,500 and they only make 500 bucks on the deal.
so we passed.
I did a vin search to see where the vehicle wound up....and found it 30 days later on a used car lot for 16K.
these vehicles go to an auction lot after the lease and local used car dealers bid on them.
theres still money lost and money made....we paid 40k into the deal and some dealer won an auction at a price where they could sell and make money at 16K.
so are there shell games...I think that will vary.
I had a lease turn in on a new vehicle which we leased for 3 year. new vehicle with msrp of 32k . 4k needed don on the lease start (welcome to NYC). so 16k was paid into it over the 36 months, 4k down, 40k totl paid in.
kbb said retail value was 16k.
lease buy out was 26K. dealer claimed the dealer cost was 25,500 and they only make 500 bucks on the deal.
so we passed.
I did a vin search to see where the vehicle wound up....and found it 30 days later on a used car lot for 16K.
these vehicles go to an auction lot after the lease and local used car dealers bid on them.
theres still money lost and money made....we paid 40k into the deal and some dealer won an auction at a price where they could sell and make money at 16K.
so are there shell games...I think that will vary.
Tuned
Joined: Aug 2009
Posts: 443
Likes: 57
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