Leasing Question
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Freshman User
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Leasing Question
Hey everybody, I've been looking around in these forums for a while now so i'm not really that new here. Now lets get down to business. I have a couple of questions that i hope one of you guys can answer. First question, if i were to lease an 05 Expedition, would i be able to take out of the country and take it to Mexico for vacation. Second Question, how exactly does a lease work, if i do decide to lease it will be my first one. All my other Fords i have bought but since Ford is coming out with a new Expedition next year, i was hoping i could lease an 05 Expo for a year and get the new one when the lease is over. Thanks guys, any help would be greatly appriciated.
Post Fiend
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From: Damascus-Boring, Ore
NightHawk150 Hey everybody, I've been looking around in these forums for a while now so i'm not really that new here. Now lets get down to business. I have a couple of questions that i hope one of you guys can answer. First question, if i were to lease an 05 Expedition, would i be able to take out of the country and take it to Mexico for vacation.
Technically, no- the lease police will sieze the vehicle and throw you in jail.
It could pose a problem, yes- especially if you had a wreck and had to explain the whole thing
Second Question, how exactly does a lease work, if i do decide to lease it will be my first one. All my other Fords i have bought but since Ford is coming out with a new Expedition next year, i was hoping i could lease an 05 Expo for a year and get the new one when the lease is over. Thanks guys, any help would be greatly appriciated.
I'm glad you know Ford's coming out with a new Expedition next year- you know something I don't- and the '06 order guide is already out. The main issue you're facing is that the driving force behind a lease payment is the depreciation factor. Since we're talking late in the model year, most of that deprectiation is already built into the lease. On top of that, the Expy takes a good-sized hit on first years depreciation to begin with- the payments on a 12 month lease would be stupefying. Think house payment stupefying, and you're in the right ballpark. It's make a lot more sense to pick up a used '05, but it, and let someone else take the hit.
Technically, no- the lease police will sieze the vehicle and throw you in jail.
It could pose a problem, yes- especially if you had a wreck and had to explain the whole thingSecond Question, how exactly does a lease work, if i do decide to lease it will be my first one. All my other Fords i have bought but since Ford is coming out with a new Expedition next year, i was hoping i could lease an 05 Expo for a year and get the new one when the lease is over. Thanks guys, any help would be greatly appriciated.
I'm glad you know Ford's coming out with a new Expedition next year- you know something I don't- and the '06 order guide is already out. The main issue you're facing is that the driving force behind a lease payment is the depreciation factor. Since we're talking late in the model year, most of that deprectiation is already built into the lease. On top of that, the Expy takes a good-sized hit on first years depreciation to begin with- the payments on a 12 month lease would be stupefying. Think house payment stupefying, and you're in the right ballpark. It's make a lot more sense to pick up a used '05, but it, and let someone else take the hit.
CO River Rat
Joined: Feb 2004
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From: Lake Havasu City AZ
NightHawk150 -
Good advice from Polarbear; don't EVER think about taking an owned/financed/leased vehicle into Mexico!!! Too many horror stories about people losing their vehicles (a baggie of drugs stuck behind a headlight, then a tip to Mexican Border Customs and you're busted when you try to come back).
Steve
Good advice from Polarbear; don't EVER think about taking an owned/financed/leased vehicle into Mexico!!! Too many horror stories about people losing their vehicles (a baggie of drugs stuck behind a headlight, then a tip to Mexican Border Customs and you're busted when you try to come back).
Steve
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From: Damascus-Boring, Ore
I could make a real convincing argument on why to fly/rent any time you go to Mexico...or take a $1000 beater you don't care about. Somewhere south of Guaymas there's probably still the shell of a totalled '64 Mercedes my folks left behind in '65. 
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Well, thanks for the advice, but I always take my FINANCED cars into Mexico and nothing has ever happened, not saying it won't but never has. Like my 02 Explorer, I've taken it to Mexico like so many times now cause that is where all of our family is (my wife and mines). The only reason we're looking for an Expedition was because we recently had a new born (she's like 5 1/2 months now) and we need something bigger (have 3 kids altogether, 14, 8, 5 months) since my wife practically takes the whole house with us. Well, thanks for the advice guys. Thanks to polarbear, i now know I shouldn't even think about taking a leased vehicle into Mexico . Thanks anyway. Oh, and by the way polarbear, I was talking about the 07 Expedtion, sorry if there was some confusion.
. Thanks anyway. Oh, and by the way polarbear, I was talking about the 07 Expedtion, sorry if there was some confusion.
Post Fiend
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From: Damascus-Boring, Ore
I know this sounds nuts, but there's a huge difference between a financed vehicle and a leased vehicle. You own the financed vehicle, although you're paying it off and the lender holds a lien on it. The lease company owns the leased vehicle, and you're basically renting it for an extended period of time. A lot of folks think a leased vehicle is just a financed vehicle with a smaller payment, but it ain't so. 
The best analogy I can think of is a home with a mortgage vs. a home with a long term lease. You can paint or remodel your home anytime without checking with the lender- but it's a different story if someone else owns the property and you're just leasing.
The best analogy I can think of is a home with a mortgage vs. a home with a long term lease. You can paint or remodel your home anytime without checking with the lender- but it's a different story if someone else owns the property and you're just leasing.
