Ford Credit Question????
Thread Starter
|
Senior User
Joined: Aug 2003
Posts: 130
Likes: 0
From: Hilliard, OH
Ford Credit Question????
I have a weird question. Has anyone leased through Ford credit before and at lease-end had Ford offer you a lower price than the residual? My lease is going to be up on my 2005 supercrew and when I got it, there was no employee pricing or huge rebates so the residual is much higher than what used f-150's are going for now. I would think that Ford would have to take a loss on my truck because the residual is only a couple of thousand dollars more than a brand new one with the same equipment. I thought about asking for a better price to buy it out but if not, they can have it back and take a huge loss. Now I know some of you might say that they will not take a loss even if they take my truck back, but no one is going to pay the residual for my truck when they can get a used truck with the same equipment $5000-$6000 less. Or buy a new one for $2000 more with 0 miles. Thanks in advance for any feedback. 
Lead Driver
Joined: Apr 2002
Posts: 7,746
Likes: 7
From: Tampa Bay, FL USA
Few things in this world are carved in stone, but the residual (or buy-out) on a Ford Credit lease IS. FMCC will not even take a nickel less than the number printed on your contract. They won't even let the dealer buy it for less; they'll just take it to auction and lose their shirt on it there. The really crazy part is, I've had customers that were willing to pay X, but Ford said no, took the vehicle to auction and got $2000 LESS than X. Why? I haven't a clue, it's just the way they've always done it.
BTW, the lease on '04 F-150 STX 4x4 supercab is up at the end of March. Currently has 21,000 miles, and remember- it's the STX, which is an XL with a few appearance goodies. Current Edmunds values are $14900 trade-in to $18300 retail. My lease-end buyout? $19951. The sale of that one won't be contributing anything to Ford's bottom line, now will it?
BTW, the lease on '04 F-150 STX 4x4 supercab is up at the end of March. Currently has 21,000 miles, and remember- it's the STX, which is an XL with a few appearance goodies. Current Edmunds values are $14900 trade-in to $18300 retail. My lease-end buyout? $19951. The sale of that one won't be contributing anything to Ford's bottom line, now will it?
Thread Starter
|
Senior User
Joined: Aug 2003
Posts: 130
Likes: 0
From: Hilliard, OH
Thanks for the reply. My buyout is $24000 for a 2005 XLT Supercrew 4x4 which will be next Feb. and I know that the value of it won't even be close to that when I turn it in. It does not make sense that Ford would take such a huge loss, but oh well. i will just get a new one or buy a different truck.
Post Fiend
Joined: Feb 2004
Posts: 10,728
Likes: 1
From: Damascus-Boring, Ore
Years ago, FMCC used to negotiate like that. A couple of lawsuits will change your policies in a hurry though. the issue is, if the lease residual is negotiable, and you don't make that information readily available, you're leaving yourself open to lawsuits right and left- generally from folks who bought their leases out at residual. GMAC has the same policy.
Thread Starter
|
Senior User
Joined: Aug 2003
Posts: 130
Likes: 0
From: Hilliard, OH
Thanks polarbear and 1956MarkII for the helpful information. Do you think Ford will have employee pricing again this summer and fall like last year? Also, I had a friend who leased a windstar and Ford offered to end the lease early if she got another ford. Does this happen a lot? If so, do you think it would happen for me? I prepaid the whole two year lease at the start. I am keeping my eyes open to see if the prices this summer will be like last summer and then go get another F-150 and hold on to my current one until the lease is done or if Ford offers me a early out of the lease, then definately getting one sooner. I am fine with just keeoing mine until next Feb. when the lease is up, but I am not sure if the deals in Feb. are going to be as good as the deals this summer and fall. Thanks again for any insight.
Post Fiend
Joined: Feb 2004
Posts: 10,728
Likes: 1
From: Damascus-Boring, Ore
I always get my butt kicked for trying to crystal-ball incentives going into the future, but i think the trend is going to be "build less, fewer incentives." As far as the employee deals again- I'm not going to say they won't, but the dealer group will be up in arms if they do. It's going to take a long time to recover from the last go-around.
Thread Starter
|
Senior User
Joined: Aug 2003
Posts: 130
Likes: 0
From: Hilliard, OH
I was hoping to not hear that info. from you but I expected it. Those deals last year were unbelievable and I am sure that someone had to take a hit for it. I will keep my fingers crossed and hope that they do something similar this summer. Thanks again.
Trending Topics
Freshman User
Joined: Jan 2006
Posts: 38
Likes: 0
That's why I bought my new 06 Lariat didn't like the lease program and it had to many restrictions.
FTE Stories
Ford Trucks for Ford Truck Enthusiasts
10 Things Every Truck Owner NEEDS (2026 Edition)
Michael S. Palmer
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Verdad Gallardo
Top 10 Most Expensive Ford Trucks Ever Sold on Bring a Trailer
Joe Kucinski
2027 Ford Super Duty Buyer's Guide (Every Model, Engine, & Package)
Brett Foote
Top 10 Ford Truck Tragedies
Joe Kucinski
AEV FXL Super Duty - the Super Duty Raptor Ford Doesn't Make
Brett Foote
Lobo Vs Lobo: Proof the F-150 Lobo Should Be Even Lower!
Michael S. Palmer
Ford's 2001 Explorer Sportsman Concept Looks For a New Home
Verdad Gallardo