ford red carpet option?
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Senior User
Joined: Nov 2005
Posts: 270
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From: SANANTONIO, TX
ford red carpet option?
i need a few details about this. i was told that at the end of the contract you are in no way shape or form going to be upsidedown when it is time to resign or end the contract, is this true? and also what happens if your ballon payment is $15,000 and the truck is only worth $10,000? thanks for any all help!!
Post Fiend
Joined: Feb 2004
Posts: 10,728
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From: Damascus-Boring, Ore
What you really need is a blank contract so you can read the fine print. The terms actually vary from state to state, depending on individual consumer laws. Fundamentally, it does work like a lease- you won't be upside down at the end if there's only normal wear and tear, you're not over mileage, no damage, etc. The downside is you'll be hugely upside down midstream in the contract- much more so than on a conventional buy. you'll also pay more interest- both in amount and rate, using this option. Caveat emptor- it's not for everyone.
Senior User
Joined: Oct 2004
Posts: 391
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From: Maryland
In my experience, the mileage limit is the kicker. Usually around 12k miles per year or less for a lease. I drive way more than that, unfortunately. That reason alone has prevented me from considering a lease in the past.
Senior User
Joined: Sep 2004
Posts: 134
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From: Westland, Mi
Originally Posted by TDN
In my experience, the mileage limit is the kicker. Usually around 12k miles per year or less for a lease. I drive way more than that, unfortunately. That reason alone has prevented me from considering a lease in the past.
