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Lease End Options

Posted: Mon Oct 01, 2018 11:48 am
by GHTech
Hi!

I tried searching for an answer, but did not see anything conclusive. I have a Ford Lease of a 2016 Focus EV (leather) that ends Apr. 2019. It would have about 17,000 miles on it at the end. I got it for $225 per month with $0 down. If I want to buy it, it would be $12,900 plus the fee of about $500. Which I don't think is worth it. I was thinking of try to sell it to Carmax, or some place like that. But, when I called Ford Credit, they said that I cannot do that. What has your experience been?


Regards,

GHTech

Re: Lease End Options

Posted: Mon Oct 01, 2018 3:12 pm
by campfamily
To sell it to CarMax (or to anybody else), you would have to buy the vehicle out from the lease, take title, then sell it back. Depending on the state you live in, you will also likely pay sales tax on the $12,900 (where I live, in California, I would have to pay sales tax). Question is, would Carmax give you enough to make you whole? I kind of doubt it, but I could be wrong. Based on that, I wouldn't buy out the lease unless I planned on keeping the car.

Keith

Re: Lease End Options

Posted: Mon Oct 01, 2018 3:17 pm
by GHTech
Hi Keith!

Thanks for the info. I am in So. Cal. as well, so it does not make sense to do that.

Regards,

GHTech

Re: Lease End Options

Posted: Mon Oct 01, 2018 4:30 pm
by triangles
Yep pretty much anything except walking away from it or keeping it for a long time will be a money loser. Looks like the E+Leaf and many other much longer range options will be available about the time you turn it back in.

Re: Lease End Options

Posted: Tue Oct 02, 2018 3:42 am
by scottt
GHTech wrote:Hi!

I tried searching for an answer, but did not see anything conclusive. I have a Ford Lease of a 2016 Focus EV (leather) that ends Apr. 2019. It would have about 17,000 miles on it at the end. I got it for $225 per month with $0 down. If I want to buy it, it would be $12,900 plus the fee of about $500. Which I don't think is worth it. I was thinking of try to sell it to Carmax, or some place like that. But, when I called Ford Credit, they said that I cannot do that. What has your experience been?


Regards,

GHTech
Yep, unfortunately not worth it to keep.....

You can always negotiate with Ford on a final buyout, but you'd have to get many many thousands of dollars off to make it worth it.

Re: Lease End Options

Posted: Tue Oct 02, 2018 6:09 am
by Fat Focus
The last thing the leasing company wants is the car back. They're in business to collect checks, not sell cars. When the lease was up on my F250 I called them and told them it wasn't worth what they were asking, but I offered a lower amount and they accepted. They wanted $19k and I ended up giving them $15k. I saved $4k in a fifteen minute phone call.

Re: Lease End Options

Posted: Tue Oct 02, 2018 6:20 am
by triangles
Fat Focus was Ford Credit your leasing company? I was under the impression they didn't care whether or not you bought it at lease end as they could write off any loss as the vehicle went to auction.

Re: Lease End Options

Posted: Tue Oct 02, 2018 8:15 am
by carbuff
triangles wrote:Fat Focus was Ford Credit your leasing company? I was under the impression they didn't care whether or not you bought it at lease end as they could write off any loss as the vehicle went to auction.
When I bought my 2013 used, it was a lease return. The name of the leasing company was Cab East LLC of Atlanta, GA. Im told that this is the name that Ford uses for their leases. In CA it might be Cab West LLC. Something like that. I think they are shell companies set up by Ford.

Re: Lease End Options

Posted: Tue Oct 02, 2018 1:51 pm
by Fat Focus
Sorry, it was fifteen years ago. I don't remember who it was through at that point.

Re: Lease End Options

Posted: Sun Jan 06, 2019 11:39 am
by GHTech
Hi!

As stated, I have a 2016 Ford Focus Electric which the lease will end in Apr. If I want to buy it at that time, it will be $12,900 plus tax, etc. I checked the offers from Vroom ($11,250) and Carvana ($14,908) for it. Ford Credit says that I need to go through a Ford Dealer. I am told tax (CA Sales Tax) and registration needs to be paid to the dealer. Any suggestions?

I already picked up the replacement (Honda Clarity Electric).

Thanks,

GHTech