tabbibus
Posts: 9
Joined: Wed Sep 24, 2014 1:01 pm

Lease with old lease trade in

Wed Sep 24, 2014 1:04 pm

Hi all, I've been trolling the forums for a while. I'm looking into a FFE in the Atlanta area and have been in talks with a local dealer. I currently have a lease for a Kia that ends in march. The Ford dealer is offering me a FFE for 399 / month, O down. That includes all taxes, fees and whatnots... swaping keys with my Kia as well.

Deal or horrible deal?

Thanks!

Richmond72
Posts: 42
Joined: Sun Jan 26, 2014 1:52 pm
Location: Atlanta, GA

Re: Lease with old lease trade in

Wed Sep 24, 2014 2:41 pm

How many miles a year? That seems high to me. I think it should be a little closer to $330/month.

tabbibus
Posts: 9
Joined: Wed Sep 24, 2014 1:01 pm

Re: Lease with old lease trade in

Wed Sep 24, 2014 2:58 pm

10.5k
The issue is that my payoff from my current lease is a bit higher than the value of the car. The only reason to so this is for the 5k Georgia tax credit

v_traveller
Posts: 422
Joined: Sun Feb 03, 2013 12:22 am
Location: So Cal

Re: Lease with old lease trade in

Wed Sep 24, 2014 8:37 pm

tabbibus wrote:The issue is that my payoff from my current lease is a bit higher than the value of the car.
How much higher is the lease payoff vs. value of the Kia? Knowing that would help determine if you're getting a fair deal or not. Is it less than $2400? If so, I'd say the dealer might be gouging you a bit.

Accepting Richmond72's assertion that $330/mo is a fair deal for the Atlanta area (roughly equal to the website offer on Ford.com), that's a $69/mo difference when compared to $399/mo. Over 35 payments, that's roughly $2400.
vin
2015 B-Class Electric Drive - Cirrus White
2014 Volt - Summit White
2014 RAV4 EV - Blizzard Pearl White
2013 FFE - White Platinum Metallic (2/2013 -12/2015)
http://ev-vin.blogspot.com/

Richmond72
Posts: 42
Joined: Sun Jan 26, 2014 1:52 pm
Location: Atlanta, GA

Re: Lease with old lease trade in

Thu Sep 25, 2014 2:44 am

Which dealership?

If you are trading in a car, the taxes are decreased some so even $330 might be a little high. How much is the difference on the trade in?

hybridbear
Posts: 1425
Joined: Mon Apr 07, 2014 12:46 pm
Location: Minneapolis

Re: Lease with old lease trade in

Thu Sep 25, 2014 6:03 am

So the issue is that you're trying to get rid of the Kia before its lease is up, right? So the Ford dealer has to pay off the lease in addition to putting you into a new car? Why not just wait until your Kia lease is up?
2013 Ford Focus Electric - Ice Storm - leased through 8/15/16
Replaced by a 2016 Tesla Model S 60D

tabbibus
Posts: 9
Joined: Wed Sep 24, 2014 1:01 pm

Re: Lease with old lease trade in

Fri Sep 26, 2014 9:50 am

Richmond, it is Hennessy Ford. They said they have one, but they need to flat bed it in. Also, my payoff is 10.5 and they are offering me 8.5 (way low ball)

Hybridbear, you are right. That is the issue. And I will likely just wait, and look at the 2015 FFEs. I thought I'd give it a try, see what the dealer had to offer. Specially because that 5K Georgia tax credit would be greatly appreciated this current year

:)

michael
Posts: 1113
Joined: Sun Sep 22, 2013 9:55 am
Location: Los Angeles, CA

Re: Lease with old lease trade in

Fri Sep 26, 2014 12:02 pm

If your car is worth more than the current payoff, and if your dealer wants to sell (lease) a car, they can and sometimes will take the old car off your hands and even give you money.

My wife returned an Acura with six months left to go on its lease to a Chevy dealer and they gave her about $1000 credit toward the lease on a Volt.

It all depends on your exact circumstances. If you are running under the lease miles, there's a better chance of making this work. It also depends on how smart is your dealer.

The Ford dealer where I got my FFE offered to try to do the same on the Focus ICE I was returning, but the numbers didn't make sense since it was right at mileage.
2013 FFE Returned after 3 years with 52,000 miles and battery down to 15.2 kWh
2014 Volt returned with 43,000 miles
2014 Volt 26,000 miles
1967 Corvette 427
1962 Corvette 327
Awaiting a Bolt

tabbibus
Posts: 9
Joined: Wed Sep 24, 2014 1:01 pm

Re: Lease with old lease trade in

Fri Sep 26, 2014 12:12 pm

I'm barely at 60% of allowed miles with 6 months left on the lease. I'm hoping for 350 per month, zero down (not even taxes), take my lease and we'll talk. Otherwise I'll just wait.

Richmond72
Posts: 42
Joined: Sun Jan 26, 2014 1:52 pm
Location: Atlanta, GA

Re: Lease with old lease trade in

Fri Sep 26, 2014 6:30 pm

Try Sandy Springs Ford. I bet they can meet that monthly lease payment for you. I would also see how much Carmax would buy your car for... that gives you a good starting point and an idea of how much it is worth.

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