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GHTech

Well-known member
Joined
May 9, 2016
Messages
57
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
 
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
 
Hi Keith!

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

Regards,

GHTech
 
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.
 
GHTech said:
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.
 
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.
 
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.
 
triangles said:
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.
 
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
 
Hi!

That is definitely one of the options. But, if I can make some money out of it, why not. :) I am wondering if the Ford Dealer will take an offer for it. If so, buy it from Ford, and sell to Carvana. But, it has to be worth the effort.

Regards,

GHTech

jmueller065 said:
Why not just turn it in?

Take it to the Ford dealer hand them the keys and walk away... Thats usually how leases end.
 
Well the amount of $$ Ford would want is spelled out on the lease agreement, unless they make you an offer. You really can't make an offer to them you have to wait for them--and in my experience they just won't (if you call Ford Credit they will just direct you to the number on the lease contract).
 
jmueller065 said:
Well the amount of $$ Ford would want is spelled out on the lease agreement, unless they make you an offer. You really can't make an offer to them you have to wait for them--and in my experience they just won't (if you call Ford Credit they will just direct you to the number on the lease contract).

Hi!

Understood. Appreciate the feedback. I will see if they (the dealer) makes an offer, and go from there. I am also told that if the dealer makes me pay the sales tax, then I can claim a refund from the DMV.

Regards,

GHTech
 
GHTech said:
jmueller065 said:
Well the amount of $$ Ford would want is spelled out on the lease agreement, unless they make you an offer. You really can't make an offer to them you have to wait for them--and in my experience they just won't (if you call Ford Credit they will just direct you to the number on the lease contract).

Hi!

Understood. Appreciate the feedback. I will see if they (the dealer) makes an offer, and go from there. I am also told that if the dealer makes me pay the sales tax, then I can claim a refund from the DMV.

Regards,

GHTech

If you buy the car (to then sell to Carvana), you'll need to pay sales tax.

One of the many reasons to NEVER go into a lease expecting to buy the car at the end. However, if you can make a profit in doing so, then by all means.
 
You're refund for the sales tax won't be from DMV. You have to go through the CA board of equalization and you basically have 10 days after receiving the title to sell the car. You can't just send a check to Cab West for the payoff either when you get the payoff amount. They make you go through the dealer and charge you the 500 lease acquisition fee, dealer doc fees, sales tax on the remaining payoff, etc.

Ford is a big pain in the ass for lease buyout or trade-in now. It didn't use to be this way before. I had a payoff of approximately 12.3 k that became 14.1 k when going through the dealers.
 
longschlng22 said:
You're refund for the sales tax won't be from DMV. You have to go through the CA board of equalization and you basically have 10 days after receiving the title to sell the car. You can't just send a check to Cab West for the payoff either when you get the payoff amount. They make you go through the dealer and charge you the 500 lease acquisition fee, dealer doc fees, sales tax on the remaining payoff, etc.

Ford is a big pain in the ass for lease buyout or trade-in now. It didn't use to be this way before. I had a payoff of approximately 12.3 k that became 14.1 k when going through the dealers.

Hi longschlng22!

Appreciate the info. My numbers are almost exactly the same as yours. Payoff is $12,410 plus the $500 for the dealer. I think that the doc fees are limited to $80. About the sales tax, I was given the impression that one can convince the dealer not to charge as one is reselling. Getting it refunded by the BOE after the fact might be a bit messy. :) The offer from Carvana was for $14,900. I am told that one might be able to get the dealer to lower the price, but not sure how likely. If unlikely, I just rather drop it off soon (not continue to pay insurance), and not keep it till the end of lease (Apr. 28th) as all payments have been paid already.

Regards,

GHTech
 
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