"Ford Options" Mach-E Lease vs standard lease - similarities and differences

[hybrid2bev]

Thanks. You answered my question. I was wondering if I can get help here to find out my protected rates and incentives.

Oh I misunderstood what you were looking for. I thought you were looking to actually use the order date incentives at another dealer, that won't work.

Anyone with access to SmartVincent and has your VIN should be able to see the order date incentives, I think.

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[moparguy]

My buddy's car was delivered today, we are supposed to go pick it up, how can we know what was the rate back when he ordered the car? April 2022?

 

[jchen14]

Speaking for myself and not Ford, explaining this to you as I would to any friend:

There are subtle differences. The big picture is that Ford Options and a traditional lease are more similar than different.

Ford Options choices at the end of the contract term are:
1. Return – Transfer ownership of the vehicle to Ford Credit (like a lease turn-in, with mileage and excessive use charges)

2. Renew – Trade-in/Sell the vehicle, any accumulated equity may be available for use as down payment

3. Retain – Payoff or refinance the balloon note amount through Ford Credit (like buying out your lease by paying the agreed lease purchase price/residual value)

Differences:
Ford Options is a retail contract, so the title is in the customer name. For standard leases the title is in the lease company name. Because Ford Options are retail contracts instead of leases there may be differences in how the transactions are taxed depending on where you live (in the monthly payments vs. all upfront at time of sale) so consult your dealer.

Ford Options is available in most states, you'll need to discuss financing options with your dealer.

For #3, can you finance the remaining amount by the end of the monthly payments for the residual amount owed?

 

[macchiaz-o]

For #3, can you finance the remaining amount by the end of the monthly payments for the residual amount owed?

Always read your contract... In the case of mine, yes, I could choose to refinance the balloon amount with the Creditor (Ford Credit):

 

[ragequit310]

My buddy's car was delivered today, we are supposed to go pick it up, how can we know what was the rate back when he ordered the car? April 2022?

I have the same question...

 

[luckie]

I have the same question...

I believe post 1102, right above when ragequit310 posted his/this answered it, SmartVincent.

 

[iaming]

How long does it take to get the bill?
Got the car 3+ weeks ago.

Will ford credit send a mail or should I look for somewhere?

 

[macchiaz-o]

How long does it take to get the bill?
Got the car 3+ weeks ago.

Will ford credit send a mail or should I look for somewhere?

Look at your contract. Mine had a phone number for Ford Credit, I think it was printed along the side of the first page, IIRC. I called that number and the automated system provided me with my loan number. This might be the number: 800-727-7000

With your loan number in hand, go and check your online account here:

https://www.ford.com/finance/

You might find that your payment is very nearly due. In my case, payments are due on the day of the month that's one day ahead of my loan origination (my loan originated 3/6/2021 and my payments are due on the 5th of each month). And it looks like statements are generated on the 16th of each month for me.

 

[AKM]

So with option 2, say you want to trade in for a newer Mach E at the end you'd probably have to go through the order process and time it somehow with the end of your 3 or 4 year ford options plan? That seems the most likely route right?

 

[hybrid2bev]

So with option 2, say you want to trade in for a newer Mach E at the end you'd probably have to go through the order process and time it somehow with the end of your 3 or 4 year ford options plan? That seems the most likely route right?

You could trade in at any time. If your newly ordered vehicle does not arrive by the end of the Options contract term you could refinance the Options contract. Then once your new vehicle arrives complete the trade in. If your new vehicle comes in before the end of the Options contract term, that's fine too.

 

[astrorob]

i've asked my salesperson multiple times for an Options term sheet for a 23MME that's supposed to go into production next week. a month ago he said it was too early to do that, and yesterday he says that the Options program is down and "they will re-open it".

anyone heard this? or is it nonsense? hard to believe as i'm sure there are people taking deliveries of cars right now that need/want ford Options.

 

[hybrid2bev]

i've asked my salesperson multiple times for an Options term sheet for a 23MME that's supposed to go into production next week. a month ago he said it was too early to do that, and yesterday he says that the Options program is down and "they will re-open it".

anyone heard this? or is it nonsense? hard to believe as i'm sure there are people taking deliveries of cars right now that need/want ford Options.

The Ford Options program is showing active for 2023 Mach-E's. The current program dates run from Oct-04-2022 to Jan-03-2023.

I think maybe the dealer is conflating the fact that the 2023 Select Mustang Mach-E order banks are opening back up again today.

 

[astrorob]

thanks. who knows - the salesman said "they modified the calculation system" so i don't think they necessarily conflated the order bank opening. i think they just don't want to do it and are looking for excuses.

the reason i asked in the first place is that last month they told me to look at the ford website to get an idea of what the payments/balloon would be. at that time there was no Options calculator, and i still don't see one. so i couldn't really estimate anything.

related to this it looks like you can do a pre-qualification for a loan or lease thru ford credit on the ford website. but similarly to the lack of an options calculator, it does not look like there is a way to apply for Options online. so is this something that the dealer has to do?

this is a dealer that apparently does not do ADMs so i wonder if they are trying to steer leases to some other finance company other than ford in an effort to make that up.

 

[hybrid2bev]

thanks. who knows - the salesman said "they modified the calculation system" so i don't think they necessarily conflated the order bank opening. i think they just don't want to do it and are looking for excuses.

the reason i asked in the first place is that last month they told me to look at the ford website to get an idea of what the payments/balloon would be. at that time there was no Options calculator, and i still don't see one. so i couldn't really estimate anything.

related to this it looks like you can do a pre-qualification for a loan or lease thru ford credit on the ford website. but similarly to the lack of an options calculator, it does not look like there is a way to apply for Options online. so is this something that the dealer has to do?

this is a dealer that apparently does not do ADMs so i wonder if they are trying to steer leases to some other finance company other than ford in an effort to make that up.

The rates were updated, I don't know if that qualifies as 'modified the calculation system'.

You can estimate the payments using the calculator posted on here: https://www.macheforum.com/site/threads/poll-ford-options-vs-finance.2883/post-92089

You can apply for Ford Options during the online checkout process once your vehicle arrives. There's not really a point to doing a pre-qual now, especially if you are going with the program rates (which already have incentive protection).

 

[astrorob]

The rates were updated, I don't know if that qualifies as 'modified the calculation system'.

You can estimate the payments using the calculator posted on here: https://www.macheforum.com/site/threads/poll-ford-options-vs-finance.2883/post-92089

You can apply for Ford Options during the online checkout process once your vehicle arrives. There's not really a point to doing a pre-qual now, especially if you are going with the program rates (which already have incentive protection).

thanks for all the info. i looked at the spreadsheet and it gives 3.9% APR for all financing options. i assume that's not right and/or things have changed due to all the fed interest rate hikes. do we know what the current interest rate for an Options lease is right now?

it is good to know that i can just set up the financing online. that should eliminate significant hassle at the dealer.

i do have all my credit reporting agencies locked down. does anyone know which bureaus ford will pull for an options lease? i need to go unlock the right one/s.

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