Current lease will still be in effect how do they handle that?

[MerryBrown]

Has anyone had any experience with this situation? I have a timeline that appears to be great because they are building my car at the end of this month, (January) But My current car lease runs through June. Does anyone have experience with how Ford handles that?
My usually helpful car sales guy just said - we will see what options work best. That's a bit vague for me.
Anyone else know what the options are at that point?
Thanks for any input.

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[MrRossKeys]

I am not sure if Ford has an early lease termination, but if they do they should let you out of your lease up to 3 months early if you are going to lease with them again for the new car.

The other option is that Ford will offer to buy you out of your lease. The problem with that is you might be upside down on the residual value vs remaining balance. In this case you'd have to pay the difference on top of your Mach E costs. I've done this once before because I wanted a new car early and...... it worked out decently but not really optimal because it eats away at whatever down payment you are making towards your new car.

Others might have more insight, as I only have experience with GM Financial.

 

[hybrid2bev]

Has anyone had any experience with this situation? I have a timeline that appears to be great because they are building my car at the end of this month, (January) But My current car lease runs through June. Does anyone have experience with how Ford handles that?
My usually helpful car sales guy just said - we will see what options work best. That's a bit vague for me.
Anyone else know what the options are at that point?
Thanks for any input.

I’d have to check but I’m very confident that the Mach-E won’t have an Early Bird program cover the last 3 payments to get out early.

You have some options.
1. Just continue with the lease, if it’s due back in June, then May would be your last monthly payment. Hold it and turn it in at the lease end.

2. Pay any remaining monthly payments and return the vehicle. Either pay out of pocket or roll the remaining payments amount into your Mach-E loan/lease.

3. Trade in the lease on the Mach-E. Again paying any negative equity out of pocket or rolling into the Mach-E loan/lease.

4. You could buy out the lease and sell it to a third party. Which may get you a higher price than the trade in value. But this only works out well if you have equity in the vehicle. Or will pay any negative equity out of pocket.

 

[MerryBrown]

I am not sure if Ford has an early lease termination, but if they do they should let you out of your lease up to 3 months early if you are going to lease with them again for the new car.

The other option is that Ford will offer to buy you out of your lease. The problem with that is you might be upside down on the residual value vs remaining balance. In this case you'd have to pay the difference on top of your Mach E costs. I've done this once before because I wanted a new car early and...... it worked out decently but not really optimal because it eats away at whatever down payment you are making towards your new car.

Others might have more insight, as I only have experience with GM Financial.

Thank you.

 

[MerryBrown]

I’d have to check but I’m very confident that the Mach-E won’t have an Early Bird program cover the last 3 payments to get out early.

You have some options.
1. Just continue with the lease, if it’s due back in June, then May would be your last monthly payment. Hold it and turn it in at the lease end.

2. Pay any remaining monthly payments and return the vehicle. Either pay out of pocket or roll the remaining payments amount into your Mach-E loan/lease.

3. Trade in the lease on the Mach-E. Again paying any negative equity out of pocket or rolling into the Mach-E loan/lease.

4. You could buy out the lease and sell it to a third party. Which may get you a higher price than the trade in value. But this only works out well if you have equity in the vehicle. Or will pay any negative equity out of pocket.

Thank you so much. I think that is about right. My sales guys non answer made me feel that you are probably right.

 

[JamieGeek]

Your questions are pretty much answered above but I'm going to contribute anyway.

All of my plugins have been leases and have overlapped somewhat (by a month or two). The simplest thing is just to hand them both a check for the remaining lease payments and the keys to the car and walk away... (up to 3 months early)

Our Mach-E is going to replace the Bolt. The Bolt's lease will be up in May/June--I was hoping for the Mach-E to be a little late so that they wouldn't overlap so much, but, of course, I want it too LOL (competing desires I suppose). So we'll likely have two EV's for a short time (one with a Pony, and hopefully one that won't catch on fire ! ) until we can turn in the Bolt.

 

[GoGoGadgetMachE]

@hybrid2bev does Ford allow lease transfer/reassignment as in going to Worlds Largest Lease Marketplace | Swapalease.com or something?

if so, @MerryBrown could find someone to take over those last few payments.

 

[hybrid2bev]

@hybrid2bev does Ford allow lease transfer/reassignment as in going to Worlds Largest Lease Marketplace | Swapalease.com or something?

if so, @MerryBrown could find someone to take over those last few payments.

@MerryBrown
There is a ToE process via Ford Credit (transfer of equity). The dealer can assist with that process too. The other person must be creditworthy (submit a credit application) and there is usually a transfer fee (varies by state). I didn't consider a ToE as a viable option with so few months remaining. But, yes it is an option.

I can't speak to those other lease swapping sites, I don't know how those work or if Ford Credit will release you from your obligations under the lease if the other person defaults or skips town with the vehicle.

 

[MerryBrown]

They just forgave the last 3 months! There was enough value in the Escape that they were able to do that for me. Granted there was not a lot of mileage and I do baby my cars.

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