Leasing or Buying another Ford after Ford Options term

[hybrid2bev]

I think the issue here is that the OP seems to think that Ford will forgive any negative equity on the loan (i.e they owe more than the car is worth as a trade-in) and also forgive the mileage overages. I can see forgiving the mileage overage here, but I can’t see Ford forgiving $10K or more in negative equity.

Yes, maybe so. From what I saw the program cash was $2,000 (not sure if that varies by region).

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[devmach-e]

The problem is the dealers who still playing bait and switch game. Ford is trying to move certain models and offers various incentives. Some dealers do not have knowledge about incentives posted on Ford website at all, some doesn’t know how they work …. Technically, they refuse to use certain programs that Ford place to move 2024 Mach-Es. Also, the amount of direct rebates from Ford is pretty large so it’s definitely would help someone to offset negative equity.

The future value of MME is very uncertain so to try to jump out of ‘21/‘22 contracts makes sense if people can find the right set of stackable incentives.

Future value of any vehicle, regardless of powertrain, is uncertain. Jumping out of a car with 15 months left on a 4-year loan is pretty much guaranteed to leave you with negative equity on the loan, again, regardless of the powertrain. What happened to car values during COVID is very atypical and shouldn’t Be used of an example of how someone feels things should be.

In this discussion, it would be helpful to actually quote the programs that Ford is supposedly offering that would either directly offset the negative equity or could be used afterwards to offset the financed amount. There are sources on the web to find them. Some of them are region specific. I think part of the issue here is that a salesman doesn’t know everything and tried to make a potential sale. Whether that is a deliberate bait and switch attempt is up for debate. Personally I just think it is incompetence.

 

[devmach-e]

Yes, maybe so. From what I saw the program cash was $2,000 (not sure if that varies by region).

Does it specifically apply to a trade-in on Mach-Es financed through Ford Options? Or available for any trade-in on any car (regardless of marquee)?

 

[hybrid2bev]

Does it specifically apply to a trade-in on Mach-Es financed through Ford Options? Or available for any trade-in on any car (regardless of marquee)?

Ugh, are you really going to make me get out my laptop on a Saturday...... during the holiday break....... ugh.... fine....

No, the program cash is not specific to Ford Options.

 

[Gimme_my_MME]

Ugh, are you really going to make me get out my laptop on a Saturday...... during the holiday break....... ugh.... fine....

No, the program cash is not specific to Ford Options.

Make that sale!

 

[devmach-e]

Ugh, are you really going to make me get out my laptop on a Saturday...... during the holiday break....... ugh.... fine....

No, the program cash is not specific to Ford Options.

I didn’t mean to make you do so, honestly. But thank you.

 

[IgorKl]

I think the issue here is that the OP seems to think that Ford will forgive any negative equity on the loan (i.e they owe more than the car is worth as a trade-in) and also forgive the mileage overages. I can see forgiving the mileage overage here, but I can’t see Ford forgiving $10K or more in negative equity.

This is point of confusion

 

[hybrid2bev]

This is point of confusion

That’s only for CA if you lease a 2024 and I believe it’s not compatible with some (or all) of the other cash programs.

So I think is in place of the $7500 EV RCL cash, $2000 EV bonus cash and $1000 holiday bonus cash.

 

[IgorKl]

That’s only for CA if you lease a 2024 and I believe it’s not compatible with some (or all) of the other cash programs.

So I think is in place of the $7500 EV RCL cash, $2000 EV bonus cash and $1000 holiday bonus cash.

It may not be compatible with all , but some should work….. dealers avoiding this so far ;(

 

[ridgebackpilot]

These Ford year-end incentives are so complicated, it's no wonder the dealership staff aren't farmiliar with many of them!

 

[devmach-e]

This is point of confusion

None of these have to do with specifically forgiving negative equity on an existing Ford Options loan. They’re just incentives to move existing Mach-Es and are available to anyone who wants to do a lease. Or a purchase. Also notice that it talks about being less than 90-days out from lease end, or post-30 days after the lease ended.

If someone trades in the car, and the trade-in isn’t enough to satisfy the remaining loan balance, the excess gets rolled into the new lease/loan. These incentives might be enough to wipeout that negative equity. But It is not the same as “forgiving negative equity”.

 

[ridgebackpilot]

These incentives might be enough to wipeout that negative equity. But It is not the same as “forgiving negative equity”.

But the effect is exactly the same. At that point, it’s a matter of semantics. The incentives wipe out any negative equity, and the owner is good to go on a trade or return.

 

[devmach-e]

But the effect is exactly the same. At that point, it’s a matter of semantics. The incentives wipe out any negative equity, and the owner is good to go on a trade or return.

From the perspective of Ford Credit it isn’t the same. They lent you money to buy a car from a Ford dealer. They need to be made whole before you can go out and lease/buy another vehicle, which may or may not have incentives that are being provided by Ford Motor Company who made the car. I suspect Ford Credit may provide some incentives if you use them to finance your new purchase.

Keep in mind that these incentives are available to anyone who may not have a loan balance that needs to be paid off, or has negative equity to roll into the new loan/lease. In their case, there’s no negative equity being forgiven. Instead they just get a car that costs less per month to finance.

Unless the 2024 models offer significantly better performance or creature comforts, you are best to just keep driving the car for the next 15 months and do the trade-in thing in March of 2026 to get the mileage overages forgiven. Maybe by then they’ll have redesigned the car, including coming with a native NACS port instead of CCS1.

 

[IgorKl]

From the perspective of Ford Credit it isn’t the same. They lent you money to buy a car from a Ford dealer. They need to be made whole before you can go out and lease/buy another vehicle, which may or may not have incentives that are being provided by Ford Motor Company who made the car. I suspect Ford Credit may provide some incentives if you use them to finance your new purchase.

Keep in mind that these incentives are available to anyone who may not have a loan balance that needs to be paid off, or has negative equity to roll into the new loan/lease. In their case, there’s no negative equity being forgiven. Instead they just get a car that costs less per month to finance.

Unless the 2024 models offer significantly better performance or creature comforts, you are best to just keep driving the car for the next 15 months and do the trade-in thing in March of 2026 to get the mileage overages forgiven. Maybe by then they’ll have redesigned the car, including coming with a native NACS port instead of CCS1.

Mileage overage forgiveness is incorrect term on Ford website. When we trade car the mileage is part of trade-in value.

 

[rcechinel]

Well, the situation goes from bad to worse. I took my 2022 into another Ford dealer today. They called Ford Credit and told me that if I turn my car in now, with 15 months to go on my Options contract, I’d have to pay not only excess mileage charges but all the payments due under my contract!

I'm beginning to think my car will be essentially worthless by the time my contract is up in March 2026. As the dealer put it today, “No one wants to buy a used EV with 100K miles!” I'm sure he's right about that, at least with respect to uninformed EV buyers..

My only hope at this point is that Ford develops a forgiveness program at some point. Without that, I'll have no choice but to pay (or finance) the balloon balance or turn it in to Ford and pay the excess mileage charges.

I think we are forgetting what Ford Options actually is. It was created as a loophole because before 2023, the ev tax credit was only for purchased vehicles, not leased. It's a lease with a financed lipstick. The advantage is that, if you want to keep it, you don't have to pay any title transfer fees. And I didn't need any payment down at signing.

That's it. I fully expected values would come down hard and, at the end, the most likely scenario was just to return the car. I'm sorry for you, but if you knew you were going to put on 100k miles, you were buying it, not returning it.

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