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

[DBC]

I'm confused, but that's nothing new. How does one apply the tax credits towards the account?

You get your $7500 refund from the federal government based on the credit. You send Ford Financing a check for $7500. Ford Financing applies the $7500 to your account and recalculates your monthly.

Not sure if it has to be $7500 BTW.

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[KAustin]

You get your $7500 refund from the federal government based on the credit. You send Ford Financing a check for $7500. Ford Financing applies the $7500 to your account and recalculates your monthly.

Not sure if it has to be $7500 BTW.

I need to go back and read through the threads again. I think I'm confusing two different points.

 

[hybrid2bev]

You get your $7500 refund from the federal government based on the credit. You send Ford Financing a check for $7500. Ford Financing applies the $7500 to your account and recalculates your monthly.

Not sure if it has to be $7500 BTW.

@KAustin, Yes @DBC is correct. Ford Credit can recalculate your remaining monthly payments after you file your taxes and send in your tax credit amount.

 

[DBC]

Ford Credit can recalculate your remaining monthly payments after you file your taxes and send in your tax credit amount.

My understandings are that it's a one time deal and that the payment doesn't have to be $7500. Is this correct?

 

[hybrid2bev]

My understandings are that it's a one time deal and that the payment doesn't have to be $7500. Is this correct?

That is the plan yes, one reschedule.

But it does not prevent you from paying more than your normal monthly payment each month or in chunks, it just won't affect the monthly payment amount due.

 

[KAustin]

@KAustin, Yes @DBC is correct. Ford Credit can recalculate your remaining monthly payments after you file your taxes and send in your tax credit amount.

Thanks for the clarification. I went back to the beginning of the thread last night. Helpful!

 

[Nav]

So if all that above is correct, is there any reason why I would put more vs less money down up front? With a lease I never put anything down. When I financed I put as much down as possible. I'm confused which is better with Ford Options. Since I'm likely returning the vehicle after 3 years, which down pmt strategy makes more sense?

Thank in advance to anyone who understands this better than me! =)

Thanks for posting these questions. Been reading through the thread and pretty much answered all my questions here. Great thread, informative, thanks @hybrid2bev for the invaluable knowledge drop and expertise.

Looks like the down payment question is resolved. More money out of your pocket up front, or spread out with higher monthly payments. In the end it's almost a wash, except for slightly more paid in simple interest during the life of the "loan" if less of a down payment up front. Good point about the GAP coverage. I usually put down 20-25% when purchasing, so might be good to do the same with Options just to set that aside.

Even though we are all paying pretty much sticker price for now, would it make sense to create a "Prices paid" thread? ? A place to compare notes on what payments are looking like for folks with different factors like x-plan, incentives, Purchase/Lease/Options, down payments, etc. See what fees or extras a dealer might be tacking on that shouldn't be there.

 

[GoGoGadgetMachE]

One other thing to consider in the comparison of RCL vs Options is that RCL includes GAP insurance at no cost. If you put nothing down on Options and the vehicle gets totaled you could be responsible for any shortage between what you owe and the insurance settlement.

On this point I'd like to point out that if this is in any way a reason you're looking at RCL instead of Options, check with your auto insurance provider as well. In my case, it's literally something like $1.50/month (billed at the 6 month policy renewal of course) to have this choice on my auto insurance. I'm willing to just put it there since they will be involved in any event anyway so it's one less thing to worry about and the cost is so small compared to the auto insurance or monthly payments that it makes it a non-issue.

Just make sure you remember to take it back off if you have paid off the car enough to not matter. (Unlike say me who forgot for like three of my six month renewals before remembering... ?)

 

[Daraiders76]

That is the plan yes, one reschedule.

But it does not prevent you from paying more than your normal monthly payment each month or in chunks, it just won't affect the monthly payment amount due.

Quick question for you- In "options" what happens if you go over or under your miles per year if you-

a) keep the car
b) give the car up
c) trade up for another ford vehicle

 

[generaltso]

Quick question for you- In "options" what happens if you go over or under your miles per year if you-

a) keep the car
b) give the car up
c) trade up for another ford vehicle

a) nothing
b) if you "turn it in", you will have to pay for over mileage
c) nothing

 

[hybrid2bev]

Quick question for you- In "options" what happens if you go over or under your miles per year if you-

a) keep the car
b) give the car up
c) trade up for another ford vehicle

a) keep the car - mileage is irrelevant - no mileage charges
b) give the car up - if over miles = charges as described on the contract // if under miles = no charges/refunds (assuming you did not purchase mileage)
c) trade up for another ford vehicle - mileage only impacts trade value - no mileage charges

 

[Daraiders76]

a) keep the car - mileage is irrelevant - no mileage charges
b) give the car up - if over miles = charges as described on the contract // if under miles = no charges/refunds (assuming you did not purchase mileage)
c) trade up for another ford vehicle - mileage only impacts trade value - no mileage charges

What if I purchase the highest mileage 19500?

Also-
eligible for Xplan?
eligible for California $1500 energy rebate?
eligible for $500 dealer cash?
eligible for the $100 tech rebate?

 

[hybrid2bev]

What if I purchase the highest mileage 19500?

Also-
eligible for Xplan?
eligible for California $1500 energy rebate?
eligible for $500 dealer cash?
eligible for the $100 tech rebate?

eligible for Xplan? - YES
eligible for California $1500 energy rebate? - up to the dealer to participate as I understand it
eligible for $500 dealer cash? - dealer cash is dealer cash so that's up to the dealer
eligible for the $100 tech rebate? - not at this time with Options/RCL, but I'm told it's being worked on

 

[Daraiders76]

eligible for Xplan? - YES
eligible for California $1500 energy rebate? - up to the dealer to participate as I understand it
eligible for $500 dealer cash? - dealer cash is dealer cash so that's up to the dealer
eligible for the $100 tech rebate? - not at this time with Options/RCL, but I'm told it's being worked on

Thanks for all your help! I think "options" sounds like an awesome deal. Isn't that the way you went?

 

[hybrid2bev]

Thanks for all your help! I think "options" sounds like an awesome deal. Isn't that the way you went?

Yes, I did 48 month Options x 12,000 miles.

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