Ford Options Questions

[bncwhite]

Can the car be sold before the lease period ends, and if so, how does that work exactly?

Also, if choosing to retain the vehicle after the lease period ends, can the balloon be refinanced at the same interest rate as the Options Lease interest rate when the vehicle was purchased? I'm trying to decide if it is better to go traditional finance for 60 months at 1.9 vs 48 months Options at 1.4% with the possibility of keeping the 1.4% on the balloon refinance. I wouldn't want to be nailed with an interest rate that is double or more of the original interest rate. Seem like a risky move to go Options, knowing the balloon will be financed down the road.

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[Xlch59]

The Ford option is not a lease it's loan with a balloon payment. You are the titled owner and get the federal tax credit. After the 36 or 48 month time you have three choices. Turn the car in and walk away, traded in the car in for a new one or refinance the balloon amount. Who can tell what interest rates will be or you credit score in the future will be. Most importantly what the car will worth then.

 

[markboris]

Can the car be sold before the lease period ends, and if so, how does that work exactly?

Yes you can sell the car before lease (Ford Options) end. In my case I did what Ford calls “Transfer of Equity”. I logged into my Ford Pass, selected Ford Credit, downloaded the TOE form and filled it out. Had the transferee (my friend I was selling it to) fill out their form and submitted to Ford. Two weeks later got an email that the title, contract and existing payments were being transferred to the new owner. This was done just before my GTPE came in and I started a new Ford Options on that one. The cost was $75 for the transfer fee paid to Ford Credit. The new owner is responsible for the DMV registration fees.

 

[RickMachE]

You could also pay it off early and then sell it.

And, since it's not a lease, you can sell to Carvana, From, CarMax without a problem. Leases have been unable to be handled directly with them this year, you had to pay off first.

 

[generaltso]

if choosing to retain the vehicle after the lease period ends, can the balloon be refinanced at the same interest rate as the Options Lease interest rate when the vehicle was purchased?

Yes.

 

[Caramel]

Im having a hard time finding a Ford options calculator for '21 models. Ford.com is only showing me 22 model year info, and I might be able to buy a car today. I want to play with some numbers before moving forward.

 

[macchiaz-o]

Im having a hard time finding a Ford options calculator for '21 models. Ford.com is only showing me 22 model year info, and I might be able to buy a car today. I want to play with some numbers before moving forward.

I made one... It's unofficial but might be useful to you:

https://www.macheforum.com/site/threads/poll-ford-options-vs-finance.2883/page-7#post-92089

There are also simpler balloon loan calculators online.

 

[silverelan]

Yes.

I've been trying to confirm this. My dealer says no but I had thought somewhere on the Forum it said otherwise. I would love for my balloon payment be financed for 3 years at 1.4%

 

[hybrid2bev]

I've been trying to confirm this. My dealer says no but I had thought somewhere on the Forum it said otherwise. I would love for my balloon payment be financed for 3 years at 1.4%

Maybe. It depends on your contract language and what happens at the time of refinancing. You'll want to read your contract before signing.

Some may be like this example:

Others may be like this example:

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