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- Oct 1, 2020
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- San Diego
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- Volt ELR
This type of financing is a lease dressed up as an installment loan in order to transfer title to the lessee, thus avoiding having the lessor be held vicariously liable for accidents caused by the lessee.There's like a BILLION threads on here about Ford Options and I really don't want to repeat everything but very short version is that it's a traditional loan with a balloon payment at the end. Your dealer may not "know" about it since it was apparently only around for a time and rarely used until they brought it back for the Mach-E.
Agree Ford dealers are unlikely to know anything about it. These products went away when states like Texas got rid of their vicarious liability for leases. Also agree that if you can take advantage of the tax credit it is definitely a better deal than the RCL, though to be honest I only know the rough outlines of the lease, the negatives being the residual is too high -- making a buy out undesirable -- and the APR is too high.
FWIW if you live in an area where Ford Options comes with an incentive, even if you intend to pay cash you're better off with Ford Options. (I'm assuming you won't be financing because it's unlikely you can beat .9% from Ford). Without any prepayment penalty you can take the incentive and pay off the loan a week later. Here in CA that would save you $2500.