jdeve
Well-Known Member
- First Name
- John
- Joined
- Dec 26, 2023
- Threads
- 1
- Messages
- 159
- Reaction score
- 70
- Location
- Kentucky
- Vehicles
- 2023 MME GT performance edition rapid red metallic
- Occupation
- retired back to work IT guy
When I called Ford Credit when the automated voice response asked what I am calling for I said 'lease payoff'. It had me put in the last 4 of my SSN and then it gave me a lease purchase price. I assume anyone can do that to purchase a car early in an RCL agreement. For me with my 23.0 MME GT PE job1 rapid red, nite pony, and charging cable my lease purchase price is currently $34,500 (I rounded) I assume there may be some additional tax or fees. The message said I had to go to the dealer where I got it for an exact payoff. I have no idea how the the payoff was calculated. If anyone knows, please share. I am about 14 months into my 39 month lease. My remaining payments should total around $9700 and my residual is around $28,000 (on the 39 month lease). Guessing this is really the only way out of a lease very early on. I am not looking for a way out early. I was just curious.Yes some fees are waived if you buy another Ford.
But what was described as turning in the keys and walking away is not an early termination. If you take the car back and just drop it off, that’s a voluntary surrender (repossession). It doesn’t matter if you are current or past due on your monthly payments at the time. What happens is the car goes to auction. If we get more than is due the customer gets the overage. If the net proceeds from the sale are less than what is owed then the customer is required to pay the remaining balance.
An early termination is trading in or paying the remaining balance, not just dropping it off.
Yes the OP could ask the dealer or call Ford Credit for the termination amount due.
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