End of Lease Options

[NorthShoreMaverick]

Was curious if anyone has gone through a three year lease and what they did at lease end?

1) Did you turn the lease in (highly doubt in this market)?
2) Did you purchase the vehicle at the buyout price and keep it?
3) Did you purchase the vehicle at the buyout price and sell it privately?
4) Did the leasing company/Ford offer to buy the vehicle from you?
5) Other

Thanks!

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[MavUnicorn]

1) I've leased different Ford models in the past and turned them in.

2) My most recent lease was a 2019 Ranger Lariat. This one I purchased at the end of the lease, since the market price was about $3K more than the buyout/residual value. I kept it while I waited (...and waited, LOL) for my Maverick XL to be built. Then I traded it in on the Maverick.

3) I haven't done this, but it is a great option if it's worth more then the residual value. Keep in mind how the sales taxes in your state work, if you plan on replacing the lease end vehicle with something else.

4) I have not had that happen.

5) The above are the only scenarios that I have experienced.

 

[05FordGT]

I originally had a 3 year lease on my Fusion Energi Plug-in Hybrid. It was dude Jan 2022 but with Ford pulling the plug on 2022 Mav orders early, I was allowed to extend it for 12 months. Then once I ordered my 2023 on 9/15/2022, and when it got close to the new term date, with no truck in sight, I was allowed to add 2 months extensions on my lease till my truck arrived.

I bought it out before my truck arrived as the buyout was stupidly low vs what market value was (depreciation, but not the typical it would be). And then I wound up selling it to Auto Lenders for a good price. The price was better than the dealer was willing to buy it for. And I leased my new Maverick for 3 years. I'm very happy with it and the lease I got.

 

[2lbgill]

1) I've leased different Ford models in the past and turned them in.

2) My most recent lease was a 2019 Ranger Lariat. This one I purchased at the end of the lease, since the market price was about $3K more than the buyout/residual value. I kept it while I waited (...and waited, LOL) for my Maverick XL to be built. Then I traded it in on the Maverick.

3) I haven't done this, but it is a great option if it's worth more then the residual value. Keep in mind how the sales taxes in your state work, if you plan on replacing the lease end vehicle with something else.

4) I have not had that happen.

5) The above are the only scenarios that I have experienced.

Buy out price is usually wholesale or less, I have leased for years and always had this to bargain with. I bought my Maverick this time which probably will be the last vehicle I'll need..

 

[Mabcim]

When I used to leave, I just turned it in. The residual was alwasy to high. During Covid, there was good profit in buying it and selling it. My neighbors did that for their leases and made money.
I suspect a ‘22 might have a residual where a buyout, and sell, would be worth it.
I do know, based on what my service manager has said, Ford will extended an existing lease if you have a Ford on order and are waiting for it.

If you want to replace it, and you have a good & honest dealer, they can tell you what it is worth as a trade. And assuming it is higher than your buyout, they would help you with the buyout and trade in; with you using the difference towards the new car.

You can certainly just do the buyout, wait for the title, then sell yourself. Here in NY, the trade in offsets the tax on the new car, so we factor into the trade-in vs selling outright.

 

[Redline]

I don't think there are many, if any, 3 year leases expiring yet. I think leases are probably secondary to purchasing and with the car market and Ford's production being the way it's been, very few dealers had them available to be leased.

 

[NorthShoreMaverick]

Just some more background on my situation: my lease is up in January 2025 and I am over the mileage allowance already. The mileage allowance was 3 years/30K and I am already at 35K. The buyout price of the truck is $20,500 plus a $500 lease buyout fee. I am not sure how the taxes work if I were to purchase the vehicle at the buyout price. I am located in New York.

I do like the truck and would certainly keep it, but the numbers have to make sense.

 

[Redline]

You probably should buy it or you're going to pay thousands for the over miles. What's the penalty per mile for over miles?
I bought out my lease once about 20 years ago and I think you pay taxes on the buyout amount because you only paid taxes on the lease amount and not the full value of the truck. So, I think you would pay taxes on the $20,500. Personally, I'd probably buy it. You can't go find a used one for that.

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