Has anyone done a Maverick Lease?

[NorthShoreMaverick]

There is no financial incentive to end a lease early. You still have to make all the payments that were called for under the lease, then pay the residual value on top. This is also true if the vehicle is totalled in an accident. The insurance company may pay current market value but there's a decent chance that won't cover the remaining lease payments plus the residual.

The other downside to a lease is the games leasing companies play at the end. Their definition of usual and customary wear and tear is very different from the average person and they will try to make you pay for it. Ask me how I know. (I got lucky because no one inspected the car when I returned it and I was able to make a case that the "excess wear and tear" could have happened after I left it at the dealership.)

We will never do another lease.

I was I uneducated when it came to lease versus finance at the time. I have since realized my error.
I still think in the end I will make out with the truck still being highly sought after. It’s a matter if I want to keep the truck or get another vehicle. Thoughts ?

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[CTYankee]

I still think in the end I will make out with the truck still being highly sought after. It’s a matter if I want to keep the truck or get another vehicle. Thoughts ?

For me it would come down to just a few key considerations:

1.) Is the truck worth more than the residual value? The answer may be "yes" today but it has to still be so at lease-end.

2.) Can I afford the payment necessary to buy the truck at the terms available when the lease ends?

3.) After spending 3 years making payments on a lease, do I want to do another 3-5 years making payments on what will likely be an 8 yo vehicle when I'm done?

4.) If I turn it back, is there cosmetic damage or excess mileage costs that can be avoided if I buy it out and will doing so make the financials work in my favor, overall?

Only you can supply the answers and make the judgement call on the direction to which the answers point. But, for me, I'd work hard at not spending 8 years paying for the same vehicle if I could get something equivalent with a new warranty and spend the next five years building equity rather than piling up interest payments.

 

[NorthShoreMaverick]

For me it would come down to just a few key considerations:

1.) Is the truck worth more than the residual value? The answer may be "yes" today but it has to still be so at lease-end.

2.) Can I afford the payment necessary to buy the truck at the terms available when the lease ends?

3.) After spending 3 years making payments on a lease, do I want to do another 3-5 years making payments on what will likely be an 8 yo vehicle when I'm done?

4.) If I turn it back, is there cosmetic damage or excess mileage costs that can be avoided if I buy it out and will doing so make the financials work in my favor, overall?

Only you can supply the answers and make the judgement call on the direction to which the answers point. But, for me, I'd work hard at not spending 8 years paying for the same vehicle if I could get something equivalent with a new warranty and spend the next five years building equity rather than piling up interest payments.

Appreciate the detailed response. I have some time to consider my options and see where prices are come that time.

 

[Maverick131]

There is no financial incentive to end a lease early. You still have to make all the payments that were called for under the lease, then pay the residual value on top. This is also true if the vehicle is totalled in an accident. The insurance company may pay current market value but there's a decent chance that won't cover the remaining lease payments plus the residual.

The other downside to a lease is the games leasing companies play at the end. Their definition of usual and customary wear and tear is very different from the average person and they will try to make you pay for it. Ask me how I know. (I got lucky because no one inspected the car when I returned it and I was able to make a case that the "excess wear and tear" could have happened after I left it at the dealership.)

We will never do another lease.

thanks for the info.. never knew

 

[NorthShoreMaverick]

The more I drive this truck the more I regret not purchasing it when the interest rates were low. I will be purchasing this vehicle when the lease ends in January 2025. I guess you live and learn!

 

[NorthShoreMaverick]

Just passed 35K miles on my Maverick. Being close to the 36K warranty limit would you purchase an extended warranty before hitting 36K?

How would that work with a lease that’s not up until January?

Planning on buying the vehicle at lease end due to multiple factors including being over the mileage, various minor scratches, money I’ve put into more frequent oil changes, & ultimately loving the truck.

Any advice would be greatly appreciated!

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