Hi all, I leased a 2015 F150 king ranch in march of last year, I blew through all my mileage I was allowed for the whole lease and am now in search of a new truck. Ford from what I am seeing changed up their rules in leases to screw us the consumer and help their dealers make extra off all their leases.

Regardless of my negative equity etc I came to learn over past few days that the lease although through ford credit the lease is controlled by the dealership where you get the car. My last lease from ford which was back in 2013 this was not the case you did everything through the website or called ford finance and they worked with you.

So to keep this long story as short as possible over past 2 months I have received 4 different pay off prices and the last three pay off quotes being in last 2 days I went to three dealers and the originating ford dealer. Keep in mind my car payment in 699 a month I rolled over some neg equity into the lease so please dont judge the payment just understand it for math purposes here. My buyout price was $56,816(nissan dealer) two months ago than on friday 3/25 it was $53,816(originating dealer quote) than $51,816 (jeep dealer) and then $54,816 (jeep dealer) on Saturday afternoon.

Lets pretend the quoted pay off at $56,816 was really true and not inflated how can I make 1400 dollars in payments and my buy out drop 3k dollars on a quote 2 months later? That works in my favor great but not when I get another quote for 2k less the next day what I think right now is my true buyout is around 51k and the dealership is trying to make 3k+ off me for looking to pay off the lease now.

What upsets me most about this is I questioned the salesman at the ford dealer where I got my truck I wanted to give them the business because they helped me get into this truck when I was in a bad equity spot. He lied to my face saying nothing is modified and their finance guy who I thought I had a pretty good business relationship with because ive worked with him numerous times buying three trucks through him even after he went to a new ford dealership basically tacked on 2k to my pay off because he can?

I dont even know if this is legal can a dealership make up a pay off price at their own discretion? I believe there is a pay off schedule because a payment is a payment minus whatever is taken out for the interest but thats like 10 dollars at most per payment. My lease states at the end of the lease term which for me is in 2018 the car has a set residual value and cost to purchase the truck is set so how can they do this?

I will never lease another ford if this is how I get dicked around when I want to pay off my truck early. I may never buy another ford if ford the manufacturer is ok or enabling their dealers to do business like this. I have in writing from each dealership the pay off price and the salesmen as witnesses to the prices quoted from the originating dealership finance guy. I truly think the last price quote he intentionally raised because of the numerous calls in for the pay off price because it is the same person giving the money amount every time.

I apologize for the long post but I really needed to get this out there and see if others have this issue and if this is even legal thanks.

 

Not sure how that works. You're over in mileage and trying to end a lease agreement 2 years early. It may be worth the time to go sit down with the business manager and see exactly how it is going to work out for you. They can't just make numbers up... But there may be penalties you have to pay?

 

The best thing is to never lease PERIOD. It's the worst transaction possible. I have a relative who has worked in the new car business for nearly 30 years as an accountant. She said they call them a FLEECE...

 

Seems pretty clear you got into something you didn't understand. Going that over in mileage is a big miscalculation, but more important is understanding the lease terms and how payments are applied to the lease, and of course who the lease is with.

I'd suggest you get on the phone with Ford Credit and ask for someone to slowly walk you through it.

Tip for others and the OP in the future - NEVER SIGN ANY LEGAL AGREEMENT THAT YOU DON'T READ AND CLEARLY UNDERSTAND.

 

way ta go

 

I have leased a few trucks and my next truck is a 2 year. Leases are meant to be kept thru term or at least darn darn close( 2-3 months out) then simply turn in a get another. Fees can be applied for numerous reasons, damage, over mileage, etc and I believe there may be an early termination fee but not sure. Usually ford will send offers around the last 3-4 months to get you in a new ford.

 

Actually the worst transaction is to buy any depreciating asset for cash outright

Leases are fine, but as we're seeing here, you HAVE to know what you're doing and be able to do the math not just sign based on a monthly payment

OP who do you make your monthly payment to

 

I decided to lease again just because I always trade every 1.5-2 years and just made sense.

 

if you log on to ford credit you can get your cash buy out at anytime. No matter who calls this cash buy out number should be the same. If other dealers are telling you different numbers they might be playing with the numbers to make you feel like getting a better deal on the trade.

One thing to keep in mind is that these 15s are not holding their values for crap compared to previous years. My 2012 was a lease and I bought it out at the end and sold it for a profit. This 2015 is already at my end of lease value and I am only into the lease for a year. So unless the value does not change at all over the next two years... HAHA as if... My truck will be worth way less than Ford calculated on the lease terms.

 

Read post #1 only.

Leasing isn't for you. (Nor me)