So I haven't really responded in past day because I was busy at a dealership yesterday getting things sorted out. I ended up working a new deal on a new car and the dealership I went to pulled a good trick and called ford credit pretending to be a ford dealership and got the true baseline pay off and worked from that. They had a lot of experience with ford leases and knew a way around the originating dealership and screwed them out of pushing an inflated pay off price. I got a good deal on a new car and paid most of the neg equity and it was overall a better deal and my payment is less so it worked out thanks to the salesman creativity.

I appreciate everyone's responses and I hope someone out there sees this and just gets if they have to get out of their lease early dont just take the first number from the dealership where they got it from.

 

Just curious. What did you end up getting into?

 

What was your buy out?

 

my bet is on a decked out 2016 Limited with an ultra-low mileage lease for $850 / month

joke aside - if you go significantly OVER the allowed mileage in a lease (like the OP) your best solution is to continue with the lease and buy it out at the end of the lease to avoid any penalties (the actual value / buyout value difference is typically smaller than the mileage penalty).

Prematurely breaking one lease (with negative equity rolled into) and getting into another lease is more expensive.... no way a one-year old KR with that many miles (in one year) is worth the 50k+ buyout quote PLUS downpayment/lease payments already made...

 

Glad you got it figured out man, hopefully the new deal puts you in a much better situation.

 

Hey Tony G. Glad you have resolution. I was just going to add that the lease was a business/tax decision to begin with so...

Why not just go ask your tax advisors advise?

 

Glad to read the resolution.

14 pages, and no one mentioned getting a quote from Carmax? Carmax offered $4k more on my last trade, which my Ford dealership matched...and TT&L was less due to trading it on my truck.

 

Carmax is good to get a quote for negotiations with dealers - in the case of the OP and with a lease (luxury trim truck with A LOT of miles in just one year)... There's no way they would offer anywhere close to what the $50k plus lease buyout quote of Ford was.

 

Yea 850 a month no way that's more that my house payment. LOL

 

The residuals on the new f150's were alot less than ford projected across the board.So what the car should have been worth after a year was less in reality on top of the mistakes I made to hurt my financial position in the truck. I broke the lease now because the the lightest blow was to get rid of the truck now instead of waiting till later. The financial hit was almost half what it would have been if I took the truck to term and payed the over mileages.

I dont want to give too much detail into what I ended up with and the numbers because ive learned there are too many people that are quick to judge or they are just plan pieces of crap when it comes to someone elses situation. I ended up getting something from jeep that I am happy with and my payments are less than what I had in the f150. My truck is already listed on their site for sale and they are looking for $45,900 and change. They are not making alot off my trade based on what they paid toward the deal and what I had to absorb and the originating dealership got a few hundred dollars instead of 2-3k with their bogus pay off price quotes.

Thats what I am most happy about that the people that actually tried to help me in the situation will make some money for their efforts and the pieces of crap that tried to take advantage are not coming out too well in the deal.