You are not a good candidate for leasing.

Who does your payment go to? That is who should the payoff should come from. None of this should be a surprise as it should be outlined in the Lease Agreement you signed. Seeing as how you were negative in the last vehicle and you've put this lease in a bad spot with milage, you may want to take a step back and re-evaluate your decision making skills. If not you'll end up with an $800 a month lease on a civic.

 

obviously w/ todays society, it's not his fault he didn't understand the terms......




OMG, he's even added things on to the truck: tires, level kit, push bar......on a lease veh.....bling bling!!


at least he could impress people w/ his KR vs an XL

 

I just don't understand why this Forum has all the people that are harsh on a guy. He did not ask for opinions on leasing did he?

I lease for specific business reasons and because I never have kept vehicles longer than lease terms. There can be lots of benefits from leasing that make sense to EACH PERSONS INDIVIDUAL NEEDS.

So I read the long winded post and see his concern as why am I getting different pay off amounts. Well someone is screwing with the numbers. I can at any point call or login to Ford credit and find out my cash price. My lease is through CabWest, but my payoff amount is through Ford always.

He didn't say anything about not understanding his lease agreement. He is struggling with the LEASE END process. Plus for all you guys saying he is not good for a lease. I just got a new job 6 months ago and I now drive 100 miles a day. Did not see that coming when I leased my truck. It was a huge win to get the new job and I didn't say no due to my lease... Maybe the OP had a good life change happen that is causing more miles?

 

Absolutely untrue. If a lease is negotiated with a good "money factor" it's better than buying and trading every 2-3 years. It's typically a "bad transaction" when people do it and don't understand it like what seems to be the issue with the OP. Leasing is simple, you only pay the amount you deprecated the vehicle (+ interest) and depending on how well a vehicle holds its value the better the payment can be.

As it was said above, there are early termination fees and never trust another dealer to tell you the payoff. Just like a loan they get the interest out of your payments first so early termination or trade in is really going to hurt.

I'd keep it and buy it at the end of the lease if you're going to be over in mileage pretty bad.

Why are you trying to get out of it?

 

The mistake was simple. You used up your mileage.

By virtue of all 4 dealers having a payout ending in 816....something in this post is fishy or all 4 dealerships are talking...which is possible.

You showed the dealer you poor judgment by doing a negative equity trade. They know you made bad decisions in the past, you now currently have a bad decision, and you will make another bad decision with them shortly. Basically their kids need shoes and you will continue to foot the bill.

Caveat emptor my friend. Look it up.

 

But when an unexpected lifestyle change happens like you had, buying a cheap beater car to keep miles off your lease vehicle would be the best decision. Would save in the long run buying a $750 POS Honda or Toyota econobox rather than paying the lease penalties.

I'm just wondering at what point the OP realized that, "Hey, I'm putting a lot of miles on this truck and I'm going over my lease limit."

 

exactly! Well put, at the end of the day YOU are responsible for your situation.

Dealerships are not in the business of un screwing people.

That's just the way it is

 

There are several variables here that we don't know. As others have stated I would call the number on your lease agreement and get the actual payoff. Once you get the payoff then you can't work on your options.

You have made almost $8,400 in payments last 12 months at $699 a month so not sure where you came up with the $1,400 in payments. I might have misread this.

The negative equity is working against you carried over. Regardless of all these factors I would call and get the payoff and see where I stand before making my next move. Leases aren't a bad thing for the right situation as everyone's is different. Carrying over negative equity is not good for a lease in my opinion.

My number one rule when making a purchase is to owe no more than what the vehicle is worth. If I can't make this work I walk away.

 

I leased (2 year 12k) my F150 only because I had purchased 2 other first year vehicles and I told myself I would never do that again (had issues with both).

If I was the OP, I would sit down, look at the buyout from fords website for end of lease, look at my mileage overage charge (probably .20 mile) and decide if it would be best to just buy the truck outright at the end of the lease term. Instead of eating all the negative equity start putting aside 200 (or whatever you can afford) a month and use that as a down payment on a loan at the end of your lease to purchase your truck.

It sounds like youre kinda stuck between a rock and a hard place with no help from your dealers.

 

That is probably a great idea. But then you're driving a POS while you make what amounts to rental payments on a nice truck that you'll never own and now you can't even drive. Seems crazy to me.


I don't understand the pro's of leasing at all. I guess if you trade vehicles every 2 years, leasing might be better. But I don't understand how either of those scenarios (trading often or leasing) is a good financial decision. You're paying for the depreciation either way, I guess? I used to listen to Dave Ramsey too much, maybe. Not my intent to judge other people's financial decisions, just curious how leasing is a good thing.