LIsevereWX

Hi F150 forum...new member here and hoping to be part of the group soon! I want to buy an F150...I was going to purchase one new but think it would be more affordable and better for me to get a cert pre owned. Here is my situation...

Have a 2017 Ford Explorer leased with about $7,000 worth of payments left. Does anyone have any inside info on best way to do this getting ripped off as least as possible? Get rid of explorer and get into a 2016 or 2017 certified pre owned F150 from Ford dealership? I live in NY if that helps. I was hoping ford would give me some kind of courtesy since I'd be getting into another Ford but it seems like they don't want to. They say difference between them buying me out and what I owe is about $7,000. If I hold the vehicle I am also going to be going over the mileage and probably owe another $2,000 when lease is up.

Thanks!!

dagooaz

Either way you go, you'll either have to bury negative equity into the new loan or put $7,000 down to avoid burying the negative equity. If you plan on burying the negative equity, a new F150, especially an XLT is the way to go. With the discounts and incentives available, you will be able to bury that negative equity more easily. It's tougher to bury it in a used vehicle unless you can get a smoking deal on the truck below market value. It would help to know what your situation is i.e. how much are you putting down, what's your target payment range, etc.

brihvac

Take it to CarMax and see what they will give you for it. I know a lot of people that have taken their car to them when their lease was up and they gave them more money than what their buy out was. In your case you might break even with what they give you. Its worth a try.

LIsevereWX

djfllmn

iTrader: (1)

you saying you will owe another 2 grand when your lease is up

is that 9 grand total or just 2 grand? How far over would you be? how long have you had your explorer?

LIsevereWX

I just uploaded the details from dealer. They say I will owe $7,200. I have about 15 months left on lease give or take a month. The extra 2,000$ I mentioned was if I kept the Explorer for the remainder of the lease because I am definelty going to go over the mileage. It is a 36k mile lease and I have almost 28k miles on it now.

djfllmn

iTrader: (1)

if you are going to be over the mileage and only spend 2 grand compared to the 7200 now i would keep the explorer. Now if it is 9200 total then yea i would trade out of it. How long would it take you to get to 36k miles?

LIsevereWX

I just uploaded in my previous post the window sticker and the "invoice" the dealer used to show me the numbers. I didn't try to neogiate hard yet because I want to make sure I did my homework first. But..this XLT is a 2018 and they say has $9,500 in rebates from Ford. They added in $1,300 for leather seats that I wanted. What do you think? I was going to put down $5,000.

LIsevereWX

Option 1 - Turn in vehicle now and have 7,200$ of negative equity to deal with in order to get an F150 now.

Option 2 - Keep making lease payments for next 16 months or so and go over 36k mileage. Likely owing about $2-3,000 when its time to turn Explorer back in at 25 cents per mile over. Then buy an F150. I have 28K miles on it now and will likely be 5,000-8,000 miles over when I turn it in. Its a 39 month lease but they said I can get out of it in 36 months or something like that.

djfllmn

iTrader: (1)

doesn't seem too bad in my book.