Hi all I

leased a 2017 F150 super cab in 2018 list price was 38k I got for 32k. The residual is 20k and the dealership said no one buys it at the residual price

my lease is up in September so I’m trying to figure out the best thing to do

with COVID-19 I know there’s a lot of excess inventory and I understand the way to do this is you negotiate a price with the dealer before you turn in the lease and then you buy back at the agreed price

what would be a good strategy for keeping the truck? It had a few dings but I bought $5k in damages with lease.

it has 28,000 miles and it I’ve owned it since new. I’d maybe pay 15k for It

whats a fair price in today’s market

mark

 

I don't know that it helps in today's market but in Summer 2018 I got $26,500 Trade-In on a 2015 F150 Scab 4x4 XL 101A 2.7EB Sport FX4 and $11,000 Off (Includes Rebates) a $50,275 MSRP 2018 F150 Screw 4x4 XLT 302A 3.5EB Sport FX4. At the time the Scab was bringing under $1,000 less than the Screw because demand in the used market was stronger for the Scab than new sales.

I'm assuming that's a 4x2 but could be wrong.
I think when the market rebounds you will have a hard time finding a 28,000 mi XLT 302A Scab (Guessing at trim) for $20,000. So anything under that is a bonus. However your market is not my market.

Is $20,000 the updated purchase price or the original residual?

 

Read your lease, all terms are spelled out in it and it will have the buyout stated in the contract. Just so you know, all terms of the lease is negotiable at the signing. The length, mileage, monthly payments and the buyout.

 

Yeah, I didn’t think the buy out was negotiable. At least that’s what I was told. I know exactly what my purchase price will be in two years, if I decide to go that route.

 

I thought the buyout was a hard price, my current 2017 lease ends in August and my original dealership has not contacted me. I moved about 1 hour away from where I purchased it. Do you mind sharing what state your in? When I spoke to Ford credit they said you can purchase the lease from any Ford dealership.

Im in a very similar boat, 2017 SuperCab with 26,000 miles my buyout is $23,800 as stated in the paperwork. I’m just trying to see if the SuperCab will work with my 4 month old son.

I reached out to my local Ford dealership.

 

I haven't leased for decades but I know other companies have changed to a system where the buyout and the price a dealer pays to keep it are pre-set. I'm pretty sure Ford is included meaning the lease is with Ford, not your dealer or a 3rd party. You won't buy it for $15k if it costs the dealer $16k to acquire it to resell.

I know BMW now works that way and you can shop around dealer to dealer to get a better purchase price depending on how little they are willing to make on the transaction...and BMW occasionally basically offers dealers incentives to dealers if the market drops for used lease turn ins.

Regardless, I don't think any 2017 with low miles, no matter how few options, can be bought for 15k.

If your vehicle has a higher residual than it's worth...that's a good thing, it means your lease was not a bad deal. Let it go and move on.

 

I traded in my 2013 scab xlt, 4x4, 302A with 55K miles on it this past March. Dealer gave me $17,800 for it. I was following the truck on their web site. They started out asking $21,900. It was on their web site up until a few days ago when it must have been sold. Price was dropped to $19,990 when it was removed from their site... so not sure what it actually sold for.

Paying 15k for your 2017 leased truck with low miles seems unlikely . But I have never leased. As others have mentioned... buyout price should be spelled out I would think in the contract.

 

I checked my paperwork again last night.....there’s no negotiating involved. I either pay the price agreed by myself and the dealer at the time I signed on the lease paperwork, or I turn it back in to the dealer.

 

Correct, at the signing it's a done deal. What is ever written in the four borders of the contract. Remember the Finance guy is the BEST salesman in the dealership and the one who adds the most profit to the dealer. If you knew you were going to keep the truck, you could of asked him to raise the monthly payments by "X" and lower the buyout or the opposite.
I've been i sales my whole life, it is a game. The car salesman and the Finance guy are trained professionals who do this couple of times a day for a living. You buy/lease a vehicle every couple of years. It's like shooting fish in a barrel for them.

 

part of my point is that you are not turning it back in to the dealer, you are turning it in to Ford Motor Credit. If the dealer wants it they too have a pre-set price they'll have to pay.