sknyfats

Looking for a little advice from others who have "been there". Before I describe my situation - I know I made some decisions that weren't the "smartest" - but what is done is done. So with that said...


I had a 2012 Jeep Wrangler - paid off - that I setup for offroading & offroaded the heck out of it. Between the time I bought it & drove the heck out of it - met a girl - got serious and the Jeep wasn't really cutting it for practicality. We've got a nice sized family now. (and she LOVES the truck / called the Jeep a "kids toy")


So - on a whim - I stopped in at a local Ford dealer. Just to get an idea of my "truck" options. And more or less walked out with a 2013 F-150 FX4 SCREW. I traded the paid off Jeep for a paid in full 2 year lease - and got a check back for the difference. Yes, I lost some money - but overall, the deal wasn't too bad. Residual on the F-150 is listed at $35k I think on the paperwork.


So - now I'm about 6 months out on my lease end. I have always had the intention of buying the truck outright - but now I'm wondering if it is my best option.


The lease was for 12k miles annually - which I've blown out of the water. I'm at 30k miles now - 6k over the lease mileage - and have 6 months more to go. I know about the penalty if I "turn the lease in".


So - my questions - if you've read up this far are:


1. If I decide to buy it - what're thoughts on going through Ford Credit? Or should I try to use my own bank or a federal credit union that I belong to?


2. If I decide to buy it - is the 35k residual a good price to pay and my only option? Or do I have any sort of incentive or bargaining power to get the price lower?


3. If I want to deal with the dealership and get something else - say a 2014 (or 2015 if they are out by then) F-150 - or - switch to a car that is more fuel efficient - should the dealership be able to "do something" about all those extra miles I put on it?


I love this truck. I really do - BUT - I don't really "need" a truck. I'm not towing or hauling regularly. I don't get it off-road like I did with the Jeep (even though I want to - life is just too busy!). And I'm not complaining about the MPG's (I prefer to use the SPG - "smiles per gallon" - acronym) - but a vehicle with better mileage sounds better.


My other issue is - while this truly is a "luxury truck" - I love the feel of the OLD Lincolns & Cadillacs; the big, floaty, boat car feel. While I know that those types of vehicles were gas guzzlers too - the fact is - they don't exist anymore. I HATE the new "sporty" bumpy Lincolns & Caddy's. Now the Chrysler 300, that's not too bad at all. That's the closest I've seen to the "big car feel" - but then that would mean I have to turn in the truck - pay the mileage penalty and start from scratch with Chrysler, right?


Just trying to figure out my options and make the best decision. I'm leaning towards buying the truck outright - and laying it out with a 6" lift, 35's, a tuner, and air/exhaust down the road...but I want to really research things out before I make that commitment.


Oh - I don't have the income I had when I bought the Jeep - so paying off the F-150 quickly probably isn't going to happen. I'll have to finance things for awhile.


Thanks for the non-judgemental replies & advice!

BenCronin04

It all depends on the dealership. I was in a similar situation before getting this truck. I has an IS350 I was leasing from Sewell Lexus in Dallas. I was over the mileage and had to decide what to do. The dealer basically didn't hit my for the mileage overage and just gave me the value of the car at the mileage it was at since I bought the truck used from them. Good luck!

MynameisMatt09

iTrader: (-1)

Try out a BMW 750. Those things are boats and so comfortable.

Adobe2X

Sounds to me like you signed up for a high residual, low mileage lease.....which made the actual value of your trade in and the cash you walked out with less in reality than you at first thought. But it did enable you to keep your payments (as in none) lower for the first two years.........
Use KBB or NADA to research exactly what your used truck is worth in your market. Look at the residual and add in the higher mileage penalties (if any) that you are going to be hit with, and that is what you are going to be paying for your used truck.
Only you can decide if that amount is worth it to you, or if paying the penalty and walking away would be a better decision.

ocwill1

You could also just trade it in like a car you purchased. The only way mileage matters is if you walk away from the lease. If you trade in to purchase another manufacturer car, another ford, or sell outright, then you will not have to worry about mileage. Best bet is to look at KBB like others have said and see if it is worth anywhere near your residual... You have options, best bet is to go to dealers and do the haggling. You can still call Ford Credit and get a payoff quote that will help as well.

Black 10

I'd assume walking away from the lease is the worst option as far as penalties and/or money owed. Second best option would be buying it which I'm sure the dealer would negotiate because they are going to have to take it in, clean it up, advertise, and all related paperwork then sell it via negotiation with someone anyway. Easiest option would be a repeat customer and lessee I would think.

Adobe2X

And, if you want to postpone the pain a bit, if your dealer is willing to roll the mileage penalty from your truck into your new car payment, you will not be out of pocket right now to trade in the trick............but again, this is only postponing the pain as your payments on your next car are going to be artificially higher than they otherwise would have to be.

JDsFiddy

If I still liked the truck, I would keep it. If it has mechanical or reliability issue, then I'd walk. Regardless, I'd talk to the right guy at the dealership & see what he was willing to do to get you into a 2014 or anything else you might be interested, just so you were clear on all your options, even if you were already leaning in a certain direction. Maybe word case the dealer throws in full detail or extended maintenance (ESP) for you to keep the truck so they don't have to.

sknyfats

Thanks for all the replies. I read them all when they were posted and just got around to making the decision after a TON of research on different vehicles, loans, and other options. So I thought I'd provide an update for anyone who cares.

I bought it out. Residual vs market value was still great and I checked on different financing options - including through a credit union and ford motor credit. Fifth Third Bank came through with the best rate (my credit took some major hit this past year, so I wasn't exactly golden and am paying for it now - but I plan to pay it off in 2 years anyway).

Oh - and I plan on eeking out some more mpg's by putting in new plugs at .28 (did that tonight) and picking up an SCT X4 tuner. Fun times ahead!