I'm 7 months into a 3/36month lease on the 150 Lariat. Truck has 4500 miles on it, but I need to jump up to an F350 Diesel Dually. All of a sudden I've been offered some serious boat relocating business towing 8000-14000lb rigs. Mostly just relocating boats for guys north and south from their homes to vacation homes in Fl.

What kind of beating will I take?? Ford Motor Credit says I owe 24k to buy it out... It should still be worth that??? It's a loaded Wedgewood Blue/Tan Accent/Tan leather/sun roof/Lariat that only nibbles 40% of the time....lol..

I like the truck, but biz is biz and if I can make money towing boats and need something healthier then so be it...the 150 has to go... I'm going to talk to my dealer tomorrow???


Who's bailed on a lease before????

 

Hmm. Im pretty sure theres gonna be some sort of penalty for getting out early. Did you lease thru Ford Red carpet? or a bank? I think if you went thru Ford and want to get out to get into another Ford, than they take it easy on you. But im not totally sure. Just what I was told when I was gonna do it, but decided against it. South Jersey boat hauling biz. thats great. I know a few guys that do it down here and do pretty well with it. I myself thought of doing it a while back. So are you far south jersey or what? Im about as far south as you can go without getting wet.

EDIT..just checked your profile...Marine Surveyor?? I wonder if I know you??

 

Brew, I'm wondering where you are also. I'm in South Dennis and bought the truck from Gentilini. Yes, Cape May County doesn't get any farther south in Jersey.

Where are you??

 

Im actually in North Cape May, I was working at Schooner Island in wildwood for a while but quit there last May I ran the service department for 4 years. Do you know me yet??

 

I ended a lease 18months early through Ford Motor Credit to get my F150. They basically just treated it as a trade in. Still got a great deal. Let us know what happens.

 

Brew, nope not yet... I did a survey for Ozzie Sandora last April on his Post and several others on that island across from Uries.... I always pass out cards to anyone I speak with...but I don't remember you.

Maybe you should mail me. dunk79...at ...comcast. net

 

Sorry Tide, I ignored you post, and you being the only one that actually answered my question.... I figured/hope it will go that way...

Yes, once I talk with the dealer I'll let everyone know...

 

The math is quite simple. You owe all your lease payments. Get that total. Since you have not driven the full three years and the total miles your truck is worth more than the residual value at the end of the lease. You will have the trade in value minuse the residual value to pay off the lease payments. For example.

$400 monthly payment x 36 - 7 months = $11,600

If your truck has a trade in value of $31,000 and the residual is $20,000 you have $11,000 to pay off the $11,600. The extra $600 will be added on to your next lease.

What are your numbers? What does $24,000 to buy it out mean?

 

Dunk, I emailed you

 

Yes, like an idiot I threw 3 grand into the deal to keep the lease payments lower.. Shouldn't matter...I've been making the due payments automatically from a bank account deticated to my biz cost... When I go thru the Ford Motor Credit site and pull up my account it's gives me the pay off after each payment...

 

how much hauling will you do?

if this is a biz, set it up as a biz and the trucks are a write-off as a business expense. Go pick up a 2 or 3 YO dually for biz, drive the 150 as personal as both are business expense.


I see you are in Jersey, which means you get snow. Try to find a dually that has a blade on the front and then you can also do lot plowing after hours to help offset the cost of the second truck.


In a year, once you are far enough into the lease to not lose your shirt, you can do the trade in stuff mentioned above.


Alternately, you can also find someone to sublet your truck lease for the remainder of the contract (Ford allows this). In this case YOU have to find the new lessor, but once you do, you sign the lease over to them and they make the payments direct to Ford (their name will now appear on the lease) at the current monthly rate (you only lose your downpayment in this scenario)

 

I got out of a lease with GMAC (GM's leasing company) after only having the truck for 2 months. All I did was call GMAC and ask what the buy price was. Basicly a little less than what I gave for the truck. Borrowed that from my bank, bought the truck from GMAC and then traded it in. It is actually very simple, yet if you talk to most salesman or the lease company they will say it is nearly impossible to get out before at least half the lease is up.

The $24,000 you mentioned should buy the truck from the lease. Then you would trade in a truck worth $25000 while you only owe $24,000.
hope this helps.

 

Man, these boards fly. This was 5 boards back...

Anyway I talked with my salesman today... No answer yet, he's got the finance guy working on it...which is not a good sign... The sales guy did say he could sell my 04 150 in a heartbeat, but nobody has mentioned numbers yet..

Looks like the insurance on a towing deal like this is going to be nuts.. 20 years ago nobody gave a crap about insurance and they paid you in cash.. It's not looking like this is going to pan out, but we'll see...