Two months ago, I traded in my '97 Mustang Cobra and '95 F-150 XL for this 2005 F-150 Supercrew Lariat 4x4. On paper, they show that I paid $40K for the truck, but they gave me $13K for my trades(book value was ~$10K for both). I still owed $5K on the Mustang. After all of that, I owed ~$30K for the truck, which I am leasing.
The next month, I got military orders to Aviano, Italy for 4 years. Originally, I was planning to take the truck, but after thinking about it, I decided it's not worth it. In order to take it, they wanted $2K down to turn it into a loan, and 11% interest, making my payments ~$696/mo for 5 years. Insurance in Italy is very expensive, $187/mo on the truck. Gas is $5.75/gallon and I get <12mpg. I would be paying over $1000/mo just to keep that truck. I could pocket that money and pay cash for a new truck when I get back in 4 years.
Right now, my payoff on the truck is $29,129. Ford said they would give me $28,000, which means I would owe them $1,129 out of pocket, plus the $200 fee for breaking the lease. The thing is, I was hoping to pocket a couple thousand since I already gave them two cars two months ago, which they already made money on. Now they're trying to screw me on the truck so they can make more money off of me.
I wanna know where they got $28,000 from. NADA, KBB, Edmunds...none of them have used car prices for 2005 models. I looked up 2004's and the trade-in value was $27,xxx. So, my 2 month old truck with 1400 miles on it is only worth $xxx more than one that's 14 months old??? WTF???

Are they trying to rip me off? What is a fair price for the truck? I was thinking they would give me closer to $30K. If I sold it outright, could I get $32K for it? It's in perfect condition with 1400 miles. Sticker price was $38,325.

Thanks

 

Welcome to the world of new vehicles and inital depreciation. Yes, it does sound like the stealer is trying to screw you. I would expect to get a little more out of the truck then $28,000, but remember, it is a USED truck.

 

I don't think Ford is screwing you. Anytime you get a new vehicle expect to write off $5,000 (or so) as soon as you drive it off the lot. I think you may have a hard time selling it for 32K. That is why they are not going to give you alot for it.

zman

 

I don't expect $32K from them, but I don't expect to pay out of pocket either, since they already made money off of me two months ago on the deal. They had my Cobra on their website the next day with a $13K price tag. They gave me ~$8K for it.

 

Wrong tense. They already screwed you two months ago. They basically took your other two vehicles for free. About a month ago there was a thread here where everyone listed what they paid for their trucks. Only a precious few paid over $30K while many were paying $8K-$10K under list. You paid list (or very close) so your truck lost $8K when you drove it off the lot. Two months later and it's lost another 2K in value.

 

I don't think I overpaid. I paid $40K out the door, minus $13K in trades, plus $5K I still owed on the car, equals $32K. So basically, they gave me $8K for trade ins and rebates, and paid off the $5K I owed on the car. I think....

Which means I paid ~$32K out the door(with tags and tax). My lease payment is $322/mo on a $38K truck.
The ppl that paid <$30K for a supercrew lariat 4x4 probably bought leftover '04's.

I don't know....all the numbers are confusing me. I just had to have the truck and wanted a payment equal to what I was paying on the Cobra. Plus, my credit was ****ed(thanks wife), so I was just happy to get the truck I wanted. And it's kinda hard to sell a Mustang in North Dakota in the middle of winter.

 

You have just gotten confused by the same things that confuse many others. You allowed the dealership to play a shell game on you by combining the purchase of your new truck with the trade-in of two other vehicles plus the money they made on the financing. your $40K truck was never worth $40K, that is a made-up, pie-in-the-sky asking price designed to make people feel good when they end up paying $35K. Your truck can be had brand new for $32-$33K all day long. So you gave them $8K right there.

Your trades. You say they 'gave' you 13K for the two trades, minus the $5K you owed. But the next day they had the Mustang listed at $14K? Fine, they should make a couple dollars on the Mustang. But what about the truck? sounds like you just handed over your old pickup truck for free. Around here, a 10 year old truck in average condition is worth $4K, more if it's 4wd and in good shape. So they stole another $4K from you on the trades.

I won't even get into the financing, since you were looking for a 'payment' amount and not looking at the vehicle cost. But it sounds like they basically stole everything you had and saddled you with full retail value of the new truck. Papers are signed so they did it legally. I see about $13K you left on the table. Of course they financed you with bad credit.

Sorry to be the bearer of bad news. You might want to consider just walking away at this point , or seeing if a lawyer might be able to help you get out of this deal without letting them take any more from you. Of course you will have to pay the lawyer though.

 

take the loss of 1200 or so, and buy a beater in Italy. Then save and buy another one when you get back to the States.
If everything in Italy is that expensive you will be better off financially getting rid of the truck(that's if you can't afford it there).

Regardless of what you do, good luck anyway.

 

I paid less than 35k out the door (tax, tag, title, etc) for my 2005 SuperCrew Lariat 4x4. The sticker was over $40,100. So basically they gave you about $3000 (plus $5000 for your amount owed, I guesS) for your trade-ins, if you paid $32k out the door.

 

They had the car listed for $13K, but it needed some work. It was basically a drag car, so they had to pay to make it street friendly again. Stuff I didn't want to deal with and pay out of pocket and spend hours wrenching on it just to sell it.
The truck was only worth about $1500 max. It was the lowest end, most basic model. I paid $1900 for it last year. It already had some minor body damage. Then I had a minor collision and got paid $400 for that, which I pocketed. It also had some mechanical issues. Plus I kept the studded snow tires and Brahma topper that came with it.
Then I took parts out of the car and truck, put them on ebay and made ~$1000 from that.

I realize I may have gotten screwed in the deal, but it was worth it to me. I wanted the truck and that was the only way I could get it. With a family of 5, neither of the old vehicles was worth a damn. I love the new truck, and even my wife loves it. I was planning to keep it after the lease was up, too.

We're now planning to take her '98 Stratus to Italy with us. It will be paid off next month and we'll only have to pay $37/mo for insurance over there.

 

Yes, the numbers appear to show that they took advantage of your lack of knowledge of leasing. It looks like they sold you that truck with a MSRP of $38,000 for $40,000, then subtracted the rebates and trade from that number.

Did your trade money pay for the cost of the lease, or do you have payments? What are the values of lines c and d on your lease?

 

Your problems started when you decided to lease a vehicle to keep your payments down instead of buying. You don't own anything but have only rented it for the lease period. At the end of the lease period, you would still have to purchase the truck if you wanted it. They have offered you about $10,000 less than MSRP for a used truck and I don't think that is that unreasonable considering dealer's invoice, rebates and depreciation on a new vehicle. What you owe on your lease has nothing to do with what the truck is worth.

 

DirtyT,

Before you decide what to do, make your way to the local JAG office. I think the Servicemembers Civil Relief Act (SCRA), that used to be Soldier's and Sailor's Civil Relief Act, may provide you a less painful "out" from your lease. You may still lose some $$$, but it may be less costly compared to absorbing the entire difference/loss yourself.

Good luck.

Ciao!

 

I have payments of $322/mo. Line c is $30,082.47. Line d is 24,950.25.

Didn't seem like a bad deal considering I've seen Lease commercials(not necessarily for an F-150) that advertise payments of $350/mo, then in the fine print it says 'with a down payment of $3000".

 

The only thing I can tell you is that you won't have to pay $5.75 for a gallon of gas. AAFES sells gas on base for prices comparable to stateside prices and if/when you travel, you can buy coupons that 90% of local gas stations will accept. Bummer about the rest of the deal. You might be better off coughing up the $1100 and chalk it up to a lesson learned if you can't sell it for what you owe.