Hi guys.
Today I got some not so great news regarding my 2002 F-150 Lariat. You see, my lease is up and I went to the dealer to try and purchase it because I liked it a lot. Well, when they submitted everything to Ford credit, Ford flat turned me down, so I have to turn my truck in by the end of the week. Hell, there's only 14,500 miles on it. I missed a couple of payments (late) and seemed to always have to struggle ever since my wife lost her job and everything was on me. Believe me we tried. So, the leasing manager said that he talked to the finance people at the dealer and he said that I have been approved for a new 2005 F-150. No lease, a purchase. Done deal. But this one won't be a Lariat. He said it would be a V-6 regular cab, basically from what he said, just a basic truck. He also said that after I make payments for 2 years, I can get out of it and get back into something nicer with no problems whatsoever. Sometimes things happen that are unavoidable and it doesn't mean that I'm a dirtbag or someone that just doesn't want to pay for what I have. We just have had a run of bad luck for a while. This dealer is giving me a chance to get back on track. I guess I just need a bit of encouragement. I have not looked at the new trucks, and I had a 2000 V-6 which I thought was underpowered. I liked my 2002 Lariat and I really wanted to keep it. But I guess I'll see just what truck they serve up to me.
I'm sure a lot of us has been through hard times and that kind of thing.
Maybe in 2 years I'll be in a King Ranch! (Yeah, right)
Anyway, Since all of you are like family here, I thought I would share this bit of my life with you.
I am saddened about the whole mess, but I'll be okay.
Reloader.

 

Sorry to hear about u having to give your truck back.

I do have a comment though in regards to the 2005 f150 u might get with the v-6 in it. JUST DON'T DO IT!!! (the v-6 that is) WAY WAY underpowered. The new f150's are bigger and heavier then the past, and you will be extreamly depressed with the v-6. Go with the v-8's if any.

Thats just my 02 cents, but if you can afford it, go with at least the 4.6L V-8.

Goodluck to you and I hope everything works out for u!

 

Sorry to hear about that...hey, just hang in there and maybe you you end up with better model. The longer you wait, maybe the better everything gets for these trucks.

 

Don't settle. I would go to another dealer until you find one that will work with you. There is always a way to get around the credit issue. You will be hit with a higher interest rate but I'm telling you if a dealer wants to sell you a vehicle, they will make it work. A year down the road after you work on the credit you can refi with your bank for a better interest rate. Take it from me. My wife and I are self employed and went through a tough time 5 years ago. After suffering credit problems we were both able to buy slightly used vehicles, I mean like 10,000 or 15,000 miles used, and the interest rate was high but we refinanced a year later and got a great interest rate cutting our payments way down. Now, our credit rating is very good. Keep positive and search out that dealer and get the truck you want but can reasonably afford. You can get a nice 04 slightly used now and you will love it.
Sometimes things happen but don't let some ***#%^& dealer make you feel bad.

Good Luck and let us know what happens
Scott

 

as you have found out, leases are not good. Stay away from leasing if you can help it.

hang in there dude
Scott

 

If they approved me for a 21,000 dollar truck, wouldn't they approve me for a 21,000 dollar Mustang? I mean, the dollar amount is the same. What is it to them?

 

How much would it cost you to keep the '02?

 

That's what I thought when I read your first post, Reloader. If the dealer can put you in a new truck, why can't he get third party financing to buy your lease out???Kevin

 

I hate to say it but its probably because the dealer wants the 2002 with 14,500 miles to sell. I am sure he can get more for it if he sells it than he would get from Reloader if he bought out the lease. PLUS he would be selling him a new truck too.

The same thing happened when my bitch a$$ ex-wife (sorry thats the only way I can reffer to her) went to trade my 98 SS Camaro (long story short...I agreed to let her have the car in the divorce but she had major credit issues and couldnt get it out of my name). When she went to trade it they called me to come sign the papers....they were giving her $7K trade in on it and retail on it was $13K....plus I wanted the car back. I said HELL NO...I will put down the $7K in cash and take my car back. They refused....I said well you explain to me how it would negativly effect her deal if she got $7K for a trade in or had a down payment of $7K. They wouldnt even discuss it...then they actually had the gawl to tell me to let her trade it in then buy back from them....keep in mind this is MY CAR and its IN MY NAME. I said you have to be f'ing crazy. Then they fessed up and said they had a buyer for the car already and thats why it had to be a trade in. I flipped and said you cant have a buyer for it because its not your car...its MINE. Finally I said....LET ME MAKE THIS SIMPLE....YOU CAN SELL HER THE TAURUS AND I WILL TAKE MY CAR BACK OR YOU CAN LOOSE BOTH SALES. They chose to sell her the car....then I traded the SS in on my WS6 Vert the next week.

 

Your dealer is not being straight with you.

If they can finance you on a new truck, they can sure as hell finance the payoff on your 3 year old truck.

However, you can almost always beat dealer financing with your good old credit union.

Hopefully you belong to one.

I am assuming that your purchase price on the current truck is equal to or lower than the cost of the new truck, yes?

 

Well, believe it or not, it is easier to get someone approved on a NEW vehicle instead of a used vehicle. I would NOT settle for a reg cab, thought. You are right, if they got you approved on a $21k truck you should be able to buy that mustang if it is the same price. Don't settle! Let them know that you are going to another Ford dealer to turn in your lease unless they can get you approved on the vehicle YOU want. This will take away the fact that they would LOVE to get their hands on your lease return and turn around and sell it.

This I know because I am a Finance Manager for a GM dealership and I do this for a living.

The next question would be: Did FMC decline you on your 2002 and approve you on a new one? If Ford Motor Credit approved you for the new one they should definitely approve you for the USED one. If they didn't, then the F&I manager isn't worth a **** if you ask me.

Let me know how it goes.

 

Reloader,

I know how you feel, I have had my fair share of poor credit and denials from dealers in the past. Just keep your head up, keep on keepin on, and don't feel bad about your situation...it happens.

Whatever you do...don't get trapped into something you don't want to do, just because you have had a rough go at things lately, doesn't mean you should feel like they are doing you a favor by selling you something you don't really want or like.

Maybe you just need to forget about a new rig until you can get squared away with your credit issues, then you can go deal with them on your own terms. One of the best truck I ever owned was an old 76 Ford Pickup. You can pick up an older vehicle pretty cheap and parts/mods are even cheaper!!

I've been there before, and last year I walked into a dealer looking for a used truck to replace my gas hog and drove out of there with a brand new truck (to my surprise), because they wanted to sell me a truck!

It wasn't that long ago, I had to split my veh. payment just so I could put groceries on the table, then pay the rest on my next pay day. Sometimes we have to do things like that to make it through the rough times.

Sorry this was so long, I just felt like I could relate to what you were going though and maybe some of what I said would make you feel a little better.

Good Luck!!

 

Hang in there, it gets better. In the least, get the 5.4. These trucks are heavy.

 

You have "first" dibs on the 202 you have leased. I would pursue the issue before returning it. That dealer is NOT being truthful with you. If you have made the rest of your monthly commitments on the lease after you were late on a few as you say, then I am positive that if YOU spoke to Ford Credit yourself that you could get it done. Don't give up so easily...
And stay away from that sleezy dealer in the future.....

 

Not trying to hijack but I bet you get it good for driving an F150 at the GM place. hehehe.

But Seriously Reloader, like others have said, don't let them "do you a favor" and put you in something that you don't like. It'll just make the hard times harder if you ask me.