Ok, When i bought my truck i decided to lease it well when i did the deal i did a 15k mile a year 3 year term giving me 45k miles at the end of the term. As of today i have 32k on my truck and i have had it for a year and 3 months and im getting pretty worried about what im going to do when i hit 45k. Does anyone have any good suggestions about what i should do that wont cost me an arm and a leg?? besides parking the truck of course!

 

My store does about 30% of our new sales on leases HH and we renew most of them, this is a common problem. You are averaging 25k a year instead of the 15k allowed on your contract. You will probably be 30k over mileage at the end with a approx. $6k mileage fee due. That can usually be absorbed into the next vehicle, the rebates will help absorb it. Or you can drive it to 45k miles and look at trading out of it early, if its in good shape that may be the cheapest way to do it. Either way the high miles will cost you whether its leased or not so drive it and enjoy it!

 

If you plan on keeping your rig for a long time, which you should as nice as it is coming along. Find out what your residual value is at the lease end. Do you have saving? Will you be able to put money away with-in the next two years? If you can, you can just buy your truck at the end of the lease and you won't be charged for miles over what you lease called for. If you put extra money down at the same time say 3-5k, you payments will still be low and you can finance the residual value for a shorter time. If you do it this way you will find even though you are making payments longer you aren't paying too much more than if you bought it in the first place. And you sure won't pay more than the estimated 6k in extra mileage you would have to pay.

Don't feel bad, I leased and had my job change literally 30 days after the contract was signed. So since I signed up for 15K a year I thought that would be plenty. I bought my truck January 14th. as of today I have 13500 on it. So I figured all aspects of this. I plan on just buying my lease out next year and financing for another 48 months. My payments won't change and I will have spent 2k over more than if I would have financed at first. ( I wouldn't have been able to afford the truck if I would have financed at first.) Considering I have seem some that have spent 4-5k more than I leased the truck for I still am not in that bad a situation. Plus, I get 42 cents a mile...you do the math, the government is buying my truck now.

 

[QUOTE=Thrill Racing]If you plan on keeping your rig for a long time, which you should as nice as it is coming along. Find out what your residual value is at the lease end. Do you have saving? Will you be able to put money away with-in the next two years? If you can, you can just buy your truck at the end of the lease and you won't be charged for miles over what you lease called for. If you put extra money down at the same time say 3-5k, you payments will still be low and you can finance the residual value for a shorter time. If you do it this way you will find even though you are making payments longer you aren't paying too much more than if you bought it in the first place. And you sure won't pay more than the estimated 6k in extra mileage you would have to pay.

----------------------------------------------------------
Exactly that .... PLUS you can trade out at anytime after that.

I leased my Jeep, then bought it, then traded for my F-150 ...

Drive on .......

 

trade it in early

 

you can buy more miles for your lease. they are cheaper than the charge per mile when you return. And you should be able to do it as a flat rate. ie buy 10,000 $ 5cents per, cutting a check to the dealer for $500.

Vs getting raped at 10 cents per when you return it.

 

I am pretty sure you can pay off your truck at any time, regardless if it is a lease or not... I know you can get a pay off balance. You could refinance it now I would guess, if you were so inclined, try lendingtree.com and at least get some quotes on IR's then you will at least know if you want to start paying for it now... or later...

 

Just buy it instead of turning it in at lease end. You pay your residual value from lease inception. Thats the beauty of a RCL. Turn it in and get another, buy it, or just walk away.

 

Ford Credit makes a lot of money. They gotta be doing something right.

 

Buying and Leasing, the two are not the same. If you put money down, you bought the privilege of lower payment's over the term of your lease.

Chance's are at the end of your term your buy out will be more than your f-150 is worth, This is a trap that auto dealers want you to be in. If you buy out your truck, you pay more than what they can sell it for, also Ford credit can write of thier loss if they have to auction the truck, Your ford dealer slides you into a new f-150 and the cycle continues.

Buying wear care and extra mileage is giving away your money to ford credit in the event you buy your f-150, it's good if you drive a lot and than give your truck back.

Parking your truck is no good, You still have to make the payments, going to a fire or car accident on your two feet...is not possible.

You still have to pay ford credit for the 21 month's left on your term, No Ford dealer is going to eat that, If you jump into a new truck, the 21 months will be refinanced and added to your new truck payments, your still not ahead.

My Questions/advice to you is as fellows, first:, your paying for the mileage if you keep the truck, or give it back. Second: It's worth your blood sweat and tears to keep your truck cause you started investing in it, you have to ride it out to the end of "No payments", Than your ahead of the game.

If the truck is a basket case, than your stuck until the end of your term, If this is the case, I'm sorry, I have been thier with a previous Ford.

I Bought out the Lease on my 04 f-150 16 months early and signed on for a four year term with Ford credit, on my 04 f-150.

When you lease or buy, your allway's going to be up side down, It's a question of maintaining a life style for a specified, amonut of $$$ and time, Good luck and I hope your truck work's for you, and you don't work for your truck.

 

leasing isn't a trap. You pay for what you use. The problem with some lessees is that they underestimate the true mileage they would drive.

For many (including myself) leasing makes more sense than buying. I flip my vehicles every 3 years. Financing and reselling doesn't make sense for me.

 

Not the most "honest" thing to do, but hey, it works..

check the link..

http://cgi.ebay.com/ebaymotors/ws/eB...category=33675

 

Naturally we know you're kidding as a it is a federal crime to advocate odometer fraud.

And we also know that many lease companies use both a secondary odometer, and little paper seals on the IP harness.

Leasing seems like a very expensive way to appear to have more money than you actually have. Or perhaps someone could enlighten me as to why a private party leases?
I have truly never understood it, but then, that's just me.
Chris

 

Instead of having to pay an outragous milage fee when you go to turn it in, send extra money with each payment...I send in about $30 extra a month just in case of any "wear and tear" charges or over milage charges I may incur. The good thing is that even if I don't have these charges, the balance on my truck will be lower and I'll have soemthing to put towards down-payment on my next truck.

A lease is a simple equation:

Agreed On Sales Price - Value of Truck @ 3/36,000 with minimal wear = Payments

So, as you can see, if you send in more than your payments, it will cover any deductions/charges that will decrease the Value of Truck at 3/36,000.

In your case, 45,000 miles.

 

with leasing, you pay for what you use. If you purchase, you are paying upfront over 3 - 5 years a vehicle you may keep for 5-7 years and hope there is something on the trade in. Same idea, you paid for what you used but over a much longer period of time.

3rd party leasing companies are legitimate financing companies. The beauty of a private lease if flexibility. They can customize you into high mileage if you're a salesman, or factor in wear and tear if your a contractor or lease you a dually for 4 months if you race stock cars in the Summer. Ford Credit cant do these things (they have to package for the masses)

Leasing is as legitimate a way to finance a vehicle as purchasing. But you have to know the math and work out what is cheapest for you based on your needs.