Jump to content
oskar27

End of Lease Process

Recommended Posts

This is my first time I leased a car and I wonder what happens when I return the car at the end of the lease. I have a 3 years lease which expires in February but I plan to return it and lease the 2015 Edge around October / November since I prefer not to have a new car in the middle of the winter.

 

The salesman who leased my current Edge has move to another Ford dealer in another town and since I liked him I plan to go there for the new lease. I spoke to him already and he said there is no problem to get the new Edge over there but I wonder if it makes a difference.

 

My Edge currently has about 26k kilometers and is in top shape however there are 8 needle head marks on the paint in the front especially on the hood from stones or salt. These marks are just paint chip and are not dents.

 

Would they charge me for a new paint job and what happens when you return the car at the end of the lease?

Share this post


Link to post
Share on other sites

You can return your lease to any Ford dealer. It doesn't not make a difference.

 

Make sure you are eligible to turn in your lease early without penalty. Ford doesn't offer programs that allow this if you are leasing/buying another new Ford product....which you are. They usually will allow this a few months early.

 

Once you are sure you can turn it in around October/November, then just take it to your preferred dealer and lease your new Edge.

 

The rock chips are normal wear and tear, they won't charge you for it. And since you are leasing another one, the dealer would be REALLY stupid to press on you about normal wear and tear.

 

It is a pretty simple process to do. Hand them the keys, sign a few papers, sign papers for new Edge, and drive home with new car. I've done it a few times.

Share this post


Link to post
Share on other sites

Another option is if the value of your Edge is more than what your buyout price is, you could actually sell your current Edge, pay off any remaining lease payments, and pay the pre-agreed upon buyout price. IF your Edge is worth more, then you'll walk away with some cash in your pocket. Then you can walk in and lease a new Edge and have some $$$ for down payment or whatever.

 

That is my plan when my lease is getting close to the end. See what the private market will get me for my Edge. If it is more than $26k (Pre-determined buyout price), I would sell it instead of turning the lease back in.

Share this post


Link to post
Share on other sites

Very good info WingNut, thanks. But how can I sell my car when it is not mine (I mean it's leased)?

Share this post


Link to post
Share on other sites

Very good info WingNut, thanks. But how can I sell my car when it is not mine (I mean it's leased)?

 

Because it is an option within the lease. You can buy out the lease at anytime by making all remaining payments and paying the pre-determined value of the car at lease end. People do it when they lease a car, put no miles on it, and it is worth more than what the purchase price will be at the end of the lease.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×