Leased my 2019 Ranger - Lease is up in a few months - question about renewing or buying

[Chappy]

Hi,

I leased my 2019 Ranger in Feb 2020, just prior to the pandemic/lock downs. I love it and think I might just purchase it afterwards vs leasing another truck.

I have a question for those that have experience leasing vehicles.

The question I have is, I remember the dealer showing me a payoff amount from the dealer, in the event I decide to purchase the truck after the lease ends, but I might be wrong. It's been 3 years. Is this a thing or am I misremembering? I don't have anything on paper that I can find.

Basically I'm trying to avoid paying an inflated price for a truck I've been driving for 3 years or an equivalent new/used truck in the current market. This may be unavoidable.

If anyone has experience buying a vehicle after leasing, I welcome your input and wisdom.

Thanks!

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[Trigganometry]

Going back always in memory but the lease vehicles I have had there is the base price to start. MSRP usually then they factor in the depreciation amount by number of months. That number whatever it is, is the amount you need to finance to buyout. Pretty straight forward. The original paperwork you signed is probably at dealership in electronic format. Can’t fudge the numbers because they have to show you that no matter how you decide to go forward.

 

[RangerRich]

I just did the same thing with my wife's BMW. They payoff amount was listed on the lease paperwork. Whatever you do... do not go to the dealership, just call Ford finance and send them the final check. It's more of a hassle, but the dealership will definitely add fees. We did everything ourselves and got the title in about a week. Final tip. Pay for the "Overnight Shipping" option when they ask how you would like them to send you the title.

 

[WhyNot21]

Find your contract, it's pretty important. If you can't find it, contact Ford Credit, or whoever you leased through and get a copy. Locate the payoff, or residual value shown. That is what you'll need to purchase it. DO NOT let the dealer talk you into bringing it in to them for an "inspection", as it is not necessary. Many dealers are playing on people's ignorance and saying it's required, which it's not.

 

[AzScorpion]

If you have an online account it should show there. My girlfriend has a lease right now on her Honda Civic and it shows the monthly payment and the payoff amount there. As others have said stay away from the dealer and deal directly with Ford Credit.

 

[Clank]

I have never leased, but I do believe on the deal they have a buyout based on the expected depreciation of the vehicle. During the peak of the car market, people were flipping their cars that they signed a lease before the start of the pandemic for a profit. Because they were able to buy their car at what was the expected depreciation value and sell it for the current market. Based on yours being a 2019, you may have that situation where you’d be buying yours at a discounted value.

 

[Chappy]

Thank you all - They gave me a USB stick with my papers - I'll look again to see what that amount is. Glad to know I wasn't misremembering. because I will have to get a loan to buy the truck, is it still better to go directly through Ford Credit vs the dealership? Not sure how that works. I am definitely ignorant in this respect. I definitely won't be sending a final check for payoff, lol. If only crypto hadn't crashed ??

 

[AzScorpion]

Thank you all - They gave me a USB stick with my papers - I'll look again to see what that amount is. Glad to know I wasn't misremembering. because I will have to get a loan to buy the truck, is it still better to go directly through Ford Credit vs the dealership? Not sure how that works. I am definitely ignorant in this respect. I definitely won't be sending a final check for payoff, lol. If only crypto hadn't crashed ??

With rates increasing it's better to shop around now. Then get your best rate and see if the dealer can beat or match it. Credit unions usually have the best rates.

 

[Chappy]

that's a great idea. thank you.

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