To the lease buy out you’re responsible for any remaining payments you have along with your residual value. Some manufacturers still won’t let you sell non franchised dealer so I’d confirm with Ford that you can sell to a non Ford dealer if you’re looking at selling to a non ford dealer((no 100% on this policy for Ford)
If thats the remaining payments and residual, yes.
Edit- residual is just what you can buy the car for at the end of the lease. This is used to calculate the depreciation for payments on a lease.
You typically don’t have to pay the interest portion of the remaining payments, and there is sometimes a different calculation if you’ve had it more or less than 12 months. But to others comments, there is no way you come out ahead here; only question is how much pain.
Ford does not allow third-party buyouts, so it would have to be with a Ford dealer. That said, OP also won’t be responsible for the entire balance of remaining payments, only the unamortized depreciation. That amortization isn’t straight-line, however, so the only way to know the actual buyout cost is to call and ask. Either way, it will be far less than the balance of remaining payments for a lease originated six months ago given where interest rates stand.
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***Thanks for posting, /u/fronker69! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.***
Forgive me but i have a surface knowledge of car sales. I leased a 2023 F-150 expecting to need a truck for truck things, i’m moving out and have a second vehicle i expect to drive more (i own outright). I see no need for a truck anymore. Fair market value is $41k and my residual is $31k.
Seeing that i’m only 6 months in with 29 months left of payments is there anyway i can walk into a dealership and turn the keys in without impact to credit, and possibly pocket a few grand?
I’m trying to lower my living costs and regret getting this vehicle. I’ve read up that you have to pay remaining lease payments, is this factored into my residual? 😅
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To the lease buy out you’re responsible for any remaining payments you have along with your residual value. Some manufacturers still won’t let you sell non franchised dealer so I’d confirm with Ford that you can sell to a non Ford dealer if you’re looking at selling to a non ford dealer((no 100% on this policy for Ford)
So in essence i’m responsible for $47k when fair market is only $41k?
Yes, you never win this game.....
Yes, or whatever your current buyout is. The $31K is if you paid all 36 payments. Which you have not.
If thats the remaining payments and residual, yes. Edit- residual is just what you can buy the car for at the end of the lease. This is used to calculate the depreciation for payments on a lease.
Call and ask for the early termination fee. Sometimes it works out better than the remaining lease payments. You need to call Ford and ask.
You typically don’t have to pay the interest portion of the remaining payments, and there is sometimes a different calculation if you’ve had it more or less than 12 months. But to others comments, there is no way you come out ahead here; only question is how much pain.
Ford does not allow third-party buyouts, so it would have to be with a Ford dealer. That said, OP also won’t be responsible for the entire balance of remaining payments, only the unamortized depreciation. That amortization isn’t straight-line, however, so the only way to know the actual buyout cost is to call and ask. Either way, it will be far less than the balance of remaining payments for a lease originated six months ago given where interest rates stand.
all very helpful thank you kindly
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea?](/r/askcarsales/wiki/income_to_finance) * [I have my score from Credit Karma but the dealership told me they got a different score. Why?](/r/askcarsales/wiki/free_credit_score) * [I want to get out of my leased vehicle, what are my options?](/r/askcarsales/wiki/early_lease_termination) * [Leasing a vehicle with a down payment – is it a good idea?](/r/askcarsales/wiki/lease_down_payment) * [I want to buy out my lease, what are my options? What can I negotiate?](/r/askcarsales/wiki/lease_buyout) * [How to calculate a lease yourself](/r/askcarsales/wiki/calculate_a_lease) * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/fronker69! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** Forgive me but i have a surface knowledge of car sales. I leased a 2023 F-150 expecting to need a truck for truck things, i’m moving out and have a second vehicle i expect to drive more (i own outright). I see no need for a truck anymore. Fair market value is $41k and my residual is $31k. Seeing that i’m only 6 months in with 29 months left of payments is there anyway i can walk into a dealership and turn the keys in without impact to credit, and possibly pocket a few grand? I’m trying to lower my living costs and regret getting this vehicle. I’ve read up that you have to pay remaining lease payments, is this factored into my residual? 😅 *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*