[MotorCityChick]

I have never taken over a pre-owned lease before. It seems pretty straight-forward, but I have a quick question... Is the lease pay-off amount lower than the actual amount owed For example, the car I'm considering has 12 months left on the lease, the lease payments are $386/mo. 386 x 12 = 4,632. But doesn't Ford Credit adjust that amount (i.e. lower it) for people that may run into a little cash and want to pay their lease off early? If anybody has an answer please let me know ... I really want the Zephyr but I cant afford $4,632 up front, and don't want car payments either.

 

[91 s-10baja]

Re: I'm considering taking over someones Lincoln Zephyr lease...

I have never leased a vehicle so I may be speaking out my.............hoo ha.
So what I think I understand at the end of all lease is a residual, basically what the value of the car is worth, typically FMV, fair market value. So once you have completed your term, you can either give up the car, w/ nothing left owed, or take out a loan on the remaining residual. If I am wrong, someone please correct me!

 

[MotorCityChick]

Re: I'm considering taking over someones Lincoln Zephyr lease...

I have never leased a vehicle so I may be speaking out my.............hoo ha.
So what I think I understand at the end of all lease is a residual, basically what the value of the car is worth, typically FMV, fair market value. So once you have completed your term, you can either give up the car, w/ nothing left owed, or take out a loan on the remaining residual. If I am wrong, someone please correct me!

I think you misunderstood my question. I want to know if Ford Credit adjusts the lease pay-off amount, not the lease "buy-out" amount . I want to pay a lease off early.

P.S. I love your MotorWeek videos.

 

[MotorCityChick]

Does anybody know the answer???

 

[ausrutherford]

Does anybody know the answer???

Ask Ford on there website.

 

[caddycruiser]

I'm going to say no. I would still check, but with the way leases are written, there's really no negotiating or dealing on the terms after the fact. The residuals are set on day one, the portion you're paying set, and then when it comes to the end, you pay that residual that was established in the beginning and own it or turn it in.

There's really no negotiation after a lease has started, as every number is known from the start. So if you want to pay it off and own it, you'll owe what's left of the payments plus the residual. Really no way to chop that down from what it was on day one, but still ask to see if there's anything they might do.

 

[civilzues]

Yes, if you were to pay off the lease, the amount you would owe would be less, but not by much. your stilling paying an interest rate on that money. know it would be that much.