HiPerf2000

iTrader: (2)

A buddy of mine (for those who know me and my boat....the big dude Jim that's out with me alot), is trying to find the best way to get out of a Ford Explorer lease. The truck is about 9 months old and has about 7000mi. on it. When he inquired through ford, they told him it would cost him (x) amount for early cancelation, (x) amount for a vehicle apraisal, and (x) amount for a bunch of other stuff.

i figured this is Ford's way of overinflating costs to try to keep you in the lease. What is the best(cheapest) way to get out of this?? I imagine his credit would get bashed if he just gave the truck back (voluntary repo) and payed no fees.

holler back.

Ron P

Having leased many cars and trucks I can tell you that when you enter a lease, you better be willing to drive it to the end or pay dearly to get out early.

When you drive a leased car off the lot, you have probably only paid about $2000 up front and the $30 car is now worth only $26K. So day one your upside down by 4K.

If he has a major problem, try to get out under the lemon law. If he just decided that he wanted something else, then he has two choices.

1. Come up with about 5K or more to get out of the lease early.
2. Drive it to the end of the lease.

In all reality, you can get out of a lease with minimal pain when you have about 4 months left on the lease. Before then, you are screwed.

Choose wisely Grasshopper!

HiPerf2000

iTrader: (2)

his thing is that he started working for a place that gave him a company car and wants to get rid of the 375mo payment.

Ron P

He could probably take out a loan for the buy out and pay the loan off over the same time frame as the lease. Between saving the 375 and the insurance, he would be way ahead of the game. It's just a tough bullet to swallow, but it makes a lot of sense.

What makes more sense is for his company to give him a car allowance and then take back the company car.

Oh, he really should only use the company car for company business, right? So doesn't he still need a personall vehicle?

HiPerf2000

iTrader: (2)

his buddy opened a car lot, and he started working with him, and gets to take a (demo) home every day. So unless they run out of cars (there is a usuall inventory of 50), he should always have a vehicle.

jb

Troutly... I am thinking like you. Inquire on the buy out price and try to sell it. A friend of mine was in the same situation and had a relative use it the last year and paid on the lease.
I would see if you can lease a different vehicle like a crew cab diesel and tow your boat!!!

Playn

Check out http://www.leasetrader.com

There may be some info here