baggs32 Posted January 5, 2009 Share Posted January 5, 2009 My '06 Explorer lease is up on May 25th. I've heard Ford Credit will sometimes contact some folks 3-5 months before their lease is up to turn it in early if they buy another Ford and no penalties will be assessed. Is this true, and if so, is it common? I'm in no huge hurry to get rid of the Explorer because it's been absolutely phenomenal for us but it is time for something new. I'd like to catch a "sign and drive" event, like we did with the Explorer, for a new Flex and I don't recall that offer ever coming up in May before. IIRC they usually offer it in late Winter/early Spring if they even offer it at all this year. Quote Link to comment Share on other sites More sharing options...
stevea26 Posted January 5, 2009 Share Posted January 5, 2009 Good luck with that. A great lease is hard to find these days. Not just a Ford. My wife's 08 Taurus X is up in June and I think I may just buy it. I cant even get in the same zip code let alone ballpark on a new Flex or Taurus X or even Explorer lease. If you are looking to buy it you get a break on the lease option price if you do a pre-term offer if you have more then 1 month but less then 4 months left on your lease. Its a good deal for you if you want to keep your car. Oh no payment waivers right now but they do give you extra cash back for being a lease customer that goes on top of whatever the rebate is. Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 5, 2009 Share Posted January 5, 2009 My '06 Explorer lease is up on May 25th. I've heard Ford Credit will sometimes contact some folks 3-5 months before their lease is up to turn it in early if they buy another Ford and no penalties will be assessed. Is this true, and if so, is it common? Yes, it is true. Common, well I would guess it will be less common this year, especially on vehicles that they know will come in under the assigned residual value (i.e. any SUV). Maybe only 2-3 months knocked off. I'm also guessing that lease deals will not be as good as they were in the past when Ford "arm twisted" ford Credit's Red Carpet leasing agency into assigning unrealistic residual values, especially on new models. Without TARP money, Ford Credit must get money "the old fashioned way". Also, lease these days require a very high credit score. Quote Link to comment Share on other sites More sharing options...
jasonj80 Posted January 5, 2009 Share Posted January 5, 2009 I know People that had leases expiring back in July and have gotten them extended as they were waiting for the new F-150, but they also were leasing F-150's. Also if you order a car they will usually extend it month to month, until your new vehicle comes in. Quote Link to comment Share on other sites More sharing options...
exploder48 Posted January 5, 2009 Share Posted January 5, 2009 (edited) My '06 Explorer lease is up on May 25th. I've heard Ford Credit will sometimes contact some folks 3-5 months before their lease is up to turn it in early if they buy another Ford and no penalties will be assessed. Is this true, and if so, is it common? I'm in no huge hurry to get rid of the Explorer because it's been absolutely phenomenal for us but it is time for something new. I'd like to catch a "sign and drive" event, like we did with the Explorer, for a new Flex and I don't recall that offer ever coming up in May before. IIRC they usually offer it in late Winter/early Spring if they even offer it at all this year. Watch out for the "no penalties assessed" words. It was called an "early out" program whereby Ford made your last payments if you went into a new lease Some years ago it was as high as 6 months payments, but the most recent one was only two months, and that program expired. However,what many people did not realize was that your mileage was pro-rated, so if you came in early your mileage allowance was adjusted- e.g. two months early at 12,00 miles per year, you were allowed 2,000 miles LESS. This created some issues at the time, because some people were then over the allowable miles. I haven't heard any news of a new early out program yet, but one never knows. A smart leasing manager at your local dealership will contact you as soon as a program of this type is available. Edited January 5, 2009 by exploder48 Quote Link to comment Share on other sites More sharing options...
baggs32 Posted January 5, 2009 Author Share Posted January 5, 2009 Thanks for all the info. I'll keep crossing my fingers that I get to turn it in when some sort of deal comes around (if one ever does). If not, this long time Ford fan and buyer will go elsewhere where there are deals to be had. I don't want to do that but will if they push me out. Quote Link to comment Share on other sites More sharing options...
Pioneer Posted January 5, 2009 Share Posted January 5, 2009 Keep in touch with your dealer. They know about programs coming out in the future. If they know you are interested, they can keep you informed. Quote Link to comment Share on other sites More sharing options...
theoldwizard Posted January 5, 2009 Share Posted January 5, 2009 Excellent advice Pioneer ! A hungry salesperson will call you as soon as anything hits !! Quote Link to comment Share on other sites More sharing options...
Deanh Posted January 5, 2009 Share Posted January 5, 2009 Excellent advice Pioneer ! A hungry salesperson will call you as soon as anything hits !! please........... Quote Link to comment Share on other sites More sharing options...
Deanh Posted January 5, 2009 Share Posted January 5, 2009 My '06 Explorer lease is up on May 25th. I've heard Ford Credit will sometimes contact some folks 3-5 months before their lease is up to turn it in early if they buy another Ford and no penalties will be assessed. Is this true, and if so, is it common? I'm in no huge hurry to get rid of the Explorer because it's been absolutely phenomenal for us but it is time for something new. I'd like to catch a "sign and drive" event, like we did with the Explorer, for a new Flex and I don't recall that offer ever coming up in May before. IIRC they usually offer it in late Winter/early Spring if they even offer it at all this year. you are pertaining to their early bird programs....none of which are being utilized as of today...however, programs change tommorow....wonder what will happen tp Employee programs...... Quote Link to comment Share on other sites More sharing options...
tcob Posted January 6, 2009 Share Posted January 6, 2009 If you are looking to buy it you get a break on the lease option price if you do a pre-term offer if you have more then 1 month but less then 4 months left on your lease. Its a good deal for you if you want to keep your car. Oh no payment waivers right now but they do give you extra cash back for being a lease customer that goes on top of whatever the rebate is.i'm in the same boat on my f-150 . talked to the dealer today . they weren't aware of any programs yet . my lease is up in may , and i'd like to buy it , but not at the $20,600 that was quoted 20 months ago. where are you getting your info ??? Quote Link to comment Share on other sites More sharing options...
baggs32 Posted January 6, 2009 Author Share Posted January 6, 2009 Keep in touch with your dealer. They know about programs coming out in the future. If they know you are interested, they can keep you informed. That's worth noting. Thanks Pioneer. How far into the future can they see though? I feel like I have more advance info from these threads sometimes. FWIW my salesman did send us a letter last week letting us know that the lease is up in 5 months and offering his services for a new vehicle and any questions we may have regarding the lease end procedures. He's a good guy and I trust him (bought 3 cars from him so far) and I'm tempted to have him start looking out for deals. The Pittsburgh auto show is coming up in about a month and they usually run some good specials during that event. However I need them to eat the last 3 payments off of my lease to turn it in at that time. That's one big reason I asked my original question. We keep our mileage low so I know I wouldn't take a hit if they adjusted the early bird months for mileage. Quote Link to comment Share on other sites More sharing options...
Pioneer Posted January 6, 2009 Share Posted January 6, 2009 How far into the future can they see though? Deanh or chiefstang would know better than I. Quote Link to comment Share on other sites More sharing options...
stevea26 Posted January 6, 2009 Share Posted January 6, 2009 i'm in the same boat on my f-150 . talked to the dealer today . they weren't aware of any programs yet . my lease is up in may , and i'd like to buy it , but not at the $20,600 that was quoted 20 months ago. where are you getting your info ??? Im getting my info from a very good guy..... Me. I am a general Sales Manager at a Ford Lincoln Mercury dealership... :shades: Ifs called pre term price. Quote Link to comment Share on other sites More sharing options...
stevea26 Posted January 6, 2009 Share Posted January 6, 2009 you are pertaining to their early bird programs....none of which are being utilized as of today...however, programs change tommorow....wonder what will happen tp Employee programs...... Programs now are good to the 12th. Quote Link to comment Share on other sites More sharing options...
tcob Posted January 7, 2009 Share Posted January 7, 2009 Im getting my info from a very good guy..... Me. I am a general Sales Manager at a Ford Lincoln Mercury dealership... :shades: Ifs called pre term price. thanks , i will loook into it . i really like this truck . Quote Link to comment Share on other sites More sharing options...
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