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NJRonbo

Any advantage returning lease way under mileage?

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Posted (edited)

I am currently leasing a 2019 MKZ Hybrid

 

Due to me being now retired and the pandemic, I don't drive it much.

 

By the time I return this vehicle (2022) I estimate it will have 15,000 miles on it compared to the 36,000 I was allocated.

 

Any advantage of returning a lease with ultra-low mileage on it?   If I was going to buy my next vehicle from Lincoln would they give me a substantial discount knowing they have a vehicle with very low mileage on it that will sell for them?

 

Or, am I better off just driving as much as I can right now?

 

Thanks in advance.

Edited by NJRonbo

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39 minutes ago, NJRonbo said:

Any advantage of returning a lease with ultra-low mileage on it?   If I was going to buy my next vehicle from Lincoln would they give me a substantial discount knowing they have a vehicle with very low mileage on it that will sell for them?

 

Not usually but check your lease fine print to be sure.

 

What you could do is purchase the vehicle and sell it or make a deal with the Lincoln dealer to take it in trade if the value is a lot higher than the lease buyout.   The dealer may even do the paperwork for you and treat it like a normal trade-in with a leinholder.

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I turned my 2015 F150 in early and with low miles when I got my 2018. The dealer bought the truck from Ford and gave me a "credit" towards my new truck. Basically treated it like a trade-in.

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2 hours ago, MY93SHO said:

I turned my 2015 F150 in early and with low miles when I got my 2018. The dealer bought the truck from Ford and gave me a "credit" towards my new truck. Basically treated it like a trade-in.


Really?  I’ve been told multiple times that dealers aren’t allowed to purchase off lease vehicles directly and that they had to go to auction.

 

Or maybe they showed you as the buyer on the paperwork as I suggested.  

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I've got a feeling this is going to be the case for many people in the next year as everyone has been stuck at home. 

 

Our 2018 Edge SEL is up in 12 months (was a 36 mo lease with 36k miles) and we only have 19k miles on it currently (which means we have 17k miles left to use in a year which we'll be lucky to use 5k of).  I'm pushing my wife for us to just buy it because the residual will be way less then it is actually worth.

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22 minutes ago, akirby said:


Really?  I’ve been told multiple times that dealers aren’t allowed to purchase off lease vehicles directly and that they had to go to auction.

 

Or maybe they showed you as the buyer on the paperwork as I suggested.  

they can 120 days out or more...inside 120 days they cannot..

 

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8 minutes ago, Deanh said:

they can 120 days out or more...inside 120 days they cannot..

 


That makes sense.  Either way the customer could do the buyout and trade it in though.

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Posted (edited)
2 hours ago, Anthony said:

I've got a feeling this is going to be the case for many people in the next year as everyone has been stuck at home. 

 

Our 2018 Edge SEL is up in 12 months (was a 36 mo lease with 36k miles) and we only have 19k miles on it currently (which means we have 17k miles left to use in a year which we'll be lucky to use 5k of).  I'm pushing my wife for us to just buy it because the residual will be way less then it is actually worth.


Quarantine has allowed me to not go over miles on my Fusion, combined with me being on temporary layoff between the end of next week and sometime around thanksgiving(?) I should hit 32k right around May when my lease is up. It's at about 26k now. 
 

I might try and pull it early if I can get a good deal on the 2020 Ranger fire sale and my dealer can find and trade for what I want and the financials make sense. 

Edited by fuzzymoomoo

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3 hours ago, akirby said:


Really?  I’ve been told multiple times that dealers aren’t allowed to purchase off lease vehicles directly and that they had to go to auction.

 

Or maybe they showed you as the buyer on the paperwork as I suggested.  

 

Don't know about that. The finance guy lives in the same little bedroom town that I do. He told me he was waiting for me to turn it in so he could put it on the used car lot.

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14 hours ago, fuzzymoomoo said:


Quarantine has allowed me to not go over miles on my Fusion, combined with me being on temporary layoff between the end of next week and sometime around thanksgiving(?) I should hit 32k right around May when my lease is up. It's at about 26k now. 
 

I might try and pull it early if I can get a good deal on the 2020 Ranger fire sale and my dealer can find and trade for what I want and the financials make sense. 

 

 

DDDDOOOOO IIIITTTTTTTTTTTT!!!!!

😎

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46 minutes ago, Anthony said:

 

 

DDDDOOOOO IIIITTTTTTTTTTTT!!!!!

😎


I want to but the financials have to make sense. I just read 2020 Ranger isn't eligible for 0% Financing which makes no sense to me. I really don't want to take on new debt unless it makes sense right now. My wife and I are trying to pay down/off as much debt as we can because both truly believe shit is about to hit the fan soon and were trying to safeguard from that as much as we can. 

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