Ford Sold Me My Leased Car - Now They Want it Back

[LdiJ]

Interesting.

You could not be forced to buy the car, by the way - although you might have felt financial pressure to purchase it.

I felt personally forced to buy the car. The pressure/forcing came from me, not them. It would have cost me more to surrender it than to buy it.

 

[quincy]

I felt personally forced to buy the car. The pressure/forcing came from me, not them. It would have cost me more to surrender it than to buy it.

Okay. That makes sense. It DOES get costly to exceed the allotted mileage. That is one of the problems with leasing a car.

 

[Zigner]

Okay. That makes sense. It DOES get costly to exceed the allotted mileage. That is one of the problems with leasing a car.

On my last lease I asked if there was a discount for prepaying for additional mileage. They said no, so I simply estimated my monthly mileage and set aside the money in a savings account every paycheck. It didn't make sense to pay the money up front like that instead of just putting it in to savings until it was needed.

 

[quincy]

On my last lease I asked if there was a discount for prepaying for additional mileage. They said no, so I simply estimated my monthly mileage and set aside the money in a savings account every paycheck. It didn't make sense to pay the money up front like that instead of just putting it in to savings until it was needed.

I never came close or feared coming close to exceeding the mileage. The leased vehicles we had were used as “second” cars and purchased after the leases ended.

 

[Zigner]

I never came close or feared coming close to exceeding the mileage. The leased vehicles we had were used as “second” cars and purchased after the leases ended.

Mine (both times) were my daily commuter vehicles. My daily commute was fairly predictable and I added a small percentage to that number for "other" trips. Our weekend vehicle (and my wife's) has always been the larger vehicle.

 

[LdiJ]

Mine (both times) were my daily commuter vehicles. My daily commute was fairly predictable and I added a small percentage to that number for "other" trips. Our weekend vehicle (and my wife's) has always been the larger vehicle.

What happened to me is that I normally drive only about 5000 miles a year so I wasn't worried at all, and then in the middle of the lease my car suddenly had to provide transportation for three different people to get back and forth to work, in all different parts of the city so it ended up using all of the mileage half way through the lease. Money was really tight that year so it took almost a year to get transportation back to normal.

 

[Zigner]

What happened to me is that I normally drive only about 5000 miles a year so I wasn't worried at all, and then in the middle of the lease my car suddenly had to provide transportation for three different people to get back and forth to work, in all different parts of the city so it ended up using all of the mileage half way through the lease. Money was really tight that year so it took almost a year to get transportation back to normal.

Life happens - absolutely.

 

[quincy]

What I liked about leasing is it allowed us to have a dependable new vehicle that we could then purchase at a lower-than-typical used vehicle price, with the advantage of knowing who used the vehicle and how it was used. No used car surprises.

But we stopped leasing vehicles a few years ago when we both needed to drive more.

 

[Mass_Shyster]

On the other side of the coin is the person who drives WAY less than the miles permitted. I know a woman who turned in a three year old Lexus SUV with 7000 miles. The dealer made a fortune on that one. She was willing to buy it and sell it to me for the buyout price. I wasn't in the market for that type of vehicle at the time. (I generally own a fleet of junks).

 

[PayrollHRGuy]

Though I'm sure it is much less common now the lease company can also miss when calculating the residual value of a leased car. I leased a '92 Toyota pickup and the body style was fairly new. The RV of the truck was set at around $9K after 4 years. I had offers before the lease was up of $15k including one from the manager of the dealership that wanted the truck for himself.

I bought it at the end of the lease and sold it for $10k 4 years after that.