I just got this email question about how to handle an end-of-lease Ford turn in:
Hey Markus, I purchased your system a couple of days ago and I’m looking forward to using it. Thank you for the info! As I’m reading through everything the question that comes to mind is when should I initiate the process? I am currently leasing a Ford Escape (I had never leased before and made one of the worst business deals in my life….) and my lease expires in exactly 90 days. If I start the process now, is that too early? For example, if I found a vehicle in a week’s time, it would leave me paying for 2 vehicles for several weeks. Or is this something I would address in the emails–the delivery date? Also, the salesman who initially got me into the lease told me that it’s not worth buying my current vehicle because the price that was agreed upon when we signed the lease is higher than the vehicle is currently worth. (Nice.) Lastly, I purchased extra mileage up front (15k per year) and am now at 32k, meaning I’ve purchased an asset that, unless I do a whole lot of driving in 90
days, I will give to Ford for free. My vehicle is in perfect condition. Should I try to sell it? I will appreciate any and all advice.
Normally, I would answer this question within my system…
But you are asking great questions that a lot of people ask of me… so here we go:
The GREAT news is you got my system with plenty of time left until your lease ends. Most others wait ’til the last minute (which limits options). And you have GREAT options:
Of course, we do something the car dealers do not want us to do: we “flip” our lease-end-vehicles for a (potential) end-of-lease payday. Many of my clients sell their vehicles to my list of Wall-Street-funded car buying services and make hundreds… even thousands of dollars. Click here to see my “flip” tutorial.
Now for the (seemingly) bad news: Ford is one of a handful of automakers that do not allow for 3rd-party buyouts. Ford does this to protect their dealerships. Because when we turn in our perfect, end-of-lease cream puff, Ford lets it dealers flip our vehicle for almost $9,000.00 in extra profits.
But, I have good news. There is a loophole I discovered to get around this. It is 100% legal and 100% ethical – and it is cleverly crafty. It meets the conditions set out in every Ford lease agreement. (I bet Ford does not want this secret out for long.) And it is working out well. (A few of my clients tried it and was successful with it.) Marcia… log into my system ASAP and go to the “Flip” tutorial… then click on the “Ford” link for my secret.
About the timing… it is never too early to find out if we can successfully flip our vehicle for a profit. Yes, the appraisals only last a few hundred miles or a few weeks at the most. But that is okay. Use my system to try and flip your vehicle today. You might be able to get out of your lease early AND pocket hundreds to thousands of dollars at the same time. If the math does not work out today, pause for a few months and try again once your lease term approaches. We can always get our vehicle reappraised once we get closer to our end-of-lease date.
About the salesperson saying we cannot get any “lease equity” out of our end-of-lease vehicle. This “advice” is absolute blathering crapola. Car sellers are professionally trained liars. Here is my montage of the most audacious car training YouTube videos as proof.
In most cases, my clients flip their vehicles and walk away with cash in their bank account – even when it seems impossible. If they listened to this car seller’s terrible advice, they would be hundreds… even thousands of dollars poorer. Rule of thumb: NEVER, EVER do business at a car “stealership” (and this includes getting advice from car sellers). Car sellers are not our friends. In fact, most of them are the enemy.
About paying for extra mileage in advance. Bah humbug – you got fleeced. It almost never, ever makes financial sense to prepay for extra mileage. I get it… it sounds like a financially sound tactic. But in the end, the dealer wins (almost) every time on this extra. Why? Because most people improperly estimate the number of miles they will drive over 24 or 36 months. I would just strike it up as a “life lesson” and forget about it. Again, in the future, I would hedge my mileage bet by flipping my end-of-lease vehicle for a profit. Because a “flip” virtually rips up the leasing contract – and all over-the-mileage penalties disappear.