Car leasing is great. I can think of no other way of driving a car.
But, one of the downsides is when life happens and we suffer damages and/or go way over the mileage allotment.
OK… I need your help Markus! After reading your “How to turn end-of-lease cars into extra cash”, it sounds like I’m pretty screwed with my current 2016 Lincoln MXK Select lease. When we first got the lease, my wife worked 5 min from our house. A month later she switched jobs and has been putting on 40+ miles per day on her SUV. Therefore, she’s already at 52,000 miles and we still have 4 months left on the lease! The total amount of mileage allowed is 39,015.
Here are the details:
39-month lease (ends Aug 31st, 2019 – 4 payments left)
Payments: $569 per mon.
Mileage Allowed: 39,015
Actual Mileage: 52,000
Cost of Overage: .20 per mile
Buy Out Option: $27,332.60
What is the best option for me that would cost the least amount of money? We’ve been leasing cars forever and never ran into a situation like this. This sucks!
Also… She just rubbed a curb and took a chunk out of the side wall of one of her tires. So I need to get a new one. If I’m handing the care back into Lincoln, do I have to replace the tire with the same exact brand and model number? If not, I’ll guy by a $89 tire instead of spending $230 on the OEM one.
Any help will be greatly appreciated! Thanks!
Have no fear, Markus Allen is here to deliver some potentially GREAT news:
Your timing is EXTREMELY fortunate.
Continue reading “My Ford lease has damage and I am way over the mileage limit – can you help me?”
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:
Continue reading “Here is how I would turn in my Ford vehicle for a profit”
Is your Ford lease about to end and are looking for your Ford lease-end options?
The VAST majority of those who end their Ford leases regret it. Because car dealerships use high-pressure sales schemes to move us into a new Ford lease at full price. Or, if we decide to get a different car, we get the runaround.
Most people have no idea that leasing a car is no different than financing a car. In fact, we can save thousands and thousands of dollars just by asking for the savings. (I have case studies about this here.)
So before you look at your Ford lease-end options, I would look through my leasing tips and strategies here… this helps you make the right decisions when turning in your leased car.
Ford lease-end resources
Car lease is up – now what?
Here is how I would turn in my Ford vehicle for a profit
Ford lease return information
Ford Credit Customer Support