My truck - the LEASED vehical. Enuff questions, heres ur answers! - Ranger-Forums - The Ultimate Ford Ranger Resource


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Old 07-12-2007
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My truck - the LEASED vehical. Enuff questions, heres ur answers!

Since quite a few people have brought this up, i am going to put down this topic once and for all...

Yes, my truck is a lease.

Yes my lease Ends August 29, 2007

Yes I am BUYING my truck.

Why?! Well, I been watching my truck on the lots... and I also did a little homework of my own, lead on a couple local dealers that I was interested in another ranger, same year, and trim line, and the lowest they will go on my truck is $14,000.

My buy out is $11,100. I cant replace my truck for that price, nor can I afford to lease another truck, or buy one for that matter for the payment I have now. It is not possible, unless ford comes out with them killer deals like they had in the summer of 05.

So, to put this all to rest I AM BUYING MY TRUCK!
sheesh.

Is it financially responsible? Probably not... but It kept my payment down, and it got me into a new vehical which i know the hiostory of. knowing the history and how it was taken care of is huge in used vehicals. and i know my truck quite well. and considering the shape its in, its worth more than the $11,100 buy out. its in EXCELLENT condition, no rust at all, pull my wheels, look under neath, crawl around the engine compartment, its all CLEAN and rust FREE! hell, no vehicals on the lot arnt even rust free... but mine is. With all the work I have put into it, and the fact that i will not be able to replace it anytime soon with anything remotely as nice, me and dad have decided to keep it since its been pretty damn reliable. I must admit tho, my truck has NEVER failed to start.

so now maybe all u 'isnt it a lease' people will relax!
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Old 07-12-2007
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didn't say you couldnt mate.. usually to buy it out you have to take there financing or it goes to auction.. and they usually slam you thus why i asked if you CHECKED into what it would be cause most dealers would rather send it to auction the get more $ out of the deal....
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Old 07-12-2007
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Zach I don't think you have to finance the car through who ever you leased it through. If he financed it with any other bank or credit union it would be no different then going in with cash at the end of the lease and saying I want to buy the truck now, I don't think they are going to tell him no.
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Old 07-12-2007
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ya just make sure there was i know a few dealers that really screwed people around here sometimes with lease buy out tis all...
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Old 07-12-2007
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Sorry, but id rather pay for my truck once.
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Old 07-12-2007
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i personally never can lease.. put WAY to many miles on... and constant wanting to mod something...
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Old 07-12-2007
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Quote:
Originally Posted by mj550
Sorry, but id rather pay for my truck once.
x2

Never quite understood leasing a vehicle unless you wanted to keep up with the Jones'. Have a new vehicle every three years but never own any of them. Lame.
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Old 07-12-2007
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the lease actually worked for me. it worked in the sense that it got me into a nice new vehical cheap. Now that I have grown to love that vehical I can buy it out if I wish. after its all said and done, i will have paid sticker price for it. can I say it was a 'smart move'? maybe... maybe not. I could not afford a $450 a month payment plan. Instead, i could afford a $300 payment plan. what i ended up with was a $250 payment plan. over the course of 3 years = $9,000 whats left? 11,100. We are going thru a local bank on this, since dealing with FC is a pita. For one thing, no one over at FC knows wtf their talking about, they make **** up as they go along. And i doubt FC will give us the same rate we were offered by dads bank... Not only that, the bank is local, so i can make payments locally with out having to mail in payments...

Anyways... the lease enabled me to get this truck with a low monthly payment, and the buy out will keep my payments low. in the end tho, i probably will have paid more than what the truck was stickered for in interest... not exactly a financially responsible move.

as far as paying for it 2x? not exactly... just paying more for the same thing. And if i remember correctly here, not trying to start trouble, but didnt l2en, pay something like $30K+ for his ranger after it is all said and done? not pointing fingers, just pointing out that we are both retards
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Old 07-12-2007
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Quote:
Originally Posted by FMD
didnt l2en, pay something like $30K+ for his ranger after it is all said and done? not pointing fingers, just pointing out that we are both retards
For the first one, interest/finance charges included. My credit wasn't that great when I was 20.
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Old 07-13-2007
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The dealer would prefer to sell the truck to the guy who leased it originally.
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Old 07-13-2007
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Quote:
Originally Posted by Redneckstone
i personally never can lease.. put WAY to many miles on... and constant wanting to mod something...
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Old 07-13-2007
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^^^^ I thought you didn't drive your truck all the time? In any event I agree, I haven't owned my truck 3 years (bought it new) and it is 600 miles shy of 75,000....
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Old 07-13-2007
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Quote:
Originally Posted by greygooseranger
^^^^ I thought you didn't drive your truck all the time? In any event I agree, I haven't owned my truck 3 years (bought it new) and it is 600 miles shy of 75,000....
my truck i don't drive hardly at all (94,000 miles in over 10 years)......BUT that is why i couldn't lease one because i would be out of 3 years worth of miles in a year.......
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Old 07-13-2007
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Me and my dad lease new cars every two years. My dad leased a 08 Lincoln MKZ for my mom and I did one of the new Edges for my wife. But then again we right it off as a business expense.

Oh and his 07 F350 was bought and paid for by the business too as a "work" truck.
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Old 07-14-2007
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Quote:
Originally Posted by 4x4 EDGE
we right it off as a business expense.
I did that with my last FX4. It was my 'stupervisor truck'

I wrote off my cash downpayment on my new truck as a business expense as well considering I was still a licensed/insured builder at the time =]
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