Buying, errrr, Leasing a Lightning!

[Deleted member 22541]

Had my deal set - decent numbers on a Lightning LARIAT: was on way to dealership to trade my PB >>>
my salesman called saying, IRS won't approve LIGHTNING for the $7500 rebate (which all FORD dealers say is good thru Sep 30!)
Anyway, before turning around and going home, I decided to keep going and let them see my PB and validate the trade value -
(BTW I love my PB - just an awesome vehicle!) and in the meantime salesman gave me leasing option - pretty crazy.
Can get a lease (36,48, or whatever) for a great number and a pretty big check for the equity in my PB!

Fast forward:
was actually in competition with another buyer looking at "my" LIGHTNING, but my salesman secured my deal,

BUT when we went to look it over , I discovered it did not have the PRO POWER which I want to power my house!!!!

Crazy! So they are bringing one in for me - should have the beast Friday.

I'm still not sure they have th EV IRS credit thing right, but the lease is awfully attractive -
my equity check will pay for the lease 46 of 48 months!

Sponsored

 

[hturnerfamily]

check Ford's lease details, but if they allow for a no-fee payoff, anytime, simply PAY OFF the lease with Cash, or with a check from a financing option, such as from your local bank... the lease SHOULD contain the Tax Credit REFUND as part of your transaction, without any need to file on future tax returns, etc., if your truck qualifies.

I did this on our KIA EV9 'lease' back last year - the EV credit was applied within the lease, and we simply paid the lease off IN FULL a month later, with no fees or additional costs. This was mainly due to KIA EV9 still being manufactured in Korea, at the time.

 

[Deleted member 22541]

check Ford's lease details, but if they allow for a no-fee payoff, anytime, simply PAY OFF the lease with Cash, or with a check from a financing option, such as from your local bank... the lease SHOULD contain the Tax Credit REFUND as part of your transaction, without any need to file on future tax returns, etc., if your truck qualifies.

I did this on our KIA EV9 'lease' back last year - the EV credit was applied within the lease, and we simply paid the lease off IN FULL a month later, with no fees or additional costs. This was mainly due to KIA EV9 still being manufactured in Korea, at the time.

Have never entertained a lease - did not want to limit annual mileage, however I'm at about 15,000 miles annually now, so looked 15K and 13.5K, which is what I'm going with - good points on the "no fee" payoff, which I'll check on. Thanks.

 

[Bigisland Guy]

Just a recomendation, consider sizable Gap insurance while you lease and then drop it when you pay off.

 

[LakeWorthLuke]

Had my deal set - decent numbers on a Lightning LARIAT: was on way to dealership to trade my PB >>>
my salesman called saying, IRS won't approve LIGHTNING for the $7500 rebate (which all FORD dealers say is good thru Sep 30!)
Anyway, before turning around and going home, I decided to keep going and let them see my PB and validate the trade value -
(BTW I love my PB - just an awesome vehicle!) and in the meantime salesman gave me leasing option - pretty crazy.
Can get a lease (36,48, or whatever) for a great number and a pretty big check for the equity in my PB!

Fast forward:
was actually in competition with another buyer looking at "my" LIGHTNING, but my salesman secured my deal,

BUT when we went to look it over , I discovered it did not have the PRO POWER which I want to power my house!!!!

Crazy! So they are bringing one in for me - should have the beast Friday.

I'm still not sure they have th EV IRS credit thing right, but the lease is awfully attractive -
my equity check will pay for the lease 46 of 48 months!

What is a PB?

 

[Deleted member 22541]

What is a PB?

My hybrid POWERBOOST - F150 POWERBOOST = PB

 

[MrSkull]

My salesman called saying, IRS won't approve LIGHTNING for the $7500 rebate (which all FORD dealers say is good thru Sep 30!)

Did they give you a reason for saying the IRS won't approve the rebate? I've heard of dealerships missing that the $80K max value DOES NOT include destination charges even though it's stated on the IRS's website and on Fords website. Not saying I've seen that just word of mouth stuff.

 

[Deleted member 22541]

Did they give you a reason for saying the IRS won't approve the rebate? I've heard of dealerships missing that the $80K max value DOES NOT include destination charges even though it's stated on the IRS's website and on Fords website. Not saying I've seen that just word of mouth stuff.

I told them delivery does not count according to IRS rules, so needs to be subtracted to see where MSRP falls vs the $80K cap - theres a good thread here going back to May where this issue is discussed and it looks like FORD is the culprit by not getting eligible VINs to the IRS timely, so this may not be a dealership issue. I've moved on - the lease is intriguing, and I'm now going after a PLATINUM -- (they don't qualify for the rebate).

 

[RSMLightning25]

I was looking at buying my Lariat but the dealer was unable to confirm eligibility of the tax credit for some reason as well. They mentioned Ford was aware and working on something but it didn't matter anyway since I went for the lease.

 

[El Duderino]

I leased and don't regret it.

If you have questions about leasing, ask away. I went deep down the rabbit hole researching them and might be able to help answer a question if you have any.

 

[CD4TNF]

The "competition" is just a sales pressure tactic in my opinion.

 

[WXman]

Just a recomendation, consider sizable Gap insurance while you lease and then drop it when you pay off.

Every lease I've signed over the last 25 years has had GAP insurance included standard. The institution owns it, so they're going to protect themselves.

Did they give you a reason for saying the IRS won't approve the rebate? I've heard of dealerships missing that the $80K max value DOES NOT include destination charges even though it's stated on the IRS's website and on Fords website. Not saying I've seen that just word of mouth stuff.

In another thread, a guy was talking about how dealers have to basically register each VIN they receive to make it tax rebate eligible, and some dealers failed to do that on all their inventory, rendering some of their trucks ineligible for the rebate.

Sponsored