Lease Buy-Out……. Yes or No?

[MrLoganRoss]

Has anyone here purchased their Lightning at the end of the lease? When I leased mine, I spoke with the dealer about how I tend to structure things with cars like this. I lease it initially as a very long test drive, with the intent to buy it at the end. The lease was the only way to get the Federal tax credit pass through. Yesterday I stumbled across some articles indicating that you don’t have a right to buy at the end of a Ford EV lease. I was quite shocked, given I have never seen that in all my years of buying cars. The lease had a residual listed and I talked with the dealer about the buyout.

1. I am just curious as to whether or not anybody has purchased theirs at the end of the lease.

2. Even if you didn’t buy it, at some point near the end, were you given the option to buy it?

3. any other thoughts of observations you may have

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[djstough]

My lease has a very clear buyout term. I also saw that aluded to this week, and I was wondering if they have changed or perhaps they want certain vehicles back? Remember the GM EV1 was never intended for buyouts.

On a related note, has anyone renegotiated the buyout? My original residual was near $50k, but may be closer to $25 when the lease ends. I don't want to pay 50, but could offer closer to 25, knowing it would save them auction, reconditioning, etc. Do they do such a thing?

 

[RickLightning]

When Ford announced "Ford Options", they removed the ability to buy at the end of a traditional lease, trying to push people to Ford Options. Then, when they discontinued Ford Options, they put it back. Your search is revealing that period of time.

Your lease paperwork shows you whether you have the option to buy it or not, and the price.

 

[MrLoganRoss]

That makes a lot more sense. I will go check the paperwork

 

[MrLoganRoss]

My lease has a very clear buyout term. I also saw that aluded to this week, and I was wondering if they have changed or perhaps they want certain vehicles back? Remember the GM EV1 was never intended for buyouts.

On a related note, has anyone renegotiated the buyout? My original residual was near $50k, but may be closer to $25 when the lease ends. I don't want to pay 50, but could offer closer to 25, knowing it would save them auction, reconditioning, etc. Do they do such a thing?

When did you lease?

 

[djstough]

December 2023

 

[hturnerfamily]

While I paid for my '22 LIGHTNING PRO SR in full, two weeks before it arrived, almost exactly Three years ago TOMORROW, with the then 'up to' $7,500 potential tax credit, we DID Lease our '24 KIA EV9 back in February '24, ONLY to get the immediate $7,500 tax 'refund' off the sales price, due to it's being built in Korea - this was due to a Lease being considered a 'commercial' contract, and therefore allowed for the tax refund...

we paid the Lease off, in full, before the first payment was due - KIA has a terrific and EASY Lease buy-off ... no fees, or extra costs. You are basically paying the 'balance' of the Lease payments(3 years, for instance), plus the RESIDUAL value, as stated in the Lease contract.

Now, it took KIA forever to process the TITLE release and get it back to my local tag office - but, eventually, after 60-90 days or more, it finally arrived. The tag office assessed me a 'dealer failure to provide title in a timely matter' late fee... but, I was able to smooth-talk them into relieving it, since it was not 'my' fault, and the Kia DEALER also had nothing to do with the timing... it was KIA MOTOR FINANCE(Hyundai Finance)... oh well.

[we actually had also Leased a previous '22 KIA Sorento PHEV, which we also received a $6,5000 tax refund for, at the time, although that Lease was because we wanted a three-row seating SUV EV, but, there was not really any options at that time for a PURE EV 3-row - but, we knew that KIA had announced the future EV9, and we had no plans to keep a HYBRID vehicle for the long term, as nice as it was. We kept that Sorento PHEV for exactly two years, stayed under the max miles, and traded it in for the EV9, which required basically the same method: pay off the balance of the third year of the lease, and then 'turn it back in' for the EV9...essentially.]

I don't really consider a Lease as a 'long term rental', unless, as in our case, it WAS for a very specific reason. It made sense for us. For many, leasing is just another long-term PURCHASE option, financing wise... just a different method to get to the same end.

 

[WXman]

I leased my '25 last week. I have zero plans to buy it out at the end due to the exorbitant cost of replacing driveline/control system parts on these EVs if they should fail out of warranty. However, for kicks and giggles I asked the dealership if I could buy it out at the end and they said yes. My residual is around $36,500, on a truck with a $72,400 sticker(!). Ouch.

If at the end of my lease technology has allowed new EV trucks by then to be fully charged in less than 15 minutes on any corner in America I will probably lease another EV truck at that time. If not I will go back to diesel.

 

[Brent@ANParts]

Definitely track down your lease paperwork and you should see a buyout stated in there or not. Regardless of whatever articles out there may say, it'll be in there. Depending on the buyout you might just want to lease a new one though!

 

[flyct]

@MrLoganRoss

As far as negotiating a lower buy out price, rather than stated residual: I once leased an Acura RL. At lease end it was worth 5000 less than residual. Acura refused to budge on price. They parked it in the back of the dealership along with 20 other RLs and put them all on the auction or a loss.

I leased my current Lightning Platinum because of better incentives and rebates which reduced the cap cost by $25,000. The interest on the lease is 0% so will not buy it out early and decide at lease end if it’s worth the residual. If it’s worth more than the residual I’ll buy it. If not I’ll turn it back in.

 

[RLXXI]

I have the option to buy at lease end and fully plan to unless the residual value is more than actual value. Then I'll turn it in and lease another.

 

[MrLoganRoss]

I leased mine one year ago in August 2024. I haven’t had a chance to check the paperwork, but I assume that the appropriate language is in there.

The main reason for me wanting to buy it out is I have put a little bit of money into the truck in terms of a bed cover and up tinted windows, and a couple of other things.

In reality two years from now, I guess I have the flexibility to make a decision, and maybe I would lease another truck. I just want to make sure I have the option to buy this one if I want.

There is something to be said about the fact that the F150 is the same as every other F150 other than drivetrain. The ease of which I have been able to find accessories and parts at a reasonable price is an amazing benefit. As is the lower cost of repair. Even with respect to higher end stereo equipment that I have added, it doesn’t have to be custom because there are places that specialize in F150s.

My fear about a new design, is it will be so customized from regular F150s that every accessory or change you want to do is either not possible or three times the price.

finally, even if a completely new design comes out in 28, I’m not sure I want to be the guinea pig for year one. Therefore my thought was to buy this one and hold onto it until 30 or 31.

 

[Ricks Lightning]

After seeing what the dealers were willing to pay for my 23 pro that I bought 3 months earlier. Truck had a 55 msrp. They wanted to give 35 towards a 24 flash. So basically a 20k loss from msrp..

Therefore I sold it on my own, and leased the flash. Let Ford take the hit. The truck will not be worth anywhere near where they set the residual. This gives me the ability to get a new one with new technology and not.worry about the long term maintenance and cost..

Plus it's all a business expense / write off.

Rick

 

[TonyCO]

Yeah. I love this truck. 24 month lease. If the buyout was ok I would purchase based upon my eight months of driving it. That being said this thing won’t be close to the buyout so it will go back to Ford. Anyone thinking the numbers will be close is not living in reality.

 

[flyct]

Yeah. I love this truck. 24 month lease. If the buyout was ok I would purchase based upon my eight months of driving it. That being said this thing won’t be close to the buyout so it will go back to Ford. Anyone thinking the numbers will be close is not living in reality.

It depends on the residual stated in the Lease contract. It may possible that the truck will be worth more than the residual buyout if the residual is low enough.

Per my lase contract, my $91,735 MSRP Platinum, has a $88,181.36 Cap cost after X-PLan discount. It has a 56% residual of $49,299.25 after 39 months.

Who knows what the market value will be in 3 years. On the contract a down payment of $ 21,615.00 was applied which was all rebates and incentives. I paid $0 out of pocket at signing.

With all costs, fees, taxes etc it will cost me $22,279.92 to lease for 39 months. I can buy it for $49,299.25 after the 39 months. It may be worth close to that. fingers crossed. If not I walk away.

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