Leasing question

Leasing question

This is a discussion on Leasing question within the F150 Ecoboost Purchasing forums, part of the F150 Ecoboost Forum category; Im looking into leasing a new 2019 f150 xlt, I will be trading in my 2016 f150 which I owe $14000, which gives my a ...

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    Rookie Pingman1961's Avatar

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    Leasing question

    Im looking into leasing a new 2019 f150 xlt, I will be trading in my 2016 f150 which I owe $14000, which gives my a positive equity of about $15000. The question is how does this work? Do they pay off loan and give my a check for the $15000? I have never leased before, so Im not sure how that works. I traded every 3 years, with less than 36000 miles. Or os it smarter to just refinance?

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    Ecoboost Veteran djfllmn's Avatar

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    they pay off the loan and usually use the equity as a down payment. You don't want to put that much down on a lease though. At most only 2-3 grand. I am on my 3rd F150 lease and while i love leasing its not for everyone.
    2018 2.7 Supercab XLT sport Lightning blue
    1968 Thunderbird
    Past: 16 F150 5.0 , 14 F150 5.0, 07 F150 5.4, 03 Ranger 4.0
    Master Certified Ford parts and warranty administrator

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    Ecoboost Sr Member {tpc}'s Avatar

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    Are you saying that they are essentially giving you $29000 for your truck? If so, then I think you have it right. They probably cut the bank a check and you a check. Or they just cut you a check that you take to the bank, either way, same deal.

    Buying, if you can afford it, is always better than leasing imo. I leased for a couple of reasons, not just that, but at the end of the lease you will be either buying the truck probably for more than you want to pay, or turning it in and going through the whole money down/etc negotiations all over again. plus you have to deal with mileage. If it isn't that I've never seen anyone get the "advertised" lease price (its almost always more for some reason), its that they get you with the 10000 miles a year lease which seems the typical starting point nowadays.

    So its $149/month but what you don't know is that is base model, 10000 miles a year, and $3000 down. By the time your done figuring it all out, your payment is closer to $300/month, and you don't own any of it.

    If it were me, and I liked the truck and it had low mileage like you said, and no issues, I would probably just keep it. Refinance it, or whatever. At least you know the history of your truck. Or if you want a new one, buy it if you can. The way the prices are nowadays, I'd almost look for a used 2018 or wait a bit to find a used 2019 and buy that. Saves you some money, and still practically a new truck.
    2018 Magnetic F150 XLT SuperCrew 2.7l Ecoboost/302A

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    Ecoboost Veteran djfllmn's Avatar

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    ^very well put, the TV ads are very deceiving. You can lease an STX or base XLT for next to nothing but once you get up to a 302A XLT prices really go up, forget leasing a lariat or anything higher.

    I lease because i like always having a vehicle under warranty and like a new vehicle every few years, plus with the discounts i get it really makes it attractive but yes you do have that constant payment
    2018 2.7 Supercab XLT sport Lightning blue
    1968 Thunderbird
    Past: 16 F150 5.0 , 14 F150 5.0, 07 F150 5.4, 03 Ranger 4.0
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    Rookie Pingman1961's Avatar

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    Just to clarify my question, I will either lease or buy a new truck, since I like to trade every 3 years. My current payment is relative low($456) per month. I'm just trying to figure out my best option. I would definitely not put down a large down payment on a lease if I was to go that route. I just like to ask questions on this forum and get everyone's opinions

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    Ecoboost Veteran djfllmn's Avatar

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    are you one to modify your trucks a lot or keep them pretty stock?
    2018 2.7 Supercab XLT sport Lightning blue
    1968 Thunderbird
    Past: 16 F150 5.0 , 14 F150 5.0, 07 F150 5.4, 03 Ranger 4.0
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    Ecoboost Sr Member {tpc}'s Avatar

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    If buying is working for you now, I wouldn't change. The only reason would be if you saw a significant decrease in payment, and could handle the mileage limitations. Unless your getting some magic from your dealer with A plan discounts and what not, I'm guessing leasing isn't going to do this. Go in and find exactly what you want on the lot, and ask what the lease price would be with lets say $2500 down. Then ask what the payment would be if you bought it and put $15k down. If your not saving $100 or more a month on the lease, I wouldn't lease. Just remember, you will never get that down payment back from the lease. You could always try for a $0 down lease (i doubt think they do this though), and at least you keep that money, but your payment will be much higher as a result.

    I wonder, do they have any 0% financing programs now? If you can buy on a 0% (or close to it) program, that is the absolute best way imo. You get to use that money for free and all your payment goes towards the cost of the vehicle. Even at 2% finance that is still a good deal.
    2018 Magnetic F150 XLT SuperCrew 2.7l Ecoboost/302A

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    Ecoboost Veteran djfllmn's Avatar

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    every once in a great while they have 0 down leases, rare though
    2018 2.7 Supercab XLT sport Lightning blue
    1968 Thunderbird
    Past: 16 F150 5.0 , 14 F150 5.0, 07 F150 5.4, 03 Ranger 4.0
    Master Certified Ford parts and warranty administrator

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    Ecoboost Pro Mitchf150's Avatar

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    To me, leasing works well if you don't drive over the limited miles allowed per year and you need a new vehicle every 3 or so years...

    I don't fall under either of those categories, so I like paying off a vehicle and driving it to the ground and then getting the next "new" thing about every decade or so..

    My last F150 was a 97 and then now a 13 so there you go..

    Anyway, don't matter what a bunch of interweb goofs thinks... It's what is going to work for you.

    Good luck!

    Mitch
    2013 F150 SuperCab 4x4 XLT Max Tow 3.73 Egoboost. #7700 GVWR, #1920 payload. Bilstein 5100 shocks, PowerStop "Max Tow" brakes. Hellwig 2500 overload spings. 2003 Prowler Lynx 722F, #5000 GVWR and weighs every bit of it!

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    Ecoboost Veteran tvsjr's Avatar

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    The biggest question with a lease is mileage. If you go over the allotted mileage, you will get *raped*. No lube involved. Run it up too far and you're stuck with either paying huge penalties or having to buy out the vehicle (which, if you want a new truck every few years, isn't the option you want).

    Bottom line, make sure you read everything in minute detail and make sure you're willing to comply with everything.

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