Ford Lease FAQ
Frequently Asked Questions About Ford Leasing
The most common way to finance a new Ford is by getting a car loan, and that has many advantages, including the chance to build up cash value in the car you drive every day. Leasing is a less familiar form of financing but it can be a viable strategy. To help clarify this topic, we've prepared a list of frequently asked Ford leasing questions. Of course, we'll be happy to answer any questions do you have in person or by phone. But in the meantime we hope the following FAQs will be helpful To our friends in South Haven, MI and surrounding areas.
Is leasing a good way to get a new Ford truck or SUV?
Leasing can make sense for Benton Harbor, MI customers who have a temporary cash crunch and need to reduce their monthly out-of-pocket costs. In addition, leasing requires a lower initial down payment, so at least in the short term, you get to keep more money on hand for emergencies. Leasing does have some downsides that are important to know about, including the fact that it won't allow you to eventually own your new Ford. We can help you sort through the pros and cons if you stop by and talk with someone in our finance center.
What are some advantages of leasing?
If you've been wanting to buy a new Ford Explorer, Ford F-150, or any other new Ford model, you might be holding back because the monthly car payments are too high. When you lease, your monthly payments will typically be lower than they would be with a car loan. What's more, the down payment, or the amount due at signing, is usually less for a lease than it is with a loan.
What are some disadvantages of leasing?
If you lease a new Ford Bronco or Ford Escape, you won't be building any equity, or cash value, when you make monthly payments the way you would with a car loan. A lease is just like renting, and you have to return the vehicle at the end of your lease contract. Another concern for Paw Paw, MI customers is that a lease limits the number of miles you can drive without incurring a penalty, and you'll have to pay for the cost of any excess damage or wear-and-tear at the end of your lease.
Who should consider leasing?
Leasing can be a good strategy for people in communities like Allegan, MI who need to lower their monthly payments. If you want to drive a brand-new Ford every few years and get all the latest features, leasing is an easy way to do that. Another benefit is that you don't have to worry about selling that Ford at the end of the lease because you won't own it. You'll just drop it off at our dealership and pay for any lease-end charges.
What are my options at the end of my lease contract?
When you get near the end of your lease, you'll have several choices. You can sign up for another lease and drive home with a brand-new Ford. If you really like the Ford you've been driving, you can buy it at a pro-rated discount. Another option that many people exercise is walking away from leasing and buying a new or used Ford truck or SUV.
What else I should know about the end of a lease?
When you're about 30 to 60 days from the end of your lease, it's time to schedule an inspection to determine if you'll have any charges for excess miles, damage or wear-and-tear. You'll be responsible for covering those costs and then you can choose to lease another new Ford or purchase one from our inventory. Please feel free to ask any other questions you have by contacting us at Woodhams Ford in South Haven, MI.
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Woodhams Ford
1111 LaGrange St.
South Haven, MI 49090
- Sales: (269) 637-2137
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