Ending a Ford Focus Lease?

Question

I have a Ford Focus who's lease is up in August. I am found a dodge dealer to pay me the remaining payments along with a new car. (I was going to be over my miles) So how much of a penalty will I be looking at if I walk in owing 5 more payments and willing to give them every dime of what I owe.

Answer 1

most leases are set up the same. you will be charged the remainder of the pmts ($300 x 5 =$1500). you will also be responsible for the miles most leases charge 0.15 per mile (1500 miles x 0.15 = $225). you will also be responsible for any wear and tear damage to the car. my leasing companies look mainly at the tires and glass predominantly and any obvious damage. they will excuse minor wear and tear and door dings and such. also many leases have a turn in fee. thats a fee that the leasing company charges you to come pick it up and take it to the auction. (chrysler/dodge's is $400). each leasing company is different in that aspect. you can take into account the miles, the pmts and the turn in fee's (if there is one) but its hard to tell if you will get a bill for wear and tear until ford picks up the car unless ford has a preinspection process like some manufacturers do.

Answer 2

You're not going to pay any penalty NOW.

The penalty will come in on the day that you decide to trade-in the Dodge at a future date.

If they pay off your lease and finance that amount ON TOP of the Dodge car you are automatically and instantly going into a car-loan that is considered "upside down" because you will be financing the car for more than it's worth.

To that, add the normal depreciation of ANY new vehicle. The gap will be widened.

Here is the scenario in your future:

You walk into a dealership 5 years from now with the intentions of trading in your Dodge for which you owe $21,000 on your loan. They're going to say to you:

"Your car is worth $17000" and you're going to say "But But But... I owe $21000 to the bank!!!"

LOL...

Get the picture!?

And now, because you have already shown that you do this kind of thing, you're going to do it again and get even deeper into the hole!

End advise: Avoid all of the above!!!! Pay off the lease and start on a clean slate!

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