Early Lease termination - Some advice/tips please?

JackIsBack

Hi all.

this is my first post in the forum, so apologize if I am not doing something right.

I leased a 2014 Ford Mustang 3yrs / 45K miles. The lease ends Nov'2016 and at this point I have clocked around 34K miles. We are having a new addition in our family and i m wondering if I could end my lease early and get an SUV instead - most probably Honda Pilot, Buick Enclave. or Dodge Durango.

What are the options I have?

Michaell

JackIsBack said:

Hi all.

this is my first post in the forum, so apologize if I am not doing something right.

I leased a 2014 Ford Mustang 3yrs / 45K miles. The lease ends Nov'2016 and at this point I have clocked around 34K miles. We are having a new addition in our family and i m wondering if I could end my lease early and get an SUV instead - most probably Honda Pilot, Buick Enclave. or Dodge Durango.

What are the options I have?

You have options, but they probably aren't good ones.

First, like a traditional loan, your Mustang has a current payoff value and a trade value. Those numbers will tell you if you have negative or positive equity. You can trade in your Mustang at any dealer and address the equity situation at that time.

Alternatively, you can ride the lease out and walk away, assuming you are under miles and have no damage beyond normal wear and tear.

JackIsBack

Thank you for your response.

How do I find the trade value and current payoff value?

Also, I did have the back bumper damaged, two months ago, when someone dinged me, and needed it to be completely replaced. I claimed through my insurance and its all fixed now. But I am assuming that wont in anyway affect when I return the car when the lease ends. Right?

Michaell

JackIsBack said:

Thank you for your response.

How do I find the trade value and current payoff value?

Also, I did have the back bumper damaged, two months ago, when someone dinged me, and needed it to be completely replaced. I claimed through my insurance and its all fixed now. But I am assuming that wont in anyway affect when I return the car when the lease ends. Right?

Correct, the benefit of a lease is that if you go to the end of the term and walk away, any damage that has been repaired well won't harm you.

If you have a CarMax by you, get them to give you a quote. Also, check out the "Real World Trade in Values" discussion here at Edmunds; the experts there can give you a pretty good idea what your car is worth.

For payoff value, call Ford Credit (if that is who you send your lease payments to).