Help, I'm getting ready to end my SUV lease.
 

I am leasing a 2002 XLT Expedition. Ford has offered an early-bird lease on a 2004.

I am also looking at a Lincoln Navigator.

What should I know about leases, I do not fully understand how they will try to screw me.

Please let me know your thoughts.

:thumbsup

debbieN:

The whole concept of a lease is a rip, at least for stuff like cars...

(a) You are simply "hiring" a vehicle which you have no "ownership" of.

(b) There is a lot of crap talked about "tax benefits", which for most people, means very little or nothing.

(c) You are probably limited in annual mileage like 12K miles, otherwise penalized.

(d) When the time comes to end the lease and there has been any damage, you can end up with a sustantial bill - yet still have no ownership of the car.

Summary? Leasing is just a sales tool to load folks with whatever the "lastest model" is and get it out of the showroom :-)

additional info;

I paid $4000 up front and my monthly payments are $580.

I will call tomorrow for the final payoff amount.

Why would you want to rent a car?

Webby

thanks.

I am at 15K per year in milage.

I guess I should just let the lease run out and purchase out right.

debbieN:

Personally.. I'd buy a car and not commit to any lease. If you need funding, it's far cheaper at any bank.

Buy a car your options will be must better...

debbieN:

It's only me, but I'd find that more tempting :)

no because the price to buy is the about the same price as it would have been to buy the car right now, with out having paid on it all that time, in other words its like you wasted the last however much time on a car payment

Screaming:

Yea true!! If it can be dumped back on the leasing company without much cost.. sounds nice!! :-)

When I first leased the car I was able to deduct the full amount of the lease due to my employment.

Now that my websites now pay all my bills and I work for no one I can not deduct anything.

I will follow all your advice.

Thanks for this insight.

What should I buy, I love the size and cargo space of a large SUV. Also I like the view from up above.

:thumbsup

I guess this depends on where you're located and the tax system you have. For me it would be stupid to buy a car as I run my own companies and the car is leased by one of them. Everything - leasing rate, insurrance, gas, ect. - is paid by the company. Also, as we don't lease just one car we get a much bigger discount than what I would get if I bought the car personally.

when I traded in My 1998 expy XLT for a 2000Eddie Bauer, Ford ate the balance of the lease and gave me a better deal on the eddie bauer.

You need to speak with them about their terms and see what you can get away with