Anyone leasing a Ford F150? | GTAMotorcycle.com

Anyone leasing a Ford F150?

Mikel

Well-known member
I'm in the market for a new truck, except I don't want to own one for much longer than 2-3 years. Anyone think I can get a F150 Supercrew 5.5 box, for around $200 BI weekly? I was thinking of going to Yonge / Steeles Ford, they seem to be a high volume dealer. Anyone out there got a cheap F150 on a lease that can advise on what options and deals they made?

Also I've never leased before, always financed and owned out right, what are some of the horror's of leasing?
 

lucky2

Well-known member
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I drove a new ford truck today, the thing had a 10 speed transmission in it and seem to want to up shift and down shift constantly. really was annoying
 

JTR

Well-known member
One horror of leasing is that you might end up with a low mileage cap by going for the lower rates, and then get stuck with a huge bill on return. Is it really possible to get into a new truck for $400/month? Every truck that interests me seems to come with a mortgage payment.
 

Mikel

Well-known member
Yah, I hear ya. I honestly wouldn't mind a 2.7 Turbo supercrew, 5.5, the transmission thing doesn't worry that much as I drive all highway. Just need something to haul my kids and my bikes, but I definitely know that I don't want it past 3 years, 2 years would be ideal but I don't think they do those terms anymore.
 

nakkers

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Short term leasing, payments will be higher.

You might find a dealer that is looking to move some stock but, that configuration is pretty standard with a mid trim package for appearances. Etc.

Call around. Lower rates are generally offered on specific models. Not sure what the promo of the week is for Ford.

Ford does offer a 24 month lease. The rate isn’t that great. That’s from the web site. The dealer will know all the ins and outs of promos.


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crankcall

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I'm shopping an F150 right now, buy not lease, but I have seen the $198 bi weekly ads at volume dealers. I have no idea what that number actually translates to when you get it to the door.
 

mbroyda

Well-known member
look around on Leasebusters if you want a shorter lease. IMO leasing a truck make a lot of sense if you have a business you can attach it to and take advantage of the tax deductions, and if you know how much you are going to drive, a dealer will normally wave the extra mileage if you lease another vehicle from him once the lease is up
 

Lightcycle

Motorcycle Nomad
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Have leased many vehicles. The finance company can manipulate the payment (bi-weekly, monthly, etc) to be anything you want, provided you put down a large enough deposit or trade-in. So when you're shopping around, it's important to look at the total cost of the vehicle - downpayment + trade-in value + sum of all payments - to get a good sense of what you're actually paying, instead of looking at an artificially low bi-weekly payment.

Other gotchas are lease-return fees. You'll typically have to pay wear-and-tear costs on the vehicle, curb rash on the wheel, scratches or dings larger than the size of a credit card. Even if you've kept it ding-free, at the very least they'll still charge you the cost of a new set of tires (unless you've pre-purchased some kind of tire protection package). You may also have to pay over-mileage costs if you've exceeded the annual mileage.

Also, you cannot suspend insurance on a leased vehicle. Not that you would on a truck, but on something like a summer-only car, it has to be insured full-time.

If you drive to the US, technically you'll need a letter of permission from the leasing company to take the car across the border, but in reality, the customs officials almost always never ask to see the registration.

There are additional costs if you want to buy the vehicle out at lease-end. You're basically buying it off the dealer, so they'll charge you safety certificate, drive-clean test (if required), registration fees, plus all the taxes due on the residual amount.
 

nobbie48

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Have leased many vehicles. The finance company can manipulate the payment (bi-weekly, monthly, etc) to be anything you want, provided you put down a large enough deposit or trade-in. So when you're shopping around, it's important to look at the total cost of the vehicle - downpayment + trade-in value + sum of all payments - to get a good sense of what you're actually paying, instead of looking at an artificially low bi-weekly payment.

Other gotchas are lease-return fees. You'll typically have to pay wear-and-tear costs on the vehicle, curb rash on the wheel, scratches or dings larger than the size of a credit card. Even if you've kept it ding-free, at the very least they'll still charge you the cost of a new set of tires (unless you've pre-purchased some kind of tire protection package). You may also have to pay over-mileage costs if you've exceeded the annual mileage.

Also, you cannot suspend insurance on a leased vehicle. Not that you would on a truck, but on something like a summer-only car, it has to be insured full-time.

If you drive to the US, technically you'll need a letter of permission from the leasing company to take the car across the border, but in reality, the customs officials almost always never ask to see the registration.

There are additional costs if you want to buy the vehicle out at lease-end. You're basically buying it off the dealer, so they'll charge you safety certificate, drive-clean test (if required), registration fees, plus all the taxes due on the residual amount.
The only time I drove lease vehicles was when I worked for a large company and the rates they got were fantastic. However the large lease dealers have minimums of a couple of dozen vehicles.

Read the fine print and you find the low rate deals have high down payments or they take your present vehicle as down payment (At wholesale price). At renewal you don't own a vehicle to trade in so your next deal is more expensive.

Lightcycle How common are the lease return fees?

I asked about this elsewhere in that if you have a crash and although the vehicle is repaired its trade in value is diminished. Insurance fixes the vehicle but doesn't compensate the owner for diminished value as happens in the USA. Does the lease return fee stick you for the thousands in diminished value?

For me lease and buy / finance worked out to almost the same over the period. For company use the advantages / disadvantages are in taxes and cash flow. I ended up buying with the freedom to sell whenever I wanted if my situation changed.
 

Lightcycle

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Lightcycle How common are the lease return fees?

I asked about this elsewhere in that if you have a crash and although the vehicle is repaired its trade in value is diminished. Insurance fixes the vehicle but doesn't compensate the owner for diminished value as happens in the USA. Does the lease return fee stick you for the thousands in diminished value?
No, the lease return most often entails a quick visual inspection and test drive. If the vehicle has been repaired to their satisfaction and the damage is undetectable, there is no diminished value charge. This is actually one of the benefits of leasing - the residual remains fixed.

Most manufacturer-backed leasing companies have pretty good leniency on dings and scratches. They'll let a couple of minor dings go without charging you. But almost always, unless you've only put less than 20K on the vehicle, you'll have to cough up the cost of a new set of tires, which they'll sell you at dealership prices.

Best to change the tires yourself before lease return. But don't try skimping out and putting cheap rubber on when it originally came with performance tires. The leasing company will want equal or better rubber on lease return.
 
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Lightcycle

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Oh, I should add that most manufacturer-backed leases are close-ended leases, where the residual value is fixed, but there are third-party leasing companies that offer open-ended leases, so you don't know what you will owe when you return the car. Typically offered on leases on used vehicles. You might not owe much if you've kept the mileage low and the car in good condition, but if not, you must make a "balloon payment" at the end to bring the value of your payments up to the fair market value.

Who determines FMV? The leasing company themselves...

So almost always, they'll stick you with a charge after enticing you with a low monthly payment.

Best to avoid open-ended leases.
 

JTR

Well-known member
Thing about leasing a brand new vehicle, is that you are going to pay for the bulk of that vehicles lifetime depreciation, and at the end you're lucky if you walk away with nothing(usually a bill). This is why it's better to finance a 2 year old certified pre-owned lease return. Somebody has already eaten all that depreciation. You still get remaining factory warranty. Yes it will depreciate a bit in the time that you have it, but at a much slower rate. And at the end, instead of walking away with a bill or nothing, you have an asset to sell or trade toward your next ride.
 

Mikel

Well-known member
Thing about leasing a brand new vehicle, is that you are going to pay for the bulk of that vehicles lifetime depreciation, and at the end you're lucky if you walk away with nothing(usually a bill). This is why it's better to finance a 2 year old certified pre-owned lease return. Somebody has already eaten all that depreciation. You still get remaining factory warranty. Yes it will depreciate a bit in the time that you have it, but at a much slower rate. And at the end, instead of walking away with a bill or nothing, you have an asset to sell or trade toward your next ride.
True and I agree. In this case I have a unique situation. I have a Toyota Tacoma which I bought new and paid 43000 for cash. I am very confident I could get at least 30000 for the vehicle now and I've owned it for almost 4 years. Making the monthly cost to me for that vehicle $270 which is a very good value for having a truck as a daily driver. I want to sell it and take the 30000 and make some investments and buy a 13000 bike. I only want a truck for maybe 2 to 4 more years and then I'll probably go SUV like a Toyota Highlander or something similar.

My problem now is just getting a utilitarian truck at a very good lease price.

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nakkers

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Purchase a used vehicle, you take a hit on the taxes for the full amount. And it still depreciates. And the factory warranty is near the end or gone.

Do you take a chunk of money and put it towards something that will continue to depreciate or keep the money and use it in something that brings a return and pay a monthly lease and only tax on the payment?

I’m not saying one is better than the other. If I had limited mileage need, I’d look at leasing.

I’ve done it before. Handed back the keys. The inspection came back excellent the half dozen times I returned a vehicle. No cost to me. It was just a long term rental.

This week, I’m buying something used. Go figure.


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mbroyda

Well-known member
Thing about leasing a brand new vehicle, is that you are going to pay for the bulk of that vehicles lifetime depreciation, and at the end you're lucky if you walk away with nothing(usually a bill). This is why it's better to finance a 2 year old certified pre-owned lease return. Somebody has already eaten all that depreciation. You still get remaining factory warranty. Yes it will depreciate a bit in the time that you have it, but at a much slower rate. And at the end, instead of walking away with a bill or nothing, you have an asset to sell or trade toward your next ride.
thats 100% correct if you don't have a company or are self employed, let someone else take the hit on the depreciation.
the good thing about leasing if self employed is your lease payment is 100% deductible up to $800/month before taxes vs buying a car where you can only write off 30% a year for 3 years up to $30k
 

Mikel

Well-known member
thats 100% correct if you don't have a company or are self employed, let someone else take the hit on the depreciation.
the good thing about leasing if self employed is your lease payment is 100% deductible up to $800/month before taxes vs buying a car where you can only write off 30% a year for 3 years up to $30k
I actually thought of creating my own company for the purposes of writing off tax. A lawyer friend told me that everyone should incorporate for atleast 1 year in their life because your allowed to write it off the first year no questions asked pretty much.

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Joe Bass

*probably eating right now*
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I can't upload the pic but Meadowvale Ford supercrew with 2.7 -- $1800 down $91 weekly 36 months

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Lightcycle

Motorcycle Nomad
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Another pro for leasing is that some vehicles keep on depreciating linearly even after two years. The depreciation curve never flattens because of reliability or ongoing maintenance costs. V12 BMWs for example. Nobody wants to own one out of warranty, and they're status symbols so they make excellent lease candidates when new.
 

Mikel

Well-known member
I went to a Ford dealership and priced out a truck. It was going to be 260 bi weekly (out the door) for the truck I wanted which was pretty utilitarian no frills. I might have to rethink my whole perspective on this. Might be better for me to keep my truck even though it is a gas gussler and a bit cramped.

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JTR

Well-known member
Another pro for leasing is that some vehicles keep on depreciating linearly even after two years. The depreciation curve never flattens because of reliability or ongoing maintenance costs. V12 BMWs for example. Nobody wants to own one out of warranty, and they're status symbols so they make excellent lease candidates when new.
BMW and for that matter Mercedes depreciation can not be compared to trucks. Infact they can't even be compared to regular mid range cars either. But trucks are in a league of their own when it comes to depreciation. For example you can get a 15 year old S class for 2% of original retail, where a truck will still be around 10%. Trucks even hold their value with high mileage, whereas I recently saw an 06 bmw, forget if it was 3 or 5 series, with high kms for $1000 on kijiji.
 

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