Your Complete Guide to Leasing a Ford

Are you looking into a Ford lease? At Loganville Ford, leases are one of our most popular financial products. The flexibility afforded by a lease is appealing to a range of drivers, from those brand new to the Ford lineup to those who have long been Ford fans and love experiencing new cars frequently.

Any time you drive out of a dealership in a new car, it’s a major commitment and investment. So, making sure you select the payment plan and arrangement that reflects your goals matters. We regularly meet with drivers who are on the fence about getting a lease. They’ve either traditionally been buyers, or they’re looking into getting their very first vehicle and aren’t sure what makes sense for their budget.

We’re always committed to ensuring our customers understand all of their finance options. So today, we’re covering Ford lease FAQs to help you decide if this payment package is right for you.

What Is the Difference Between a Lease and a Loan?

The primary difference between a lease and a loan is that, at the end of your loan, you own the vehicle; at the end of a lease, you don’t own the vehicle. In terms of a Ford lease, Ford owns the vehicle. When your lease ends, you must return it to your dealer or discuss other options, such as extending your lease or buying your model.

Is a Lease a Good Use of Money?

Absolutely. While it doesn’t put you on the path to owning a vehicle, it provides the value of helping you get to all of the places you need to go each day. And if you need a vehicle to make money, then a lease can help you be profitable by keeping your business on the go.

Who Is a Ford Lease Right For?

A Ford lease is right for many driver types, including drivers who simply enjoy having a new vehicle every few years. If you like accessing the most up-to-date Ford features, leasing a Ford lets you swap your model out for the latest variety every handful of years.

A lease can also be right for drivers who aren’t quite sure they want to buy a vehicle. Leasing lets them see how they like a certain model for a few years, without committing to owning it.

A lease can also be right for those who don’t have the funds for a substantial down payment and/or need low monthly payments. Many of our lease packages allow for low or no down payments and carry affordable monthly installments.

Do I Need a Down Payment?

In many cases, you do not need a down payment. If you don’t have one, one of our lease experts can go over your options with you. Simply keep in mind that putting down no money can result in higher monthly payments. You are expected to pay for a certain portion of a car’s value during your lease, and you can either do so through a down payment, monthly payments, or both. But if your down payment is low, your monthly payments will increase to make up for it.

Can I Apply My Trade-In Value to a Lease?

Yes! You can absolutely apply your trade-in value to your lease. In many cases, drivers are able to use their trade-in value as a down payment, bringing down their monthly installments.

We’re always grateful when drivers bring their old vehicles to us. We can add them to our used vehicle inventory and help you turn the residual value of the car into funds for your next one. Plus, it allows you to unload your old car and fund your next one, all in one transaction, saving you time and energy.

Do I Need a Stellar Credit Score?

Not at Loganville Ford. Conventional lending institutions like banks or credit unions might have credit score restrictions. However, we strive to help drivers with every size of credit score find a way to afford a Ford. So don’t hesitate to meet with our lease specialists, even if your credit score is less-than-stellar.

How Long is a Lease?

Ford leases can range from one to two years. Several factors will influence which lease length best suits your needs, such as your monthly budget and driving behaviors.

Do I Own the Vehicle?

No. You don’t own the vehicle—Ford owns it. However, during the course of your lease, you will pay for a portion of the model’s value. For that reason, you have the option to buy the car at the end of the lease, for a price that reflects what you’ve already paid for it. In some cases, this price can be pre-negotiated into your lease.

Does a Leased Vehicle Come With a Warranty?

Because most leased vehicles are current or recent year models, warranties are typically still active. These can include powertrain, bumper-to-bumper and corrosion warranties.

Can I Lease a Used Vehicle?

Yes, it is possible to lease a used vehicle through certain programs. But Ford’s Red Carpet Lease program only allows the leasing of new models. In programs that do allow the leasing of used vehicles, mileage and age limits apply. In most cases, a leased used vehicle will be a CPO model. Lenders don’t often offer financing on old cars because their depreciation is less predictable than that of a new vehicle, and the risks are higher due to the need for repairs.

Are There Downsides to Know About?

Your lease will come with a mileage limit, which might not be right for someone who drives more than the average person. If you go over your mileage limit, you will face penalties at the end of your lease. It’s always smart to communicate with your dealer if you think you might go over your mileage limit, as you might be able to renegotiate a higher limit.

You might face turn-in fees at the end of your lease, too. The dealership charges these to cover their costs of preparing the vehicle for resale, such as cleaning it, servicing it and handling admin tasks. The fees reflect these expenses.

If you damaged the vehicle during your lease and failed to repair it to the dealer’s satisfaction, you may face additional fees.

What Are the Mileage Limitations

Ford’s Red Carpet Lease offers customizable mileage options for your convenience. High mileage packages do exist and are ideal for frequent travelers who do a significant amount of driving for daily life or work.

May I Modify My Leased Vehicle?

You cannot make permanent modifications to your leased vehicle. These include changes such as bodywork, performance upgrades, suspension alterations or interior modifications. However, temporary modifications such as vehicle wraps, window tinting, roof rack installation, and tire changes are allowed. It is important to reverse these before turning your vehicle in.

Is Maintenance Covered?

Maintenance can be covered in your Ford lease. In some cases, maintenance packages are available for purchase, or you can negotiate covered maintenance in your deal.

Can I Get Out of My Lease Early?

Yes, but you will need to pay early termination fees. In most cases, these fees reflect the difference between the remaining balance on the lease and the car’s market value.

Will You Run a Credit Check?

Yes, a lease is a type of loan, so we will run a credit check before approving you for financing. However, we work with shoppers of nearly every credit size.

How Will the Credit Check Impact My Credit Score?

This credit check should only lower your score by a few points, and the impact should not last longer than 12 months. We always recommend knowing your credit score before you apply to confirm you’re eligible for the rates you want.

Be sure to remove any freezes from the credit monitoring bureaus for a swift credit check.

Ready to Start Your Ford Journey?

Leasing offers a unique blend of flexibility, modern technology, and financial peace of mind. Whether you’re drawn to the latest Ford safety features or the lower monthly payments that a lease provides, the team at Loganville Ford is here to help you navigate the process.

Every driver’s situation is different, and we take pride in tailoring lease agreements that fit your specific lifestyle and budget. If you’re ready to get behind the wheel of a brand-new Ford without the long-term commitment of a traditional loan, we invite you to visit us today.