Is Your Lease Ending?
Your Maclin Ford lease is quickly coming towards the end of the term and you might be wondering what the next steps will be. We have 3 potential options for you below!
There are 3 options as follows:
- Purchase your Leased Vehicle (Commonly referred to as "buying out your lease").
- Return vehicle, and lease or purchase a replacement.
- Return vehicle without a new lease or purchase.
Deciding on the best option for your can be a difficult decision. Below is some information to help you decide.
If you would like some guidance from one of our experienced Product Advisors, complete the form on this page and we will contact you. Our Product Advisors will provide you with the information you need to help you make the right choice.
1. Purchase your Maclin Ford Leased Vehicle
You have decided to purchase your Maclin Ford lease. Maclin Ford will sell it to you (industry term is considered "buying it out"). If you want to know what the cost of buying your Ford leased vehicle is. Simply send us a message and request the buyout price and we will provide that cost to you.
It's best to do this 4-6 months before your lease ends, and we can meet with you to go over all the details. To complete the purchase, you'll be going through the usual "buying process" except you already have the keys to the vehicle you want!
This option works well if:
- You love your vehicle
- There is damage to the vehicle that you would otherwise have to pay for if you returned it to the dealership (otherwise you can repair at your leisure, or just leave it, we think it adds character too!)
- You went over your mileage allotment (no charges for extra miles!)
- You don't want to select a new vehicle
2. Return vehicle and lease or purchase a replacement
You might decide the vehicle you've had for the past couple years no longer suits your driving needs. Maybe the features no longer suit your needs, or your family situation has changed since you signed up for your Maclin Ford Lease.
Some customers just like having a brand new car every few years without commitment! If this sounds like you, once you are close to ending your lease, let's talk about whether a new lease or purchase scenario is best for you. Our Product Advisors would be happy to help you make the right choice.
Here are a few of the finer details as to whether lease or buy may work best for you.
During a lease, you are only paying for the depreciation of the vehicle, and not the purchase price of the vehicle which would mean more interest if financing and higher taxes. Generally a lease also means lower monthly payments than financing a purchase.
When you purchase your vehicle you can obviously put on as many kilometers as you like. However with a lease, annual kilometers tends to be limited annually according to the contract. Should the vehicle exceed the agreed annual kilometers, you have to pay additional fees if you exceed the agreed upon mileage when you return your vehicle. If you plan on purchasing the leased vehicle after the term is over, this won't be an issue! A leased vehicle must be returned to the dealership in a saleable condition, so any modifications or customization you do to it, must be removed before return, and that can get costly.
There are many advantages to purchasing, and there are many advantages to leasing. If you're not sure which option is best for you, just let us know and we will offer you our suggestions and ideas from other customers experiences!
3. Return vehicle without a new lease or purchase
You might decide the vehicle you've had for the past couple years is no longer needed. If you decide you do not want to lease or purchase another vehicle after returning your lease that is entirely up to you! There is no requirement to continue with another lease or purchase after returning your Maclin Ford leased vehicle. Please note if you are selecting options 2-3 you are responsible for any damage done to the vehicle, and also paying the extra mileage cost as the vehicle is being returned to Maclin Ford.