Buying vs. Leasing a New Ford in Ahoskie, North Carolina
Leasing Your New Ford: Quick and Effortless Process
When it comes to leasing your new Ford vehicle, we aim to ensure a seamless and efficient process. Learn all about leasing a new Ford, along with our current lease deals and specials in Eastern North Carolina. To help you make an informed decision about your next vehicle purchase, we've provided answers to common automotive purchasing questions.
Common Leasing Terminology
Due at Signing: This is the amount you need to pay to drive your leased Ford off the lot. It can include the first month's payment, a security deposit, and other basic fees.
Acquisition Fee: Charged by the bank through which you lease, this fee can vary, but our Ford dealership strives to keep it competitive.
Mileage Allowance: Ford lease agreements come with a specified number of miles per year that you can drive. This number can vary, and we'll help you find the right plan for your needs.
MSRP: This stands for Manufacturer's Suggested Retail Price, which is the cost of your new vehicle before any discounts or sales.
When Does Leasing Make Sense?
Leasing is different from financing in several ways. Essentially, you're paying for the use of the vehicle. When you establish your lease, you'll agree on a specific range of miles for the lease term. If you work from home and don't drive as frequently as the average commuter, leasing could save you a significant amount of money without impacting your driving needs.
Financing
Who Owns It: Whether you pay for the car with cash or finance it with monthly payments, it's yours. If you're financing, you'll need to meet the lender's requirements, such as a down payment and timely monthly payments. Failing to meet these obligations could result in repossession.
Up-Front Costs: If you're financing, the bank will likely require a down payment. The amount depends on the lender's requirements and your credit score. You can also trade in another vehicle and use any equity toward your down payment.
Future Value: Your vehicle's value depends on how well you maintain it. Regular maintenance by a factory-authorized facility is essential for preserving the car's value.
End of Payments: Once you've paid off your contract, the vehicle is 100% yours. The lending institution will send you a Lien Release as proof of full payment.
Leasing
Who Owns It: When you lease, you do not own the vehicle. You're paying for its use, and the finance institution retains ownership. This is why monthly lease payments are typically lower than loan payments.
Up-Front Costs: Leases often require no down payment. Typically, you'll pay the first month's payment, a security deposit, the acquisition fee, and other fees and taxes. If you wish to lower your monthly payments, you can pay more upfront.
Future Value: In most leases, you won't own the vehicle at the end, so you won't need to sell it. However, exceeding mileage limits and wear-and-tear guidelines could result in extra charges when you return the vehicle.
End of Payments: Most people return the vehicle at the end of the lease term. Some choose to purchase it or trade it in before the lease ends. We'll ensure your lease is set up according to your preferences.
Best Cars to Lease
The best cars to lease are those that retain their value well over the lease term. Since they depreciate less, your payments are lower. Review lease ratings to see which cars hold their value. Also, check out our latest Ford lease deals to secure low monthly payments on your new Ford lease.