What are Ford Credit Red Carpet Lease Requirements?
Ford Red Carpet lease is their stand-alone program that they offer to individual customers who are interested in leasing a car or a truck, as opposed to buying one outright.
Leasing a vehicle can have a number of real benefits for the individual, essentially giving them a brand-new car at a much reduced price.
It has to be remembered that they do not actually in the car, it is more of a long-term rental with a number of fixed conditions, and certain payments at the end of the lease period.
From Fords point of view, in many ways it is as good as a sale, as they have another customer on their books, potentially for a long period of time they develop a proper customer relationship with them.
The lease period may be for four or five years, possibly shorter, and at the end of that time they hope the customer will either renew the lease on another vehicle, by the original vehicle outright, or by another vehicle altogether.
Ford Credit Red Carpet Lease Requirements
The requirements for a customer wanting to lease a vehicle on Ford credit are in many ways pretty similar to those who want to take out a car loan, either with full credit or any other commercial lender.
The applicant will be required to submit a significant amount of personal and financial information, and for credit will obtain a credit report and credit score on the individual, and make their determination but whether or not to lease the car to the individual based on their credit score.
As with an auto loan, a lease agreement will have a fixed period of time, a down payment, a fixed monthly repayment cost and some additional costs at the end of the lease period.
These additional costs at the end of the lease normally rates to excess mileage and excessive wear and tear. The original lease wording will or should specify the basis for how additional work and tear costs are calculated, and will also include an agreed mileage, either on an annual basis or for the overall period of the lease or both. A