What is a Lincoln Red Carpet Lease for Individuals?
A Red Carpet Lease agreement is a program offered by Ford to individual customers, who qualify, who are able to lease a Lincoln in their own right.
Many people think of car leasing or auto leasing as relating to commercial or fleet vehicles, whereas in fact there has been a big shift by Ford and all auto manufacturers to persuade individual customers to consider leasing their vehicles, particularly high-end vehicles such as the Lincoln.
It is important to appreciate that individual leasing programs such as the one offered by Ford credit highly attractive for manufacturer, and anyone looking to lease a vehicle should realise their worth.
Any lease agreement for a Lincoln should be thought of really in the same way as a long-term rental. The benefits to the individual is that they effectively get use of a brand-new car at a much used cost, possibly enabling them to acquire one when they would not otherwise be able to.
Obviously the customer does not own the title to it, that remains with the manufacturer but to all intents and purposes they do own it for a certain period of years.
Lincoln Red Carpet Lease for Individuals
That are a number of restrictions as to what the individual can do with or to the vehicle, in the same way as they would be with a hire car.
The financing of a red carpet lease deal is pretty similar to that of applying for any type of auto financing. The individual will be required to fill out an application form, and have their credit assessed and be issued a credit score.
Ford credit will then analyse the credit score and application and decide whether or not to offer finance to the individual. If you do this will determine the size of the down payment on the lease agreement, and how much will be repaid as a monthly charge.
With any type of lease agreement that our additional costs that need to be considered.
These relate to what are known as the lease end costs, which are essentially are additional wear and tear charges on the vehicle to bring it back to a state and condition that is deemed appropriate for its age and mileage. In addition, any red carpet lease agreement will have a specified mileage allowance for the Lincoln, either on an annual basis or for the overall period of the lease.
At the end of the lease, any excess mileage will be charged at a specified rate. Additional mileage can be bought during the term of the lease itself as well.
Additionally there will be costs for auto insurance and gap insurance, As well as costs relating to servicing and maintenance and things such as roadside assistance plans. All these costs can in theory be negotiated and part of the lease agreement, and should be specified as such the contract.