The idea of leasing a Ford car or truck on a personal basis, as opposed to a commercial or fleet basis has gained real traction in recent years, and has been actively promoted by Ford and other manufacturers as a realistic alternative to someone being able to buy a new car.
The benefits to both sides in the process of leasing a car, the main one from a customer’s point of view being that it allows them to effectively have use of a new car even though they do not own title to it.
From Ford’s point of view, it allows them to gain a potential new customer, potentially enables a new long-term relationship, shifts inventories, allows the company to gain revenue from other areas of the arrangement such as servicing and maintenance plans and vehicle service contracts.
People often use the comparison of a long-term rental when talking about leasing a vehicle. Whilst this is a relatively good comparison, it should also be borne in mind that when a potential customer is looking to lease a vehicle, the finance will be arranged on pretty much the same basis as if the individual were buying the car or truck.
Ford Lease Credit Score
This means that a credit report will be produced on the individual following an application by them, which will result in a credit score being allocated to them. Ford credit will then decide whether or not to agree the lease arrangement, and if so on what terms and conditions.
This will effect things such as size of any down payment, the length of the lease agreement and monthly charge that will be made that will be similar to the repayment cost under a normal auto loan.
People sometimes think that because finance or credit is being arranged through the same company that is leasing the vehicle there was now be a more favourable disposition towards a credit score and subsequent finance arrangements.
This is a myth that is very rarely true. What is true is that all finance on a lease agreement, as with any personal loan for a sale should in principle be negotiable, obviously scale of the negotiation is dependent upon how could a credit score the individual has, and how keen the Ford dealership is to shift inventories. W