Ford Credit uses the term red carpet for its lease program, and sometimes people think that they are being done a favour by being allowed to join it, such is the power of marketing !
Ford’s red carpet lease program has a significant number of attractions people who are seriously considering leasing a vehicle as opposed to buying one on finance.
However, an application to qualify for a Ford red carpets lease agreement is done on pretty much the same basis as if the individual was applying for finance or credit for a normal auto loan. Whilst many benefits in terms of leasing, from Ford’s point of view they want to make sure that the individual is as credit worthy for leasing as if they were buying.
Leasing a car or truck from Ford credit should be thought of in comparison to a long-term rental. There are honestly a number of significant differences, and it is important to remember that the individual is not the title to the vehicle, merely has to use of it for the length of the lease agreement.
The benefit for the customer is that they get to effectively have use of a brand-new Ford vehicle at what should be a much cheaper price than if you were to buy it outright.
Qualify for Ford Red Carpet Lease
At the end of the lease agreement that a number of options for both sides in terms of moving forward. The most significant thing to know is that there are a number of costs which will be cultivated just before the lease ends, which relate to any excess wear and tear on the vehicle, any dings and dents to the outside of the vehicle and any paintwork that needs re-spraying.
In addition there may well be excess mileage charges. The lease agreement will specify a mileage allowance for the vehicle, either on an annual basis or for the duration of the lease.
If this is exceeded then the excess smiling at will be charged at a specific rates when the lease concludes. It is normally possible for the customer to purchase additional mileage during the term of the lease if necessary.
When applying for a Ford red carpet lease program, it is a good idea for the potential customer to get a copy of their credit report, and check its accuracy to make sure that their credit score is worked up correctly. This credit score will be used as a basis for credit to assess the applicants standing in terms of credit, and whether or not to agree to a lease program, and if so on what terms and conditions.