Ford credit operate a leasing program for their Ford F150, known as the Red Carpet lease program, which essentially allows individuals and small businesses to acquire a Ford F1 50 without actually buying it. It is probably were thinking of it as a long-term rental.
The components of a leasing deal in some ways seem quite similar to that of a normal auto loan. There are however a number of important differences that are necessary to understand.
Anyone wanting to lease a Ford F1 50 will need to undergo a credit check in the same way as they would when applying for any auto loan. Depending upon the result, and their credit score, Ford credit will determine whether or not to enrol them in the red carpet lease program, and if so on what terms and conditions.
F150 Ford Red Carpet Lease
Anyone leasing a Ford F150 will need to pay a deposit, will have a fixed monthly payment cost and will have a number of payment options at the end of the lease period.
During the lease itself the charges to be considered include servicing and maintenance costs, auto insurance and gap insurance, the mileage allowance for the term of the lease and end of lease payments. There is also likely to be the option of purchasing the vehicle at a significant discount once the lease has finished.
Perhaps the most important area of this to consider is the end of lease payments.
This is normally a one off charge levied on the condition of the vehicle both inside and out. The intent is to bring the vehicle up to a standard that would be expected of it given its age and condition and the mileage driven. The precise way this charge is to be calculated should be spelt out in the lease agreement itself.
A few weeks or months prior to the lease finishing the customer will be given the option of either having the work done themselves, or letting Ford credit to the work and charging the customer accordingly. Obviously if the customer is going to purchase the vehicle outright then this will affect how much they pay for any additional work done.