A Red Carpet Lease deal on a Lincoln can have a number of advantages, but should be taken in context of how an auto lease works, and the various cost components that make up any lease agreement with Ford credit.
The attraction of a lease deal is normally that it allows an individual to effectively have you solve but not own a brand-new car, in this case a Lincoln, with all the benefits and appeal of a new car, including warranties and mechanical reliability.
The downside for some people is that they do not actually own the vehicle or title to it, and after the lease period ends they effectively have to give it back, although there is normally the option to purchase it at a significant discount.
It is worth thinking of any type of Red Carpet lease deal in a similar vein to that of a long term rental. Although there are significant differences in terms of rental agreements, there are also a lot of similarities.
Red Carpet Lease on a Lincoln
Any red carpet lease deal will have a number of components that should be understood in order to make a judgement about whether it is the least appropriate method of financing a new car.
There will be a down payment, a monthly payment charge, a fixed mileage allowance either on an annual basis or for the duration of the lease, a fixed lease period of a certain number of years and an end of lease payment once the lease expires.
The size of the down payment and other financial components will to an extent depend on the credit score of the individual concerned, and also the extent to which the individual has been able to negotiate a final fixed-price on the vehicle itself.
Many people assume that with a lease deal they simply have to go with the price that the dealership says the car, in this case a Lincoln, is valued at. In truth it is perfectly possible to negotiate a final fixed-price on a Lincoln when arranging a red carpet lease, as it would be if you were buying a vehicle outright.
The other important area to understand is end of lease payments, or lease end costs. These are charges that are applicable to the vehicle that cover any excess wear and tear to the inside of the vehicle, and any damage or dents or paintwork needs repairing to the outside of the vehicle.
The way these charges are assessed should be specifically spelt out in the lease agreement. The individual who takes out the lease agreement will normally be given the option of having worked on themselves prior to the lease finishing, or letting Ford do the work and charging the client accordingly.
