Ford leasing requirements in terms of a credit application are pretty much the same for anyone as if they were applying for a normal auto loan.
Considering an application for credit is done largely on the basis of a credit score, which is taken as an indicator of the creditworthiness of the individual applying for credit.
Leasing a Ford car or truck should really be thought of as similar to that of a long-term rental, But with a number of significant differences.
Most major companies such as Ford now actively promote the option of leasing a vehicle to individual customers, something that used to be seen largely as a commercial or fleet exercise.
Ford Credit Leasing Requirements
Fords leasing program known as Red Carpet Lease operates in many ways in a similar fashion to that of an auto loan.
There will be an application for credit, and on that basis for double decide whether or not to agree a lease program with the individual. They will require a significant deposit to be paid on the vehicle, and a monthly payment cost similar to that of a repayment loan cost.
One important difference, is that at the end of the lease period there will be what are known as lease end costs. These costs relate to excessive wear and tear on the vehicle, and how they are assessed will be specified in the lease program itself.
In effect, this is a charge that will reflect the cost of bringing the vehicle up to a standard that would be expected of it given its age and mileage at that time the lease finishes.
The customer will normally be given the option of either having worked on themselves prior to the lease expiring, or letting Ford do the work for them and charge them accordingly.
For many people there is the option of buying the car at the end of the lease, and if this option is taken up then it is likely that any such charges will be absorbed into the final negotiated price of the vehicle.
The customer may also be given the option of taking out another lease on the same or another vehicle, in which case the costs can also be negotiated.