05-09-2005, 04:09 PM
What is the best way to go about this. My sister has an 05 ZX3 and we talked about it over the phone. She pays 100 something monthly for the car, we would just like someone to continue paying the lease until it expires (3 year lease). It's not completely necessary to do so right now but we're just curious. Anybody have any experience or heard of a situation like this. I'm aware this would be an odd transaction but again it's out of curiosity. Thanks.
05-09-2005, 04:25 PM
OK, here is the crappy part.
Someone cannot simply keep "paying the lease", it will have to be sold to them. A lease cannot be turned around and sold as a lease again. Many different things will have to be considered, as getting out of leases can be tough because the residual value the leasing company gives you and real life are sometimes not agreeable. Chances are your lease is through Ford Motor Credit, who kicks up their residual values to lower lease rates. These residuals are usually unrealistic.
Compare your residual value from when you purchased it with these real-life numbers.
05-09-2005, 04:28 PM
actually if i am correct you can transfer a lease to another person but the proper paperwork will have to be filled out at the dealer that you lease the vehicle from. try calling the dealer and see what they have to say
05-09-2005, 09:53 PM
Some leasing companies will allow someone else to "assume" an existing lease, however they will have to meet the normal credit and insurance criteria, just as anyone else would. I can't say for sure if Ford Motor Credit allows this or not. I'd call either the customer service # for Ford Credit (on your statement), or contact the selling dealer, because 99/100 times a Ford Dealer actually is who leased the vehicle, and technically owns it. We have horrible times getting payoffs from Ford Credit; we're always directed to the selling dealer. Good luck, hope things work out the way you'd like.