oskar27 Posted March 15, 2015 Report Share Posted March 15, 2015 The current lease for my 2013 Edge Ltd will expire next February. I plan to renew the lease for a 2015 Edge but since February is in the middle of the winter here in Montreal I would like if possible to do the renewal either about 6 months before or about 3 months after. My 2013 Edge has 22K kilometers and is in top shape and well maintained. Is it possible to do the renewal as mentioned above and are any penalties involved? Is anything else I should be aware when the time comes to renew a lease? Quote Link to comment Share on other sites More sharing options...
JOEHIO Posted March 16, 2015 Report Share Posted March 16, 2015 For many years, we leased cars for my wife. If it was close to a new model year, we did what Ford called "lease extensions". It allowed us to extend the lease for up to an additional 3 months. Don t know if they still do this, but worth to check it out. Quote Link to comment Share on other sites More sharing options...
oskar27 Posted March 16, 2015 Author Report Share Posted March 16, 2015 Much appreciated Joehio, I will check it Quote Link to comment Share on other sites More sharing options...
akirby Posted March 16, 2015 Report Share Posted March 16, 2015 You can terminate early or extend it, usually for at least 3 months either way. Quote Link to comment Share on other sites More sharing options...
Magnetic Edge Posted April 1, 2015 Report Share Posted April 1, 2015 You can try to find a dealer to buy out your lease at any time and they would then resell it on their lot. However, they will always give you a lowball offer versus what the current buyout is. It will probably be thousands away which you will have to pay the difference either in cash or rolling into your new lease. You can also turn it in early but that also requires you to pay the remaining payments. If you have less than 120 days left on your lease, Ford Credit will not allow any dealer to buy it out. They do offer the Early Bird program ocassionally which waives up to 3 remaining payments if your lease end date falls within their set dates at the time. You are also allowed to extend you lease past it's termination date but only if you are waiting for a vehicle you ordered to be delivered to the dealer. I know someone who extended their lease for over a year while waiting on a '13 MKZ that was being held at the plant for various reasons when that vehicle first launched. 1 Quote Link to comment Share on other sites More sharing options...
JOEHIO Posted April 1, 2015 Report Share Posted April 1, 2015 I did lease extensions years ago, trying to decide on what Ford vehicle to buy next. Quote Link to comment Share on other sites More sharing options...
oskar27 Posted April 1, 2015 Author Report Share Posted April 1, 2015 Lease extension sounds like a good option to me. Although its kind too early, I will be going to the dealer soon and find out first hand what my options are. Quote Link to comment Share on other sites More sharing options...
cv27 Posted April 1, 2015 Report Share Posted April 1, 2015 oskar27, I was in your exact situation, also from Montreal, a few months back. I wanted to extend my lease (up end of May) so I could get the 2016 Edge. No go said my dealer. He also confirmed what others have said that Ford Credit will extend the lease until you receive your already ordered next vehicle. So, at 0.99%, I decided to buy a 2015 and might decide to sell it once I see the 2016 and its track record. Like you, my 2011 Ltd is in top shape with 46000 km. Looking around, I think I could sell it anywhere from $2500 to $6500 above residual value. Worth the try. Quote Link to comment Share on other sites More sharing options...
oskar27 Posted April 2, 2015 Author Report Share Posted April 2, 2015 Thanks for the input Cv27, I went today to see the salesman who sold me my 2013 Edge and we had a good chat. He said Ford Credit will change the lease for a new Edge +/- 3-4 months from the expire day but if I want a longer period I will have to pay for the extra months. But I also want to take advantage of the rebates Ford offers during the year so I will keep my eyes open and decide when the opportunity arrives. The dealer today had a 2015 Edge Titanium in Ingot Silver with the cognac interior and sunroof and I was surprised because I thought the cognac interior was only available in the Sport model. Quote Link to comment Share on other sites More sharing options...
cv27 Posted April 2, 2015 Report Share Posted April 2, 2015 ... The dealer today had a 2015 Edge Titanium in Ingot Silver with the cognac interior and sunroof and I was surprised because I thought the cognac interior was only available in the Sport model. Actually, the Sports only gets Ebony: Quote Link to comment Share on other sites More sharing options...
cv27 Posted April 2, 2015 Report Share Posted April 2, 2015 ... He said Ford Credit will change the lease for a new Edge +/- 3-4 months from the expire day but if I want a longer period I will have to pay for the extra months.... Interesting... So, if I got this right, if you wanted to extend your lease for let's say 1 year, you could pay for the extra 12 months? Quote Link to comment Share on other sites More sharing options...
oskar27 Posted April 2, 2015 Author Report Share Posted April 2, 2015 You got it right and I don’t think this is unusual. I don’t know much about leasing but I would say if I go next February when my lease expires and I say I want another 12 months extension would they say no? I doubt it. Perhaps it may have to do with the length of the lease (mine is for 3 years). Now if I had a 5 years lease perhaps that may have been a problem. Also the low mileage I have may be a factor. Thanks for the info in the cognac interior Quote Link to comment Share on other sites More sharing options...
akirby Posted April 2, 2015 Report Share Posted April 2, 2015 They'll let you keep the same payments for +/- 3-4 months. Longer than that and you basically have to terminate your 24 or 36 month lease and do a new 36-48 month lease since the depreciation rates would be different. Quote Link to comment Share on other sites More sharing options...
Magnetic Edge Posted April 2, 2015 Report Share Posted April 2, 2015 You got it right and I don’t think this is unusual. I don’t know much about leasing but I would say if I go next February when my lease expires and I say I want another 12 months extension would they say no? I doubt it. Perhaps it may have to do with the length of the lease (mine is for 3 years). Now if I had a 5 years lease perhaps that may have been a problem. Also the low mileage I have may be a factor. Thanks for the info in the cognac interior You might want to call Ford Credit to make sure your salesman is correct. Sometimes they are misinformed about the end of leasing process as not many people want to extend it. They would rather have another new vehicle. Quote Link to comment Share on other sites More sharing options...
RJG Posted April 14, 2015 Report Share Posted April 14, 2015 Well....If you have a 24 month lease, as an example, and you are paying more per month than if you leased for 36, and you need to extend at your curent 24 month rate, that's fine if you need to for a few months.....but don't keep paying a 24 month rate for 36 months. Why over pay? Quote Link to comment Share on other sites More sharing options...
oskar27 Posted April 14, 2015 Author Report Share Posted April 14, 2015 Something I never thought about it, thanks RJG Quote Link to comment Share on other sites More sharing options...
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