Beginning on June 15th, Ford Credit will update new lease agreements in 37 states to specify "you do not have the option to purchase the Vehicle at the end of the lease term." We've listed the states that will no longer have Ford EV lease buyout options below. The letter states other states will see the change "prior to Q4." A Ford Credit spokesperson confirmed for us this morning that the letter is accurate.
Lease purchase options give consumers the ability to buy their car at the end of a lease for a predetermined amount of money based in part on a residual value. However, by making this change, Ford appears to be taking yet another step toward mimicking Tesla, which has limited lease buyouts for years on select models and totally discontinued the option back in April across its lineup of electric vehicles.
Here’s a Mach-E owners findings in the Lightning forum…
This came up on Friday night when I was at a city EV thing trying to sell our 2021 Mach-E (great deal if you're looking) and a Ford dealer rep told me this. They said "Ford wants the cars back at the end of the lease".
In doing some research, including with @hybrid2bev (thanks!) and finding a 6/10 article on CarsDirect.com, this is only for leasing. Up to now, virtually no one has taken that option given the existence of, well, Ford Options. However, as the rate keeps going up, and the incentives reduced / eliminated, leasing MAY increase. But if you can't keep the car, maybe it won't.
Speculation by the Ford dealer rep was that Ford wants the vehicles back so they don't have 8 year / 100,000 mile battery isn't at 70% issues, but that's pure speculation on his part.
I am very glad I got 0.9% on both my 2021 and 2022 Mach-Es (and they are transferable to any buyer).
Here’s a Mach-E owners findings in the Lightning forum…
Tell us your opinion of this move? Would it turn you off from buying one?
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