Do you currently lease your vehicle? Are you wondering what to do when your lease ends for your Ford car? If so, Gus Machado Ford of Hialeah has some tips for you. Whether you leased your Ford vehicle from us or somewhere else in the Miami, FL area, we’ve got options for you.

90 Days Before the Lease Ends

Start your research about 90 days before your lease expires. You’ll want to understand the lease-end value, which is the amount you can pay at the end of the lease to purchase the vehicle. Regardless if you intend to purchase your car, you still need to know this number.

The other number to know is how much equity you have in the car, which would be the difference between what you owe and the car’s value on the market. Not every leaseholder will hold equity in their car.

What Are Your Options?

You have three choices at the end of your lease.

Option One: Walk away from the lease

You’ll owe a disposition fee, mileage charges if applicable, and any wear and tear charges.

Option Two: Trade the vehicle in

You can trade it in for a new or used car from Gus Machado Ford of Hialeah. By trading, you avoid the disposition fee, mileage charges, and wear and tear.

Option Three: Purchase the vehicle

If you want to keep the vehicle, then you have the first right of refusal to purchase. Check out this Autotrader post about the benefits of purchasing leased vehicles if you are leaning this way.

Once you’ve made your decision, proceed with working with the dealership you leased the vehicle for option one or three. If you want to trade-in, trust your local Miami, FL Ford dealer to give you a fair deal. Stop by and see us today!