mobile-menu-icon
Ford Authority
Sponsored

Ford Lease Extension Program Launched To Help Out Customers While They Wait For Their New Vehicles

Sponsored

These days, automakers including Ford are facing a number of production issues related to the COVID-19 pandemic, the global semiconductor chip shortage, supplier problems, and quality-related issues. This is frustrating for anyone awaiting delivery of a new vehicle like the 2021 Ford F-150 or Ford Mustang Mach-E, but especially for those that have ordered one to replace a vehicle they are currently leasing. Luckily, the new Ford Lease Extension Program aims to address this growing problem.

While Ford has traditionally allowed lease extensions on a case-by-case basis in the past, the Ford Lease Extension Program extends that courtesy to nearly everyone. Under the new program, Ford Credit will allow an additional six months of lease-end extensions to be granted, up to a maximum of 18 months past the customer’s originally scheduled lease termination date.

There are some caveats, of course. Lease-End Extension Flexibility will be available from March 16th, 2021, through August 31st, 2021, and interested customers must have a DORA (dealer order receipt acknowledgment) number. Customers may utilize the Lease-End Extension program for up to 12 months while waiting for their ordered vehicle to arrive without having a vehicle currently on order.

Additionally, customers who purchased WearCare with their current lease will have that WearCare coverage extended for the full length of the lease-end extension (maximum of 18 months) at no additional cost. However, a customer’s extension eligibility is dependent on their account status and prior history of term and payment extensions.

Those interested in taking advantage of the new Ford Lease Extention Program should check with their local Ford dealer for details. Additionally, they can contact the Ford Credit End-of-Terms team
at 877-224-1262 extension 85505 (Nashville) or 877-349-5260 extension 85505 (Tampa) to request, complete, and return a term extension form.

We’ll have more on all current Ford offers and programs as soon as it’s available, so be sure and subscribe to Ford Authority for non-stop Ford news coverage.

Sponsored

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

Subscribe to Ford Authority

For around-the-clock Ford news coverage

We'll send you one email per day with the latest Ford updates.
It's totally free.

Sponsored

Comments

  1. Mortimer Duke

    That’s one hell of a deal for Ford. Continue collecting lease payments at the same monthly payment on a vehicle that’s 24-72 months old while waiting to deliver a future sale.

    Reply
    1. Craig

      You forgot that no one is forcing you to do anything. In my case, the lease extension works out well while I wait for my 2021 F150 and the extra money I’m paying down towards my current lease will go towards my new truck lease. You can always go find another option

      Reply
      1. BARBARA

        Craig, curious how the extra money your paying down on your current lease will go toward the new truck lease. I’m in the same boat of having to extend my lease while waiting on my ordered explorer. That would be great if my extra payments went to new lease. Thank you

        Reply
  2. JenL

    @Craig…I’m curious as well. Is this some sort of arrangement you made with your dealer so that your extended lease payment is being applied as money down on your next purchase/lease? Or are you saying that you are saving more money on the side during this extension to apply towards your next purchase/lease?

    Reply
  3. Craig

    They essentially just extended my lease for the 4th time now until mid September and my lease payments are going towards my buyout amount at the end of my lease. Talk to your Dealer Sales Manager as he set it up directly with Ford Credit.

    Reply
    1. Barbara

      @Craig….but wouldnt that only benefit you if your were going to purchase your vehicle at the end of the old lease once your new verhicle comes in? Just trying to understand. I just started my extension and live in NJ so basically I have to pay sales tax every month now so its actually costing me more as I wait for my new vehicle to come in. The payment does reduce the buyout of my current lease that Im extending, but that does nothing for me if I dont actually buy it.

      Reply
  4. Craig

    @Barbara – it reduces my buyout amount which widens the gap of what my truck is worth vs the residual buyout amount. Yes, I do plan on buying my new truck that I’ve ordered once it comes in and I’ve negotiated a fair market value for my truck which is nearly 20k higher than my buyout amount. I can either take this cash and put it in my pocket or put towards my new truck. Also, if I wasn’t interested in buying a new truck I could just put the 20k in my pocket and go somewhere else. Yes, of course the dealer could say we’re not giving you a penny and ask for the keys once my lease is up but you have to be smarter than that and know what your vehicle is worth….especially right now in our current climate. If they don’t want to pay what it’s worth or close to it then I would buy it out and sell to someone else.

    Reply
  5. Barbara

    @Craig, thank you. Thats what I thought. I too am in a similar situation as my vehicle worth is 10K higher than my buyout. I may just buy it and sell it but I am still waiting for my vin so I can have some sort of idea when the new vehicle will be delivered. I just wanted to make sure I wasn’t missing something because its not like the dealer will offer up any info. I’m sure you know the deals are different for everyone and if you dont know about something, they’re not gonna tell you. I appreaciate it. Good luck with your new truck!

    Reply
  6. Craig

    @Barbara – yes, that’s true. The dealer will try to make as much money as possible unless you educate yourself which it sounds like you have done. I ordered my truck Oct 8th and just got my VIN and build week 2 weeks ago so it’s been a long haul for me. Good thing I didn’t turn in and or sell my truck first like some people have done as I still have a nice 18 Lariat with low kms to drive in the meantime. Take care

    Reply

Leave a comment

Cancel
Sponsored