Leasing Question

n777ua · ‎02-22-2012

I think this is a simple question but I can't find the answer for it anywhere - do you HAVE to lease a car through the vehicles manufacturer or can I go to any bank just as if I was purchasing the vehicle ? I've been pre-approved from my local bank for a new car, but if I decide to lease it my dealer told me I HAVE to go through Ford Motor Credit - is this true ?

About $215,000 total credit among 11 cards

UpNComing · ‎02-22-2012

@n777ua wrote:
I think this is a simple question but I can't find the answer for it anywhere - do you HAVE to lease a car through the vehicles manufacturer or can I go to any bank just as if I was purchasing the vehicle ? I've been pre-approved from my local bank for a new car, but if I decide to lease it my dealer told me I HAVE to go through Ford Motor Credit - is this true ?

You'd be hard pressed to find a local or even national bank that can match a lease payment offered by a manufacturers bank. It's rare to say the least. Manufacturers will subsidize the rates and residuals to offer more competitive deals. But to answer your question, no you don't.

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pipeguy · ‎02-22-2012

Something to consider is a PenFed program called Payment Saver - basically a lease type loan as far as lower payments. Perhaps your bank or CU offers a similar program.

https://www.penfed.org/productsAndRates/loans/vehicleLoans/autoPaymentSaverLoans.asp

From the PenFed page: With Payment Saver Auto Loans, you will be able to make a lower payment than what the conventional auto loan would offer, yet at a higher interest rate. Then, at the end of the loan, you will owe the remaining balance of the loan itself. At this juncture, you may choose to payoff the loan or sell, trade, or refinance the vehicle.

n777ua · ‎02-22-2012

Thanks, I looked into that but its not available on SUV's, and the vehicle we picked out is an Explorer . . . cheers

About $215,000 total credit among 11 cards

Anonymous · ‎02-23-2012

I leased a car through a credit union and had a great experience. while there aren't incentives, often times the exact vehicle you want won't offer a great lease deal anyway. It's usually a very specific trim level and options list when done with the dealer. Essentially the bank is buying the car and you are leasing it from them. When complete you hand it back to the bank. Your best strategy would be to lease a vehicle from a bank with a high residual.