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Should I Buy or Lease?

There are many questions that come along with applying to finance or lease a vehicle. Your destination for reliable Ford models near Baltimore Maryland will gladly elaborate on the many options you have for buying or leasing. We understand that it’s way easier to make an educated decision when you know exactly what you are signing, and we want to provide you with all of the answers. Our finance team assures you peace of mind with years of expertise in finding the right buying option for our guests. Learn about the possibilities you have when the time comes to finalize your purchase, and we’ll happily help you find a payment plan that caters to your unique lifestyle. 

Buying a Car

If you decide to buy a car instead of lease and are wondering whether not you own the vehicle during the process, it depends on whether or not you pay for it upright with cash, or by making monthly payments. If you choose to finance your new Ford, you’ll eventually own the car once your last monthly payment is complete and you’ve met all the lender requirements. Some of these obligations may include putting a minimum down payment toward your initial payment and fulfilling your monthly payments punctually. If you fail to meet the lender agreement terms as stated in your contract, you may be subject to a repossession. Speak with our finance team regarding agreement terms and if you are buying a car in or out of state. If you are considering customizing your car, or perhaps you know you’ll drive a lot of miles, buying a car may be a great choice.

Cost Up-Front 

The bank you are financing with will most likely require you make a down payment, although if you have a trade-in vehicle, you could always apply your trade-in value toward the equity of your next vehicle. Your credit score is ultimately what determines the down payment amount required, but either way, we encourage you to discuss with our friendly staff all of your cost up-front options.

Future Value of My Vehicle

You’ll know the future worth of your vehicle by how well you take care of it. First, you’ll want to consider your vehicle’s depreciation value, and second, you’ll want to keep your vehicle operating at its optimal level of performance. These two factors determine how much you will be able to sell your vehicle for in the future. We recommend always keeping your powertrain healthy by scheduling your routine maintenance at Rtown Ford Service Center. 

End of My Payments

At the time of your last payment per your contract, you’ll possess 100 percent ownership of your vehicle. This completes the car buying process and your lending institution will send your Lien Release as proof of your purchase. Once this is complete, you’ll obtain complete ownership of your new Ford car, truck, or SUV model.

Leasing a Car

Simply put, when you lease a Ford car, truck, or SUV model you do not actually own the vehicle. Although you do hold the car in your possession, it is important to note that you are basically renting this car and must essentially keep it running like it just came off the production line. Any payment you make toward your lease does not actually go toward the vehicle itself, rather it goes toward the use of the vehicle. The actual owner of the vehicle you are leasing is the financing institution in which your contract is through. When you sign a lease agreement, it is probable that your monthly payment will be less than if you were to finance. If you don’t typically drive a ton of miles, and you love all the latest technologies, leasing may be an excellent way for you to experience the advantages of a brand new car at a rate that better suits your lifestyle.

Cost Up-Front

At the beginning of a lease agreement, you’ll most likely be required to put down a variable security deposit, the first months’ payment, an acquisition fee, plus any fees or taxes on the leased vehicle. To achieve lower monthly payments, you can simply pay more upfront when signing your lease agreement.

Future Value of My Vehicle

Remember that since you do not own the vehicle you are leasing, you are not able to sell it for a cash value. It is essential to maintain the optimal health of your vehicle and strictly follow the wear-and-tear guidelines and mileage limits throughout the duration of your lease term as stated within your lease agreement. The last thing you’ll want to do is pay additional fees at the time of your lease-end, so be sure not to exceed the terms stated in your contract. In most cases, the financing institution continues to own the leased vehicle, although you do have the option to in return finance the vehicle you were leasing. 

End of My Payments

You’ll have three options at the time of your lease-end. Once you have made your final payment, you can either hand over the keys to your local Ford dealership, shop to lease or finance a new Ford model, or as stated prior, buy the car you have been leasing. It is our pleasure to assist you in returning your lease, so speak with our team about which option is ideal for your driving life. 

When you’re ready to buy or lease a new Ford car, we’re here to assist you in any way possible. We encourage you to come and speak with us in person, so we can illustrate the various options available to you in reference to the exceptional vehicle that piques your interest. The friendly team at your home for Ford models in Baltimore Maryland is highly experienced in this subject and is ready to help you get behind the wheel of your dream car. Learn more about advantages in buying or leasing a new Ford car, truck, or SUV crossover, and we look forward to providing tons of insight along the way!

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