friend needs some car help (ford explorer)

[Judo Tom]

a friend i work with has a leased 2001 rwd ford explorer with 91k on it. truck is running good with no major problems right now.

she is wayyyy over on the miles right now and would owe 6300 in miles now.

her options are to trade in the lease and lease another ford. the dealer said they will "absorb" some of the mileage cost if she buys a nicer ford explorer

she could buy the truck but then she has an older truck that things could go wrong but then she is free from the lease and free from the miles and all that..

the buyout on the truck is 9k and again the mileage payment on the lease would be 6300

give me some ideas here..

i think i would recommend her buying the truck and then selling it back to another dealership a bit down the road before major damage starts and then buying a car so she is not stuck with the lease mileage limit.

 

[jestros]

I would recomend that she leave the exploder on the side of the road with the keys in. And never set foot at a Ford dealership again.

 

[Lao Tzu]

She owes 6300 on her lease, you mean? if thats the case then buy it, its blue book is around 8k, and the average price for a 01 explorer is 15-18k on autotrader. just resell it after you buy it.

 

[Judo Tom]

nono.. the buyout is 9k that would be if she did not exceed the mileage but she did so she would owe 6k at the end of the lease if she does not buy it

if she buys it she only owes the 9k

 

[Lao Tzu]

nono.. the buyout is 9k that would be if she did not exceed the mileage but she did so she would owe 6k at the end of the lease if she does not buy it

if she buys it she only owes the 9k

id buy it, thats only a 2700 difference between owning it outright and paying off the lease. If she put taht truck on the market for $5500 or so she'd have a buyer pretty quick. At least that way she can recoup some of her losses.