So my father just recently passed and my sister and I are helping my mom with everything. They have two vehicles, 1 they own out right and a leased 2020 F150. Both only in my dad’s name. My mom will be keeping the SUV as it was her daily driver, but she has no need for dad’s truck. I live in the city so I have no want to take it.
We looked over the lease and there seems to be no early termination upon death of the lessor. Given the condition of the vehicle (pristine with only 6k miles) we actually were thinking it may be likely that with price spikes on used vehicles that mom might make out in buying out the lease and selling it.
Are we off base here? Does anyone have any experience with similar situations?
Thanks in advance.
I think you look at what the price is to buy out the lease and the residual value which should be on the contract and then look at the going price of the same vehicle on the market. This is probably the best time to sell a used vehicle for the reason you said
Sorry to hear about your old man.
That truck is worth a fortune right now. Ford handles leases a little different as only the one that leased it can pay it off. So if you wanted to sell it, you would have to pay it off then sell it unless the buyer is willing to wait for the title.
You can sell it back to a Ford dealer and are likely to have quite a bit of equity above what’s owed. I would get a few quotes from carvana, carmax and maybe givemethevin.com to get an idea of the actual value. This gives you some negotiating advantage when dealing with the dealer.
If you just want a quick easy way out, take it to the closest dealer and it’s almost a guarantee they will buy it and you won’t owe anything when it’s all said and done. Good luck.
Return the truck to the dealership. They should void the contract since it was only in your father’s name. Sorry for your loss.
Get hard quotes and go from there. I’d be surprised if you get a lot over what’s left on the lease but you never know until you try. Then figure if it’s worth the time and hassle. You want to spend a couple days chasing $500? Or are you looking at 5k?
everything the above said..my condolences to your dads friends and family. hope moms doing well.
Sorry about your dad, but like others have said that car in this market is worth a ton especially with that low of a milage. Sell it 100%.
Take it to the dealer that he got the lease along with death certificate. They maybe willing to negotiate a little as a) it’s a hot commodity and b) it would be good business practice i.e. you may buy a car from them in the future.
Sorry about your loss
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