Frequently Asked Finance Questions

What’s the difference between leasing and financing a car?

We get this question a lot! When a customer finances a vehicle, they will usually do so on a fixed interest rate term of 60-72-84 months. Once the loan is paid back the customer owns the vehicle. In the financing scenario the customer will be in a position after 2-3 years in which they still have 2-3 years left on the loan and if they wish to sell or trade in the vehicle that “pay-off” amount will need to be paid in full to satisfy the loan.

When a customer Leases a vehicle, the term is much shorter, usually 24-36 months. A lease end value or “residual value” is established before you lease the car based on mileage allowed, overall condition and the term of the lease, which is essentially the amount you would still owe if you wanted to keep the car. Leasing, however, gives you 3 very valuable options at the end of the lease term that you don’t have with traditional financing.

• Option 1) Sell or Trade in (assuming you would take advantage of the car being worth more than the lease-end value giving you positive equity.
• Option 2) Walk away. Simply turn in the vehicle and keys, pay a small disposition fee and buy something else. A great option for a customer if the vehicle is worth less than the lease-end value, avoiding any negative equity.
• Option 3) Keep the car. Assuming you just love the car and wish to continue driving it you can pay the lease-end value in full OR have the dealership arrange financing options for you to finance the lease-end value.

Can I defer or extend a payment on my Ford Credit account?

Payment extensions may be available. Contact Ford Credit or Chuck Colvin for assistance.

Where do I send my payoff check for my financed vehicle?

Verify the address on Ford Credit’s website or contact your lending institution for an accurate payoff quote and accurate address to send the payoff funds.

When will I receive my title after paying off my vehicle?

After your payoff is processed, the title release process begins. Titles are normally received by customers who pay off their loans within 2-3 weeks. If you’re trading in a vehicle with a payoff, we will handle paying off the loan on your behalf as part of the new vehicle purchase.

Are Ford Protect Extended Service Plans transferable?

Yes, these plans are transferable. Conditions and fees may apply.

Can I end my vehicle lease early?

Early lease termination options are available just like with a traditional finance contract there will be a payoff amount owed or paying the remaining payments owed. Review your lease agreement or contact Chuck Colvin’s finance team for details.

How do I update my Ford Credit account information?

Update your information through Ford Credit’s online portal or by contacting customer service.