Real Life Real Lease Stories – “Ed O. got a job in China”

The 2008 Ford F150 Supercrew FX4 4x4 with the 20” wheel package, heated leather seats, all the power options and metallic silver in colour is probably one of the nicest looking pickups on the streets today. Ed O. thought so to and subsequently negotiated a 36 month lease on a brand new one. Ed put some money down in order to lower the payment and drove away paying $496.00 per month (plus applicable sales taxes); a very manageable payment for “a-lot-of-truck”.

Not six months after Ed leased the truck he was offered a job in China; clearly a once in a lifetime opportunity that Ed could not refuse. Ed had several different personal matters that had to be attended to including the destiny of his F150. Ed had a feeling that getting out of his F150 lease was not going to be easy and the results of a conversation with his original selling dealership confirmed his initial gut feeling.

The original selling Ford dealership suggested that since he was not replacing his vehicle with another vehicle that it would cost several thousand dollars to simply drop off the truck (and collapse/terminate the lease).

NOTE: What the Ford dealership was alluding to is the lease deficiency that exists when a lease’s current payout (what is owed on the lease) is higher than the current wholesale value of the vehicle. For example; the payout of the lease could have been $34,000.00 and the wholesale value of the truck could have been $25,000.00 leaving $9,000.00 in lease deficiency (which is the amount Ed would have had to pay to simply give back the vehicle).

Ed felt that it was ridiculous to have to pay that much to simply return a leased vehicle and ventured off to find an alternative solution. One of Ed’s colleagues told him about Leasebusters and explained to him how he used the service in the past; (mission accomplished) now that Ed knew there was a solution within the marketplace and his Leasebusters investigation commenced. Ed provided Leasebusters with all the information that they required to start the lease-evaluation process and within 24 hours another Ed (Ed Tibljas, sales manager and 14 year veteran of Leasebusters) provided him with a glowing assessment of the F150 deal. 

As Ed was retaining Leasebusters he was preparing himself to board an airplane to China. Ed’s mother agreed to represent the F150 for her son and the Leasebusters process was “ready to roll”. Ed fielded the telephone calls (and there were several) and was prepared to book a show-and-tell appointment for his mother to handle. Ed made certain that the anyone interested in his truck was serious and let them know that he was very firm of the parameters of the deal (per the advice given to him from Ed Tibljas at  Leasebusters).

In less than 3 weeks, a new customer was approved and had taken over Ed’s F150. Ed’s mother assisted in the representation of the truck and when instructed, had it driven over to the original selling dealership for the new customer. The paperwork was couriered to China for Ed to sign-off and once the administrative component of the deal was completed, the new customer took delivery of the F150 and the lease-take-over transaction was completed.

Once again, the element of “change” caused a very satisfied customer to consider (or “force” the issue of) getting out of their current vehicle lease. Change comes in a variety of ways but ultimately it results in action being required. Ed’s case was not unusual and the results were not surprising. Ed literally saved “thousands of dollars” by using the lease-take-over process and was beyond grateful to his buddy who referred Leasebusters to him and to the Leasebusters team who was able to guide him through the process. 

The Leasebusters “Real Life Real Lease Story is a regular feature on Zack Spencer’s www.motormouth.ca, Leasebusters.com’s LeaseBlog and will also be an on-air feature on Zack Spencer’s Driving Radio Program aired nationally on the Corus Radio Network.