When you lease a new car from a Ford car dealer, the finance company that processes the lease is Ford Credit.
Your monthly lease payment actually goes to Ford Credit and that is who you have to break the lease with if you do not want to keep the car.
Since a car lease is a legally binding contract, there are penalty fees involved in breaking or terminating the lease.
You can lessen those penalty fees somewhat by transferring the Ford car lease, which also is better for your credit score than breaking the lease.
Look over your Ford car lease documents to see what the penalty is for breaking the lease.
Typically you will see an early termination section on the lease that lists the penalty fee for breaking the lease. The fee amount varies by lease.
According to the No Haggle Car Leasing website, the early termination fee can be thousands of dollars.
Contact Ford Credit using the phone number on your lease documents to discuss your options.
You can confirm that what is listed in your lease is correct and confirm the fee amount.
You can also ask if you have any alternatives, such as trading in the car for a lease on a newer Ford or finding someone else to take over the lease. In some instances, you may be able to do these things.
Transfer your Ford car lease to someone else using a speciality service, such as Swap A Lease or Lease Trader, if you feel you cannot pay the early termination fee or do not want to have to pay the fee.
You do have to pay to use such a service, usually around $200. If you transfer the lease through Ford Credit, it can cost between $600 and over $1,000 for the transfer.
Return the car to the Ford dealer where you initially leased it if you simply want to return the car and break the lease.
You are required to pay the early termination fee when you do this.
And it shows up on your credit report as a “voluntary repossession,” which negatively affects your credit in the same manner as a traditional repossession of a vehicle.