Thursday, August 18, 2022

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Ford eliminates lease-to-buy option on EVs: Report

San Francisco, June 26, 2022- Car maker Ford will no longer offer the opportunity to purchase its three all-electric vehicles, the F-150 Lightning, Mustang Mach-E, and E-Transit Van, for new leases.

Ford informed dealers in a letter that it was discontinuing the end-of-lease purchase option for the E-Transit van, Mustang Mach-E, and F-150 Lightning, Teslarati reported.

The company said that “you do not have the option to purchase the vehicle at the end of the lease term”.

This change happened on June 15 in 37 states; the remaining 14 states and the District of Columbia will follow suit by the fourth quarter of this year.

Ford confirmed to CarsDirect that its communication was legitimate.

Ford’s action is only the most recent illustration of how automakers are incorporating more and more restrictive clauses into their leasing agreements, the report said.

With used vehicles selling at prices sometimes as much as or higher than brand new models due to parts shortages and semiconductor constraints, Ford may be looking to take used EVs and make another profit on them after an initial lease is up, it added.

The company said in its letter that the goal is primarily focused on alleviating additional carbon emissions.  (Agency)

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