• Lincoln
  • Ford

3501 South Santa Fe
Directions Chanute, KS 66720

  • Sales: (888) 414-8990
  • Service: (888) 401-4860
  • Parts: (888) 402-0728
  • Heavy Truck Service: (888) 239-1749

Buying Vs. Leasing FAQs

 
Buying



Who Owns It

    Whether you pay for the car with cash, or finance it and make monthly payments, either way it's yours. Of course, if you're financing it, you'll have to meet the obligations of the lender requires, like certain down payment amount and timely monthly payments. If you don't, they have the right to repossess the vehicle.

Up-front Costs

    If you're financing it, the lender will probably request a down payment. You can also trade-in another vehicle and use any equity towards your down payment. The amount of the down payment is usually based on the lender's requirements and your credit score.

Future Value

    Your vehicle will be worth whatever you can sell it for in the future and that depends on how well you maintain it. (Be smart and protect your investment with regular scheduled maintenance by a factory authorized facility!)

End of Payments

    Once you've paid off what you owe on your contract, that's it. Your vehicle is 100% yours. The lending institution will send you a Lien Release as proof that the vehicle is completely paid off and all yours.














Leasing



Who Owns It

    You do not own the car when you lease. You're paying for the use of the vehicle, but the finance institution that you leased it through actually owns it. This is usually why you pay less per month in a lease than if you were to buy the car.

Up-front Costs

    Leases often do not require any type of a down payment. All you usually have to pay is the first month's payment, a security deposit, the acquisition fee and other fees and taxes. But, as with a purchase, if you want to lower your monthly payments you can always pay more upfront.

Future Value

    In most leases you don't end up owning it so you don't end up selling it. That's the financial institution's job. Although you may have mileage limits and wear and tear guidelines that, if you exceed them, could cost you extra money when you turn your vehicle back in.

End of Payments

    Most people return the vehicle at the end of the lease term. But some like to purchase it during their lease or at the end. Others like to trade it in before their lease is over. Just ask us about these different options before signing any paperwork and we'll make sure you have your leased set up the way you want it.

Best Cars to Lease

    The best cars to lease are those with the best book value after the term of the lease. Since they depreciate less, you pay less. Review the lease ratings to see which cars retain their value.



 

Contact

Merle Kelly Ford

3501 South Santa Fe
Directions Chanute, KS 66720

  • Sales: (888) 414-8990
  • Service: (888) 401-4860
  • Parts: (888) 402-0728

Hours

  • Monday 8:00am-6:00pm
  • Tuesday 8:00am-6:00pm
  • Wednesday 8:00am-6:00pm
  • Thursday 8:00am-6:00pm
  • Friday 8:00am-6:00pm
  • Saturday 9:00am-3:00pm
  • Sunday Closed
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