Still have time left on a lease? You're in luck.
Ford's first-ever electric vehicle from the ground-up is an occasion to celebrate. The fact that it bears an iconic nameplate only increases the pressure on the Blue Oval to deliver the goods. The Ford Mustang Mach-E has long surpassed 50,000 reservations since it was revealed nearly a year ago. Ford is pleased so far by the excitement surrounding the EV and recently cut the price for all trim levels, except the GT, by $1,000 to $3,000. Those who already placed reservations will get those savings retroactively.
And now, Ford is making it even easier to lease a new Mach-E. CarsDirect is claiming a bulletin from Ford Credit has been sent to dealerships stating that customers currently leasing a Ford vehicle could be entitled to a lease extension in order to lay hands on a Mach-E once they arrive.
Ford lessees with a scheduled maturity date through March 31, 2021, can now be eligible for a 12-month extension. The main requirements are that one must appear to be in good standing with Ford Credit and that you actually have to place an order for the EV. Automakers often offer customers lease extensions ahead of major new vehicle releases, so Ford's move isn't exactly groundbreaking. Still, it's a nice option to have. However, there are a couple of catches, like always.
First off, the Mach-E GT isn't eligible, though this makes sense because the performance-focused trim isn't due to arrive until sometime next summer. Interested customers will also need to make sure they even qualify for the offer. This requires directly contacting Ford Credit since the term "good standing" is not very specific in this case.
It's also worth bearing in mind Mach-E customers cannot, at present, lease them. A Ford spokeswoman previously told CarBuzz it will provide a "lease-like" offering where customers will be able to decide "how long they'd like to keep the vehicle by allowing them to turn it in, purchase it, or apply any equity they build from their payments that can be applied to a future Ford vehicle." A more traditional lease program will also be announced at a later date.
The 2021 Ford Mustang Mach-E has an MSRP of $42,895 before the $7,500 federal tax credit. Expect the first units to arrive by the end of this year.