Tips on Buying Cars: Getting out of a Ford credit lease early, lincoln mercurys, lincoln zephyr

Question
Hi, I leased for three years, 15,000 miles a year a Lincoln
Zephyr in June of 2006. My payment is $455.00 a month and it is now August 8, 2007 with another payment due in 2 days just to make it not more than 2 months past due to Ford Credit.  My husband feels we should just give the car back and take a hit credit wise because he feels this is too expensive.  What will Ford Credit do to me? What will happen to my already not so great credit?  Am I still responsible for the rest of the payments on the car for another 23 months?  What should I do so our credit is not ruined?

Answer
The only way to make sure that NOTHING derogatory happens to your credit is to pay the remaining back payments, and pay all the remaining payments on time.  The last thing you want to do is give the car back; repossessions are disastrous as far as your credit is concerned.  They could even sue you for all the remaining payments, less anything they might get for the car at auction.  

I sold Fords and Lincoln-Mercurys from 1993-2005, so I'm pretty familiar with Ford Credit.  For the most part, they are not unreasonable people.  If I were you, I'd contact Ford Credit immediately and explain the situation.  See if they can extend your lease term an additional year in order to lower the monthly payment.  Trust me- they'd much rather work out an alternative payment program than have to repossess the car.  You just have to talk to the right person.  If the first person you talk to balks at this idea, ask for their supervisor and work your way up the food chain.  Good luck, don't hesitate to ask a follow-up questions, and let us know how you make out.