Ford has agreed to lease the Ford Ranger pickup truck for $7.9 million for four years and has committed to lease another Ford Ranger, the company said in a press release.
The lease is subject to a $4 million payment due in the fourth quarter of 2019, which is subject, in part, to Ford’s $3 million payment for a $5.6 million purchase price.
Ford said in the press release that it was a partnership between Ford and the Canadian government that allowed the deal to be approved.
“It’s important to remember that Canada is a great country, with a lot of good people, and the Prime Minister is a big fan of Ford’s,” said Ford President and CEO Mark Fields.
“We’ve worked very closely with the Canadian authorities to ensure this deal meets Canadian safety and environmental standards, and we’re excited to see the Ranger return to Canadian dealerships.”
The lease comes at a time when the global carmaker is looking to sell some of its aging trucks, and it’s also in the middle of a multi-billion-dollar expansion of its Ford Transit division.
Ford announced earlier this year that it would sell its Transit division to a group led by private equity firm Carlyle Group.