dontrump

Has anybody traded in a car they still owed on but had positive equity for a lease? In my example, car is worth 26k according to KBB/Ed and I owe ~17.5. I talked to one of the internet reps and they said I could either get a check cut or "use it for payments."

I'm not in a rush so I'm willing to spend the time to shop them against each other, just wondering if anyone has done this shed any light; I don't want to overlook anything whenever I pull the trigger.

pbm317

You would probably want to get the equity back, as most logic points to not placing large down payments on leases (you would generally lose it instantly should something happen to the car- totaled, etc) unless you absolutely need the lower monthly payments.

JDR76

I've done this several times. If you're going to buy another car, just use that equity towards a down payment, or if you're leasing another, just have them cut you a check for the equity.