Leasing Trade-In?
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Driver School Candidate
Joined: Jun 2003
Posts: 12
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From: Hawaii
Leasing Trade-In?
Does anyone know if it is poosible to trade-in your vehicle while it is still in lease? I have an Acura TL still on lease but want to get a Lexus. Is it possible that Lexus will take the vehicle still on lease, or do I have to sell my TL under lease outside of the dealership?
Pole Position
Joined: Jan 2004
Posts: 3,379
Likes: 20
From: St. Thomas, Ontario
Originally Posted by Skandelous
Does anyone know if it is poosible to trade-in your vehicle while it is still in lease? I have an Acura TL still on lease but want to get a Lexus. Is it possible that Lexus will take the vehicle still on lease, or do I have to sell my TL under lease outside of the dealership?
Lexus Champion
Joined: Jan 2003
Posts: 2,754
Likes: 6
From: Colorado
Find someone to assume the Acura lease. You can post classified ad on many auto websites or local newspapers. The TL is a nice car so you probably won't need to put in a cash incentive to find a willing taker.
Then get your Lexus.
Then get your Lexus.
Driver
Joined: Jul 2002
Posts: 141
Likes: 1
From: Miami, FL
A few things to consider:
Some leases are closed -- you CANNOT buy out your car. If yours is not then you can call the lease compay and get a buy out amount -- you pay them that amount and you own the car. There should not be a penalty for buying it out -- only returning the car and terminating the lease early.
With that said alot of attractive lease offers play around with numbers, so you have a high residual (amount the car is estimated to be worth at the end of the lease) giving you lower payments. If this is the case your best luck will be to use a site such as leasetrader.com to get rid of the car (there are at least 2 similar sites).
If not and your lease is not closed, you can contact your lease company and inquire as to how much your buy out would be. You could sell the car or trade it in (find out how much the dealer will give you to trade your car in -- if its very close to your buy out amount that might be the most hassle-free way to go about things), what the dealer (or the financing company they work with) will do is buy out the car and roll in the difference between that and the trade in value you are getting into your new lease or loan.
Some leases are closed -- you CANNOT buy out your car. If yours is not then you can call the lease compay and get a buy out amount -- you pay them that amount and you own the car. There should not be a penalty for buying it out -- only returning the car and terminating the lease early.
With that said alot of attractive lease offers play around with numbers, so you have a high residual (amount the car is estimated to be worth at the end of the lease) giving you lower payments. If this is the case your best luck will be to use a site such as leasetrader.com to get rid of the car (there are at least 2 similar sites).
If not and your lease is not closed, you can contact your lease company and inquire as to how much your buy out would be. You could sell the car or trade it in (find out how much the dealer will give you to trade your car in -- if its very close to your buy out amount that might be the most hassle-free way to go about things), what the dealer (or the financing company they work with) will do is buy out the car and roll in the difference between that and the trade in value you are getting into your new lease or loan.
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