Lease Trade-In

   

How does a lease trade in work? 
You are near the end of your lease and would like to trade for a new vehicle. In this scenario the dealer could do a couple different things.
The Dealer Buys The Car From The Leasing Company
  • The dealer will pay off the balance of your old lease and will buy the vehicle for their used car lot. They will then give you trade-in credit for the vehicle and will either add or deduct any difference to your new lease or purchase. If the cost of paying off your lease is higher to the dealer than the credit they give you for your car, the deficit, or the negative equity, will be added to your new lease or purchase. If the cost is lower, the  difference will be subtracted from your new lease or purchase and treated as a down payment. All these figures should appear in your lease or new purchase contract.
The Dealer Returns The Car To The Leasing Company 
  • The dealer will will pay off the balance of your old lease and will return the vehicle to the lease company. This will result in no trade-in credit for you. Since your car will be returned to the lease company, all of your normal lease-end conditions will apply. If your car has extra miles, is damaged, or has excessive wear and tear, you will be sent a bill by the lease company. The same as if you would have returned the car yourself at the end of the lease, the dealer does not pay these fees for you. 

Things To Do:
  • Compare the trade-in value to the residual value remaining on the lease. 
  • Obtain the payoff amount left on the existing lease contract
  • Ask your sales professional to go over your trade in options 

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  • Tuesday 8:30am-9:00pm
  • Wednesday 8:30am-9:00pm
  • Thursday 8:30am-9:00pm
  • Friday 8:30am-9:00pm
  • Saturday 8:30am-8:00pm
  • Sunday Closed
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