Lease Vehicle as Trade-in - Question
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Thread: Lease Vehicle as Trade-in - Question

  1. #1
    Wait for me, I'm SLOW Array Ape Man 2007's Avatar
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    Thumbs up Lease Vehicle as Trade-in - Question

    Hi Guys,

    To those who have previous experience with this situation.

    I'm not so sure if there was a thread about this. I just want to ask. Is it possible to trade-in a leased vehicle.

    Wifey is leasing a 2007 CRV right now (2 years into the lease and lease contract is 4 years) and she wants to use this car as Trade-in to purchase (own) a new vehicle. Can this be done or I'm just going to get a lot of headache when we do this?

    Looking for some advice.

    Any help will be appreciated.

    Last edited by Ape Man 2007; 01-01-2009 at 11:00 PM.
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  2. #2
    banned user Array adam112's Avatar
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    You may be able to work something out with your Honda dealer for another Honda. I will admit I am speculating, but I would give your Honda dealer a call. Otherwise, I am pretty sure you're locked into an agreement and any deviating from that agreement would be only through the good will of your dealer.

    I guess you could always try to buy out early?
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  3. #3
    Registered User Array OneTrack's Avatar
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    The leased vehicle is owned by the Leasing Company, not the dealership. Any negotiating would have to be done with that Leasing Company, which will not be easy.

  4. #4
    Registered User Array
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    lease trade

    You can do it but the dealer has to work it this way, on paper you have to buy out the lease which involves them getting a buyout amount and you probably have to make that phone call depending on who the lease is thru. Then you own it, the dealer can take it on trade at that point. The first thing you need to do is phone the lease company and ask for a buyout amount. With the value of used vehicles and only being half way thru the lease you are probably upside down in the lease, or owe more than its worth as a trade unless you had a big down payment in which case you would not likely have leased. So a buyout is what you need first, then take the buyout number to the dealer and he would finance the buyout plus the cash difference, probably better to stay with the lease at this point, but you never know.

  5. #5
    Fast Pack Slow Guy Array Tattoodles's Avatar
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    ...that's correct. Call the leasing company and find out what your buyout is. At only 2 years in, unless you had a big downpayment, you'll probably be backwards - meaning your buyout will be larger than the current value of the vehicle. But from there you'll be able to know how many more payments you'll have until you're balanced at zero. But most likely you will not have any residual value to use as leverage for your next vehicle. At 2 years in, you'll probably be spending money to get out of your lease.

    The only real way out of this is the case, is to sell the car privately and try to get more money for the car than what your buyout is worth. Or at least break even.
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  6. #6
    Registered User Array GSXRBUbba's Avatar
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    Yoy can but what will happen is that you will get a trade in value for the vehicle but then if you have any monies left(differance of trade in to what is owing) then that would have to be paid out or added to the new vehicle. Try to sell or get someone to take over the lease if the payment is good. If you are looking at another Honda then they might be a little better to deal with.
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  7. #7
    Registered User Array scubaphil's Avatar
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    i'm assuming you want to take advantage of the shitty economy and see if you can lease / finance a new vehicle since it's like 0 percent finance.

    youalso have to look at hwo much money you will be saving from the new lease on ur new vehicle vs taking the lost right now. very complex calcuation, good luck
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  8. #8
    Bohica Array Madman's Avatar
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    I did an early lease return and they were VERY firm on the terms. So no deals. Plus, the buy out value no longer made any sense given the current market realities. Where I did win was on the new purchase as they are wheeling and dealing some great deals right now.

    It's still worth getting in touch with your leasing co. Otherwise, cut a great deal on the new purchase.
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  9. #9
    Registered User Array gixxer6's Avatar
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    There is great deals to be had right now. My wife and I bought a new 2009Pontiac Vibe AWD for $21,500 with rebates in with 0%. No brainer.

  10. #10
    Moderator Array CoolDaddyGroove's Avatar
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    It's as simple as contacting your leasing company and asking for the schedule of payments and the corresponding buyout of the vehicle for every month remaining.

    Most leasing companies I have dealt with (and I have paid out leases before expiry) can provide you with this. In today's economy leasing companies don't want to keep cars, preferring you have title to it.

    You shoudl get a simple schedule, month by month, showing what the buyout is. It should NOT be a simple calculation of (1) remaining months of lease X (2) your monthly payment. That is B.S. and assumes you make good on the entire amount of interest to be paid over the term. Much like a mortgage, more of your monthly payment is comprised of interest in the early part of a lease, and less toward the end.

    Keep in mind that on top of whatever this schedule shows you, you will have to pay the lease end buyout PLUS GST and PST.

    Now you got a number.......figure out what the car is worth and subtract it from this number and that's how much you are "upside down". Tack that amount on to the cost of a new car base your financing or leasing on that.

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