I recently leased a new SUV for my wife and I was able to get the dealer to pay me $1271 via a check for the last three remaining lease payments for my wife’s previous lease. However, the dealer agreed to allow me to keep the old vehicle until the lease matured and they still paid me the $1271 up front.
I’m now looking to upgrade my third vehicle and I believe I can qualify for Conquest incentives or find a dealer willing to pay my last three payments a second time. I don’t believe there is anything that prevents me from trading in my wife’s vehicle even though I’ve already received an advance payment for the remaining lease payments.
I’ve not encountered this good fortune until now, and I’m interested if anyone from the leasehackr community has any experience with this scenario. Thx.
@JamesBond I leased my wife a 2018 Jeep Grand Cherokee and her previous vehicle is a 2014 Chrysler Town and Country Minivan. I believe I’m free to do as I wish with the vehicle as the check was made out to me and not the Chrysler.
I believe what @JamesBond was saying is that nothing in life is free. Had they not wrote you that check, you would have received the equivalent in discount on the vehicle. It’s literally your money. It’s a pass through transaction.
The dealer line of “we will make your final 2 payments” works on a lot of people. People tend to think it’s free money for whatever reason even though it defies all logic.
@Tank, I hate to be the bearer of bad news, but that $1271 was paid for by you one way or another. Whether it was less discount or added to your cap cost. Dealers have a net deal they are willing to do and the check they wrote is factored in.
@Jason_B I’m not saying you’re wrong, and I’m not disagreeing with you or anyone. The $1271 was probably factored into the lease deal, but I think my lease deal was pretty good as you can view it in my previous post.
Give the guy a break. He understands that the money came from somewhere but in he end he is happy with the deal (or he would not have signed). To answer his question, yes. The check was made out to him, he still has the car, and he can totally have another Company write him a check for remaining payments (again). Even if they had sent the payments to the lender he could still have another dealer write him a check for the payments. Tank, they can write you a check without having any lease at all. So enjoy! Use the car as leverage in another deal but keep in mind that as others have said, instead of having them write you a check for payments, see if they will make the deal better by the same amount. Otherwise you are just borrowing from yourself.
Since he wanted to try it again I am not sure he fully understood that it is his own money that he is getting. He even said how fortunate he is. I think a lot of people have a misconception thinking it is free money. Does he really need to borrow another 1k against another lease? All we are trying to do is educate.
First, love this forum! Secondly, I accept the feedback and I can only benefit from the knowledge shared by others. I thought it was advantageous to take keep the old leased vehicle and use up the remaining miles and pocket the $1271.00 for a rainy day.
My experience has been the leased vehicle is turned into the dealer when they pay your remaining lease payments as part of the deal, and I was pleasantly surprised they paid me and allowed me to keep the old vehicle to use up the miles.
My new lease deal rated an 8.9 on the leasehackr calculator, but it could have been a better deal if I used the cash to pay down the lease. I’ll have to pay closer attention to on my lease and see what i can do with everyone’s help.
I get the scenario, but you are saying you didnt have to pay the 3 months and they gave you $1271? Who was paying the lease payments for those 3 months?
