Exchange lease car with same or other dealership

Guys,

Needed some help, as per car leasing rules can i exchange my recent leased car with some other car … Both cars are from cheverlot and i just need to confirm if its possible under any circumstances, i leased my current car 2 weeks ago and now i saw better chevy deals on better cars
Please advice

Once you sign the contract you are responsible for all of the payments, so the only way to get out of the lease is if the car is worth more than the payoff amount which you could find in your account.
If your payoff is lets say 20k, and after appraising the car they say they would pay 18k for it, then you would transfer that negative equity, in this case 2k, onto the next lease.
I would go to Carmax and see what they offer you for the car, but i highly doubt it would be worth it for you, unless you’re leasing a big car like the XQ80 or a Pilot.

Thank you for your response - Just wanted to confirm how carmax would help me for leased car ?
I actually leased this car from Cheverlot and now i am getting better & cheaper car from the same dealership-
I just wanted to confirm if I can ask this dealership for an exchange…

Hi,

I had the same (sort of) question. Basically I was wondering on a 36 month lease - let’s say 1-2 years into it I wanted to get a better car from the same brand (Jeep). I haven’t leased from them yet- but I’m considering it, and right now can afford a Patriot but in a year or 2 I might be better able to afford a Cherokee. Would seeing the original leased car to Carmax be the only option to do this? Provided that I get the exact amount of money I owe on the original lease, or more, for the car, being the only way it would work out for me? Or is there ever an opportunity to change through the same company mid lease? (Other than doing like lease trader or swap a lease, etc).

Thanks!

You could try asking them, but as i said you are still responsible for the payments of the current lease, so either they will roll those payments into the next lease, or they might buy your car at what they think the current value is and roll onto the next lease the negative equity.

A lot of times brands have Pull ahead programs were they pay 2-3 or even 6 payments from your current lease to get you into a new one, otherwise you are responsible for the payments so the dealer will either roll those payments onto the next lease or buy the car from you at whatever price they think its worth, depending on the car you might have equity in which case you are good, or you will have negative equity which they will roll into the next lease.
I’ve had customers that have gone to Carmax with their lease and came out with a check and the car paid off.

Thanks so much! I am actually going to take my current Mercedes GLK350 leased car (2014, 10,000 miles on it) into carmax to see what I can get for it. I wish I could extend the lease on my GLK but MB Financial just said they won’t do it, that they don’t extend leases. Weird.

No problem! Just a heads up usually Mercedes, BMW and Lexus don’t have the best value, so you might not get offered enough to get out of the lease. But let us know what they offer you for it. Also make sure to check what the payoff amount is, which you could find in your MB financial account.

My payoff amount is $27,275.15 as of today. I have 2 more payments of $309.93, so the payoff if I keep the car until the end of the lease would be $26, 637.45 .

The good news is that right now I have 10,000 miles on the car and won’t have more than 11,500 or so by the end of my lease. The bad news is that my carfax apparently shows an accident.

Wow thats strange, was the car a pre-owned lease or a new lease ?

Not so strange when I know I got in the accident :slight_smile: It’s a lease and it was brand new.

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Many things are possible, given the right market conditions and/or a customer’s willingness to pay.

A dealership could buy out your lease and get you into another one, provided:

A. They can re-sell the first car for a profit or break even. CPO helps there.
B. Profit from the next lease covers any negative equity and/or they roll the negative equity

Since, there are so many moving pieces, and generally a customer in this situation seems rather eager, they can conceal their profit in many places.

A friend of mine went into his M-B dealer and just said something along the lines of “I want to swap my E for an S-class” - they told him his monthly payment would go from X to Y, and he was willing to pay Y (or close) so he signed for the S-class after a little negotiation.

That’s not how I would do it, but like I said, many things are possible. It depends on the dealer’s willingness to take in your old car and re-sell it (assuming the absence of any factory pull-ahead programs for the last X months of your lease) i.e. the right market conditions, and/or a customer’s willingness to pay.

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In your situation, it’s not very likely to save you any money. At 2 weeks old, the market value of your Chevy is likely to be well below the current payoff amount. Neither Chevy nor Carmax is likely to pay that, and will roll all the negative equity into your next lease. So what’s the point?

From what I can tell, Chevy programs discussed here (Malibu ltd and Cruze ltd) haven’t changed much in the last two weeks. So you probably didn’t negotiate the best deal last time, or your local dealer was unwilling to match the deals you found here. What makes you think it will be different this time?