How does a early lease trade in work?

Ask the Hackrs
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1

Hi,

I am a NY resident. I currently lease a 2021 MB GLC 300 that is 9 months from end of lease. I have only put 17K miles on the car in 2 and a bit years. The lease deal was for 3 years and 36000 miles.

The dealership I leased the car from is asking me to trade in the car early (right now) and get a new lease on an EQE for the same monthly as my current lease. I haven’t gone into details with them, but how does this early trade in for my car work? Will the remaining lease payments be cancelled or will I get anything better for my car over and above the remaining payments?

I am very confused about this stuff as its my first car, so looking for some advise.

Thanks in advance!

2

There are no remaining payments because the contract is terminated by mutual consent.

Whether you owe or receive money depends on what you negotiate for the value of the car vs your lease payoff balance.

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You are very ripe for the taking with all the moving parts here…so find a broker to work with and/or really spend time on how to input/use the LH calc. You will need to research current market value on your vehicle, reasonable discounts off MSRP and rebates on new car along with base MF and RV for your term to be able to put together a target payment. Generally putting equity into another lease is not a good idea either. Put the time in or you will get hosed.

4

Or do all that when your lease is closer to being up. Don’t march to the sales guys’ beat. More than likely he’s just calling coz it’s a slow month.

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5

What’s your monthly payment on the GLC? Tell him to email you a lease sheet. Don’t go in person. Most likely it will be horrible offer.

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This is called marketing, you have been marketed-to and can choose to ignore it and keep driving your GLC.

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