My lease is wrapping up end of November but it has equity and will be used for starting a new lease. Is there anything I need to be cautious of in terms of turning it in as “purchased” vs getting hit with lease end costs? Thanks!
Don’t overwhelm us with any details
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My fault-
Current lease is a silverado ending in one month with one more payment left. Truck has about 2K in equity.
Looking to lease a new silverado, and have a check cut from my current one to either hold on to or roll into the new lease. My fear is that they will treat it as “turned in” and then I get hit with inspection charges (I.e needs new tires). Hope this helps.
Shouldn’t be a turn in if you’re selling to a dealer. You can sell to any dealer- not necessarily the one you get your next truck. Personally, I’d make sure that the 3rd party buy out amount and your personal buy out amount are the same (some charge more for 3rd party buy outs). I’d also personally get quotes from carvana/vroom/Carmax and bring that to the dealer you lease your next truck from (after you negotiate the next truck first) and see if they can match/beat the beat offer you got.
A dealer isn’t going to cut you a check for $2000, then ground and turn in the lease for you.
I think you are mixing up a dealer turning your car in back to the lessors’ possession (AKA grounding it) where the lessor then assesses lease-end charges vs selling it to the dealer (a sale is “as is”).
Everything related to selling leases has all been discussed in detail throughout 2020. The online disrupters like Carvana, Vroom, ALGO, etc are more likely to offer more than your local dealer.
What they look for at time of pickup has also been discussed in detail.
If you have any specific questions after reading those threads, this can be reopened.