Newbie here and new to leases. This site has been very helpful. I am currently financing a car and would like to now move into a lease.
Would like to know how I can trade this in and how that is handled? Presumably I would just trade in and only apply the amount necessary for the fees associated with the lease and take the remainder as a check. I am assuming they would allow this? Am I better off selling it myself then trading it in for this case?
Thanks!
JBassman:
You’ll almost always do better selling your car yourself than trading it in. The difference to you may be as much as a few thousand. Or it could be considerably less than that. It all depends on if they are going to put your trade out on the lot or just wholesale it out. Also when you do a trade-in sometimes the true trade-in value gets moved into the new car deal just to get the deal done.
Having said that, should you trade in the car then you could in theory apply part of the trade equity to your new deal and take a check for the balance. It might take some time to get the check though depending on the deal. It could be weeks.
The rule with dealers is they’ll do quite a bit to close a profitable (to them) deal.
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