How long untill you can trade in on a lease?

Question

I signed a lease in jan 06, only had one late payment in that whole time and it wasn't late enough to report. How long untill they give me the option to opt out of this lease and into another one with a lower monthly, or am I stuck untill 2009? I want power windows darnit. lol

Answer 1

sorry, your stuck... Depending on what bank or dealership it is, they will usually let you out 3, maybe even 4 months early, but thats about it. If you want to trade in your lease, it is possible, but you have get a buyout figure (easy to do, just call the leasing company and ask what it is). Chances are, it's more than the car is worth.

Lets say your payoff is $15,000, and the dealership tells you your trade-in value is $10,000. Then you can trade it in for a new car, but you'll be adding $5,000 to the cost of the new car right away. (for a lease, that usually means about $150 a month added to your payment).

Best Advice: suck it up and drive it till its up, just keep call the dealership with about 8 months left and see how early you can get out of the lease, and into a new one with NO PENALTIES.

Good luck

Answer 2

Depending on the terms of your lease at least 24 months. The negative equity is what will keep in a vehicle. The dealership may not want to assume all that negativity or if they do your car note will surly be higher than what you are paying now. The best advice is to watch the TV and look for pull ahead ads. This means that a car dealer will pay off your lease no matter what you owe as long as you can qualify for one of their vehicles. If not you are pretty much stuck with what you have until the negative equity balances out with the new vehicle you are seeking to buy.

Answer 3

You can sell your lease.

Try http://www.leasetrader.com
or
http://www.swapalease.com