i financed a car 3 months ago. is it possible to trade it in for a lease for different car?

Question

i dont like the car that i bought(financed). i wanna lease a different car now. can i trade the finance for a lease?

Answer 1

Of course its possible, but it will cost you. After 3 months you have a used car that lost about 20%+ of its original value and you really did not make any headway on the loan amount in that time.

Answer 2

Of course it's possible -- but not very practical.

First of all, it's not possible to simply have your finance company change your loan on one vehicle to a lease on another.

The car you bought 3 months ago has already depeciated in value such that you almost certainly owe more on your loan than the car is worth in a sale or trade. You're upside down on your loan.

This means if you traded for a new car, a dealer would roll your "negative equity" into your new loan or lease, which would very likely make your new payments higher than you are already paying.

In summary, trading a car after only 3 months is not a very good idea. The best option is to simply stay with your current car until you are no longer upside down and then consider selling or trading.

Answer 3

Yes you can. You probably, however, owe more than the car is worth.

What the dealer will do is to take the amount that is over the amount of the value of the car you now have and add it to the amount financed for the new car.

Answer 4

You can do it the very next day....the only time it would matter is if your building credit or have bad credit. In that case, pay it on time for 6mths then trade it in.