Can I trade-in my car even if my lease contract is not over?

Question

Can I trade-in my car even if my lease contract is not over?

Answer 1

read your tearms and conditions of your lease, depending on who your with, you may be able to buy yourself out. If the car is on a lease - its not yours to trade, if its on finance you may be able to get around it.

Answer 2

You 100% can trade it in,... it may have negative equity though depending on the current market, i hope you have a car and not a truck,... you can also see if it would be cheaper for the dealership to just make the last few payments for you, go with what ever is cheapest,... if you have any more questions you can e-mail me at [e-mail]  good luck ;)

Answer 3

Find out what your contract said. Normally you could if you carry over the lease and it has to be from the same dealer.

Answer 4

You will have to refer to your contract.  You will most likely be faced with some type of penalty or fee.

Answer 5

It's true you can trade a leased car before your lease has expired .......... but because lease payments are low and you may have made little or no down payment, you are very likely very upside down — owing much more on your lease than the vehicle is worth — possibly thousands of dollars.

If you trade, the dealer will roll your negative equity into a new loan or lease, making it much more expensive, and payments higher. If the negative equity is too high, you may have to offset some or all of it with a potentially large cash down payment.

Generally, it is not a good idea to trade a leased car. Leases are not designed to be ended early. In most leases, you never have any trade equity, which is not a problem if you stick out the lease until the end.

Unless you are willing to lose a lot of money, the best option is to simply stick the lease out and complete it on schedule.

Answer 6

Yes you can.  Even though it's a lease, you can get a payoff, that will include the remaining payments and residual value of the vehicle.  The dealer will treat it like any other trade, give you their value for it, and move the neg equity into the new loan.