Trade lease in?

[Huie83]

Originally Posted By: dishdude
It's a lease, who cares if it creaks and rattles or has bad paint? Treat it like the rental car it is and give it back at the end of the lease.


I just can't do that, those things annoy the [censored] out of me on road trips! With a 3 week old you cant just turn up the radio to muffle the noises either.

But yea if I can't trade it, it will be getting treated like a lease. although my wife wants to, I'm not keeping this one lease end.

 

[Jarlaxle]

If I smelled exhaust inside, I would take it to the dealer and DEMAND they either fix it or REPLACE it! Carefully research your state's lemon law.

Failing that...honestly, if there was exhaust in the car and the dealer wouldn't or couldn't fix it, I'd call the leasing company and tell them to come get it!

 

[Coprolite]

All the cars that I have leased listed the buyout value and would quote a payoff price on demand. I have sold them directly to Carmax and traded into the dealer. The buyer would send the check to the leasing company and give me the difference. Any small over payment of the lease would show up in the mail.

Not being underwater at 9 months implies a big down payment or a good job negotiating the price. Go into any negotiation already knowing what your pay off is and what Carmax is willing to pay you outright. I have walked away and sold to Carmax instead of trading in. Other times, I have used the Carmax quote to enforce a little honesty and bump up the trade.

 

[Huie83]

Awesome, thanks for the info Coprolite, that's exactly what I thought the process would be.

The closest CarMax is about 230 miles away but it's worth a shot.

When purchasing I negotiated and there were good rebates at the time with a little bonus on top for being prior military. I am a tad under on the truck ~$500 or so but would pay that to get out of the lease.

Going to hit the dealer first to see if they can resolve the issues and then decide if we can live with the vehicle until lease end.

 

[clarkflower]

Originally Posted By: Tdbo
Try Carmax. If they are willing to give you enough so that you come out relatively clean, buy it and sell it to Carmax.


We had a laid off girl from the fire dept doing our books a day a week. She had 2 cars,needed to move and had to sell a real clean 80,000 mile ford focus.
I looked it up for her at the dealer only auction site.They sold all day long for $3,000 wholesale. She went to Carmax in Irvine and they offered $1000. I think Carmax are thieves. I told her I would buy it for 3,000 (all I had) but to put in on craigslist for a firm 4,000 and she got in it 3 days. Carmax are thieves.

 

[Tdbo]

They apparently did not want it. A Ford Focus with 80K is not exactly their bread and butter and it does not correspond with their business model.
I work with two people who went and sold their leased vehicles to Carmax for more than the buy out on their leases and banked the difference. However, they were 2 year leased vehicles with < 25K on them, which fits in the sweetspot of the type of vehicle that Carmax features.

 

[javacontour]

Think logically. You don't own the vehicle, you are leasing it. Leasing is essentially a really long rental contract that may have an option for you to buy it.

How could you trade something in that you don't own?

If there is equity in the vehicle. I.E. if it's worth more than the remaining lease payments plus the residual (I think that's what folks mean when they say buy-out), then you might be able to "buy it" and trade it.

If it's upside down. I.E. you will owe more than it's worth, you can still buy it out, but it will cost you some more out of your pocket to get out of the lease and into something you like better.

You can always get out. The question is, is it a move you want to make both emotionally and fiscally?

Originally Posted By: Huie83
Hello-

Has anyone ever traded a lease in? Experiences?

I leased a 2013 Explorer about 9 Mos ago that I'm not very happy with and want to dump it. I contacted Ford credit and they said I'd have to purchased the vehicle to be able to trade it in..? Other car sites say its not a issue and leases can in fact be traded in.

Also, any real world experiences with the lease trading/takeover sites?

Thanks.

 

[Spazdog]

CarMax gave us $8000 for a 4 year old Eclipse GT with about 80,000 miles.

Our Eclipse had the V6 and leather (if you want to call Mitsubishi leather "leather" )No Infinity audio, no rear wiper, no rear spoiler, plain white.... I honestly didn't expect that much.

And they sold us a PT Cruiser GT with every option and only 4,000 miles for $15,000...only about $1,000 more than an non-turbo model with over 20,000 miles.

The tote the note lot I worked for would collect couple of years in payments on a hooptie and then entice the owner to trade up to a vehicle a little higher up on the hooptie scale just before it was paid off. Trade in value was usually just a little more than what they still owed. Seriously. $2000 Cavalier would sell for $7500 and then when the purchaser had paid about $6000 he or she would be enticed to move up to a Grand Am, Breeze,or something. Trade in value? Maybe $2000...if the owner kept it up.

 

[Cujet]

My wife worked for a car leasing company. An early "trade in" is likely to cost you a fortune.

Your initial payment was? You will lose that. Then you will be required to fulfill the lease. Most likely, every lease payment and the taxes involved. Then you will be responsible for the calculated residual value at the end of the lease.

"IF" your vehicle is worth more than all of this AS A TRADE IN (exceptionally unlikely) you might be able to get out of the lease and into a new car without major expense.

But more likely, the dealership will offer you a "trade in value" that falls short of your contract requirements. That difference must be made up somehow. It will be ADDED to your new vehicle's cost. My guess, your total "out of pocket" expense will top $7000.

Car dealerships will promise all sorts of things. But they are not in control of the lease details. Don't fall for that trap without all the proper information.

 

[dishdude]

To trade a lease in, you typically need to pay the total of all remaining payments, plus the residual value. The numbers usually aren't there.

 

[dishdude]

Originally Posted By: clarkflower
Originally Posted By: Tdbo
Try Carmax. If they are willing to give you enough so that you come out relatively clean, buy it and sell it to Carmax.


We had a laid off girl from the fire dept doing our books a day a week. She had 2 cars,needed to move and had to sell a real clean 80,000 mile ford focus.
I looked it up for her at the dealer only auction site.They sold all day long for $3,000 wholesale. She went to Carmax in Irvine and they offered $1000. I think Carmax are thieves. I told her I would buy it for 3,000 (all I had) but to put in on craigslist for a firm 4,000 and she got in it 3 days. Carmax are thieves.


If it's a car Carmax will sell on their lot, they'll offer you wholesale plus a little. If it's a car they are going to wholesale, they are going to offer you significantly less than wholesale - think about it, they are going to auction it off wholesale at their auction, so they need to pay significantly less than wholesale to be able to do so.

If it's a retail car for them, they don't have to pay auction fees, transportation, holding costs, etc.

 

[clarkflower]

Originally Posted By: Tdbo
They apparently did not want it. A Ford Focus with 80K is not exactly their bread and butter and it does not correspond with their business model.
I work with two people who went and sold their leased vehicles to Carmax for more than the buy out on their leases and banked the difference. However, they were 2 year leased vehicles with < 25K on them, which fits in the sweetspot of the type of vehicle that Carmax features.


Even if they didn't want it I would have expected them to offer 2 and blow it out at auction for 3,000. I could have got it for 3,000 (and needed it) but would have felt guilty. I had to wonder if they were trying to take a "dumb girl"

 

[Tdbo]

They apparently didn't want to mess with it. She did the right thing and sold it on Craigslist. The only way (usually) to get any money on a car that you wish to dispose of is to sell it yourself. I'm not at all advocating Carmax, they are merely one option when disposing of a vehicle.

 

[Huie83]

Ford has a tool on their website that I can see my payoff any time. Just looked and its right at $24K.

I probably can't get that on trade but I have posted it on Craigslist to see what type of nibbles I get. We'll see...

 

[clarkflower]

Originally Posted By: Huie83
Ford has a tool on their website that I can see my payoff any time. Just looked and its right at $24K.

I probably can't get that on trade but I have posted it on Craigslist to see what type of nibbles I get. We'll see...

These are actual dealer auction (wholesale) sales for a 2013 4wd v6 base.

12/04/13 MILWAUKE Lease $17,300 96,299 Avg BLACK 6G A Yes

12/06/13 PA Lease $21,000 30,140 Avg WHITE 6G P Yes
12/13/13 PA Regular $19,000 75,836 Avg BLACK 6G Yes
12/17/13 PHILLY Lease $19,100 78,376 Avg SILVER 6G A Yes
12/17/13 NORTHSTR Lease $15,500 118,121 Below TUXEDO B 6G A Yes
12/17/13 DENVER Lease $23,500 16,666 Above BLACK 6ET A Yes
12/18/13 UTAH Lease $17,500 62,441 Avg WHITE 6G A Yes

 

[clarkflower]

This is the 4wd v6 limited

12/02/13 PA Lease $29,600 16,037 Avg BLACK 6G P Yes
12/03/13 STATESVL Lease $27,300 28,497 Below GREEN 6ET A Yes
12/03/13 SO CAL Lease $29,200 29,369 Avg BLACK 6G A Yes
12/03/13 PA Lease $29,600 15,306 Avg SILVER 6ET P Yes
12/03/13 PA Lease $29,500 17,983 Avg GREY 6G P Yes
12/03/13 LOUISVLL Regular $33,500 23,944 Above Black 6G A No
12/03/13 KC Lease $26,000 32,764 Below GREEN 6ET A Yes
12/03/13 CHICAGO Factory $32,800 14,801 Above MDGREY 6G A Yes
12/03/13 CHICAGO Lease $32,100 19,491 Above BLACK 6G A Yes
12/03/13 CHICAGO Lease $27,300 35,004 Below GRAY 6G A Yes
12/03/13 BALTWASH Lease $31,400 13,689 Avg GREEN 6G A Yes
12/03/13 BALTWASH Lease $28,800 22,678 Avg GRAY 6G A Yes
12/04/13 SEATTLE Lease $31,200 23,373 Avg GREY 6G A Yes
12/04/13 NEWORLNS Regular $29,600 18,292 Avg LT/GREEN 6G A Yes
12/04/13 NASHVILL Lease $25,000 42,275 Below REDCANDY 6G A Yes
12/04/13 MINNEAP Lease $26,900 30,727 Below GINGRALE 6G A Yes
12/04/13 MINNEAP Lease $26,000 33,895 Below GINGRALE 6G A Yes
12/04/13 KC Lease $29,500 25,910 Avg WHITE 6G A Yes
12/04/13 KC Lease $27,000 29,631 Below GREEN 6G A Yes
12/04/13 DETROIT Lease $33,100 15,466 Above BLUE 6G A Yes
12/04/13 DETROIT Lease $31,700 13,441 Avg GRAY 6ET A Yes
12/04/13 DETROIT Lease $31,600 13,730 Avg MDRED 6G A Yes
12/04/13 DETROIT Lease $27,200 33,942 Below MDRED 6G A Yes
12/05/13 MISS Lease $23,500 29,379 Below GREY 6G A No
12/05/13 MINNEAP Lease $31,700 24,306 Avg LTWHITE 6G A Yes
12/05/13 FRDKBURG Lease $30,500 16,550 Avg BLACK 6G A Yes
12/05/13 CHICAGO Regular $32,000 19,823 Above BLACK 6G A Yes
12/05/13 CHICAGO Lease $27,200 29,889 Below BLACK 6G A Yes
12/06/13 PA Lease $31,200 24,932 Avg SILVER 6G P Yes
12/06/13 PA Lease $26,000 36,648 Below RED 6ET P Yes
12/09/13 GEORGIA Lease $28,200 25,946 Avg BLACK 6G A Yes
12/10/13 SEATTLE Lease $33,500 13,164 Above BLACK 6G A Yes
12/10/13 NY Factory $35,000 23,745 Above GREY 6G A No
12/10/13 NY Lease $30,900 18,342 Avg BLACK 6G A Yes
12/10/13 NY Lease $28,900 23,047 Avg RED 6G A Yes
12/10/13 KC Factory $37,800 5,306 Above SILVER 6ET A No
12/10/13 KC Lease $32,500 18,060 Above WHITE 6ET A Yes
12/10/13 KC Lease $30,600 23,225 Avg SILVER 6ET A Yes
12/10/13 KC Lease $30,500 23,912 Avg BLACK 6G A Yes
12/10/13 KC Lease $29,500 20,562 Avg BLACK 6G A Yes
12/10/13 GEORGIA Lease $28,600 33,414 Avg BLACK 6G A Yes
12/10/13 FRDKBURG Lease $30,800 15,824 Avg GRAY 6G A Yes
12/10/13 BALTWASH Lease $31,000 16,904 Avg BLACK 6G A Yes
12/11/13 SO CAL Lease $30,000 20,686 Avg BLACK 6G A Yes
12/11/13 SEATTLE Lease $27,900 32,299 Avg SILVER 6G A Yes
12/11/13 PITTSBGH Lease $29,800 26,694 Avg GREEN 6G A Yes
12/11/13 PITTSBGH Lease $29,200 19,789 Avg BLUE 6G A Yes
12/11/13 PA Regular $29,500 29,345 Avg BLACK 6G P Yes
12/11/13 MINNEAP Lease $27,700 26,838 Below GINGRALE 6G A Yes
12/11/13 MINNEAP Lease $27,000 30,035 Below GINGRALE 6G A Yes
12/11/13 KC Lease $30,000 28,455 Avg SILVER 6ET A Yes
12/12/13 PA Lease $32,250 16,589 Above SILVER 6G P Yes
12/12/13 PA Lease $32,200 17,466 Above BLACK 6G P Yes
12/12/13 PA Lease $31,600 14,220 Avg BLACK 6G P Yes
12/12/13 PA Lease $31,500 16,896 Avg GREY 6G P Yes
12/12/13 PA Lease $31,500 15,176 Avg BLUE 6G P Yes
12/12/13 PA Lease $31,200 17,124 Avg SILVER 6ET P Yes
12/12/13 PA Lease $31,000 15,551 Avg BLACK 6ET P Yes
12/12/13 PA Lease $30,800 17,499 Avg BLACK 6G P Yes
12/12/13 PA Lease $29,500 12,938 Avg BLACK 6G P Yes
12/12/13 CHICAGO Lease $31,250 30,192 Avg BLACK 6G A Yes
12/13/13 PA Lease $31,400 16,645 Avg GREY 6G P Yes
12/13/13 NEVADA Lease $28,700 20,043 Avg GRAY 6G A Yes
12/14/13 NASHVILL Lease $29,000 24,005 Avg TUX BLK 6G A Yes
12/16/13 MINNEAP Lease $27,300 30,381 Below GINGRALE 6G A Yes
12/17/13 GEORGIA Regular $29,400 31,730 Avg RED 6G A Yes
12/17/13 CHICAGO Lease $35,000 24,355 Above BLACK 6G A No
12/17/13 CHICAGO Lease $31,800 17,746 Above GRA 6G A Yes
12/17/13 BALTWASH Lease $29,700 15,248 Avg BLACK 6G A Yes
12/18/13 SEATTLE Lease $27,000 36,673 Below RED 6G A Yes
12/18/13 KC Lease $28,000 28,232 Avg GREEN 6G A Yes
12/18/13 DETROIT Lease $29,600 17,239 Avg BLUE 6G A Yes
12/18/13 DETROIT Lease $27,600 29,487 Below GREEN 6G A Yes
12/19/13 OMAHA Lease $29,250 19,851 Avg GREEN 6G A Yes
12/19/13 FRDKBURG Lease $28,500 20,980 Avg GREEN 6G A Yes
12/23/13 DENVER Lease $27,400 33,768 Below BLACK 6ET A Yes

 

[SatinSilver]

Originally Posted By: clarkflower
I could have got it for 3,000 (and needed it) but would have felt guilty. I had to wonder if they were trying to take a "dumb girl"


Originally Posted By: clarkflower
Moving to a new, new car dealership (the surfing car dealers) in 2009 I thought it may be different. I sold a 60,000 mile former rent a car 2006 Elantra for 15,999. (they go through the auction for 6500-7500.


Did you feel guilty after selling the Elantra?