lease
Senior User
Joined: Oct 2003
Posts: 206
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From: Midland, TX
I have had off and on thoughts about this as well. I'm approaching the 2nd year of my 3 year lease, and I have researched getting out of the lease. From what I have found, you can sell it, get the money and pay it off (somehow people do this without telling the buyer), or you can trade it in and apply the trade in value to the payoff. I'm sure you will owe more on the vehicle than you get as a trade, or even private party sell, so you would have to pay that difference.
Carmax's website states that you can trade in a leased vehicle in just about the same way as a financed vehicle.
I know for sure that if you simply terminate the lease and give the truck back it hurts your credit to the point of not being able to finance another vehicle.
Carmax's website states that you can trade in a leased vehicle in just about the same way as a financed vehicle.
I know for sure that if you simply terminate the lease and give the truck back it hurts your credit to the point of not being able to finance another vehicle.
Senior User
Joined: Aug 2004
Posts: 110
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I live in Michigan. I traded in lease vehicles early on 2 seperate occasions. It is the same as trading in a financed vehicle. Ask your finance company what your lease buy out price is. Some finance companies will charge a early lease termination fee of apprx. $200.00. Check your buy out price with trade in values on Kelly Blue Book or Edmunds.
the buy out price is being mailed, and its a $400 fee 
Super Moderator
Joined: Aug 2003
Posts: 25,479
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From: Isanti, MN
keep in mind that, no matter what, the bank will NOT lose money on the deal. Would you buy a month old truck for only 1 or 2k of sticker? I sure wouldn't. The problem is that once you drove it off the lot, the truck lost alot of value. Unless you put a lot of money down, you've depreciated the truck more than you've paid on it, and you will lose money.
My truck is a little over a year old, and I'm finiancing it. I thought about trading it in, but even if I could get $16,000 out of it, which is what I owe, I would lose the other $7,000 I put into it! It's just not worth it! I'm just gonna keep mine for awhile and see what happens down the road.
btw, what kind of truck is it?
My truck is a little over a year old, and I'm finiancing it. I thought about trading it in, but even if I could get $16,000 out of it, which is what I owe, I would lose the other $7,000 I put into it! It's just not worth it! I'm just gonna keep mine for awhile and see what happens down the road.
btw, what kind of truck is it?
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User 9823
2007 - 2014 Expedition & Navigator
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Jun 17, 2007 03:49 PM
