A leased vehicle is owned by the leasing company, and your lease contract stipulates that you will return the vehicle to the dealership—or purchase it—at lease-end. You’ll also pay for any depreciation of the vehicle during the period you drive it. Can you trade in a lease for a new lease contract? It depends. Trading in a leased car for a new lease is an option if your current car lease has any equity. In other words, you may be able to leverage the residual value in your lease contract to save money on your next lease. Find out if a lease trade-in could work for you with this guide from the auto BMW of Mamaroneck finance center!
There are two ways that a lease trade-in might work for Mamaroneck drivers: the dealership uses your vehicle’s wholesale value as a credit to pay off your balance and purchase the car from the leasing company, or the dealer covers your remaining lease payments and returns your car to the leasing company. So can you trade in a lease in your situation? Take these steps before trading in a leased car for a new lease:
In most situations, an early lease trade-in isn’t worth the termination costs and the complications of breaking a lease. But if you really do need to break your contract before lease-end, can you trade in a lease early? Harrison drivers can take advantage of the following lease trade-in options:
Questions about trading in a leased car for a new lease in New Rochelle? Our auto finance experts are happy to help you calculate your monthly lease payments and residual value. Stop by our finance center in Mamaroneck or contact us to learn more about what a lease buyout is, how to sell a car at a dealership, if you can take over a car lease, if you can lease a car with bad credit, about our savings options, our BMW SUV lease options, BMW convertible lease options, and more.See other finance tips such as how you can order your next new luxury car from our dealership and have it ready to bring home.