hi there,
Need professional opinion. I have a lease Bmw 3series that will expire on April 2010 (around 9months left) and I want to trade in the lease for a (buy)new Honda Odyssey. Is that possible, if so what do I need to be aware of fr. the dealer.
Thanks for your advise.
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The lease has no value, its a liability.
You may be able to "buy" your way out of the Additional 9 months for maybe a lump sum of 7-8 payments or something plus mileage and any additional wear & tear.
The new dealer wouldn't be interested in paying 9 payments and then having the option to buy it.
Bottom line is, its 2 transactions. "Settle up with the lease company on an early termination" and THEN buy a new car.
You cant really "trade it in" although the dealer may allow you to leave it there for a few days until the leasing company comes and gets it or you return it to wherever they want it.
YES YOU CAN!
First call the bank and ask what its payoff is. Then check its value at kbb.com and search for similar cars on autotrader.com. If the payoff is greater than the value you have whats called negative equity. You must either pay this or roll it into your next car.
The better choice may be to sell your lease at swapalease.com or leasetrader.com. All you have to do is pay listing fees.
The dealer will know how to handle this.