Can i trade in a leased vehicle early?
I have a 2013 Ford Edge and I'm about a year and a half into a 3 year lease. We're expecting our first child later this year and are trying to cut back on as much as possible. Currently we're paying $280/month for the Edge and would like to trade it in for a vehicle with a much lower monthly payment.
The vehicle is leased through Ford. Am I able to trade it in this early without penalties? Is there a different option that may be the smarter route?
In MHO you would be better off keeping the Edge (it's only for 18 more months) and cut expenses somewhere else. Your easiest hit would be to find someone to take over the lease payments for the remaining period of time, but your lease payments are a bit on the high side. Contact the leasing company and tell them your situation, they will tell what you can and can't do with it.
Why do people do theses things, lease is just that you can't trade in a car you don't own and never will own. In the end of the lease you have nothing but spent money, no car no nothing. Why would you do that? Do as uncle Jed says.
Read your lease agreement.
the penalties for early termination are listed in the contract,…
You can but there would be a penalty almost totaling your remaining lease payments.
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