Currently leasing a 2014 ford fusion?
I'm currently leasing a 2014 ford fusion my lease is up next year and i intend to lease a 2016 dodge challenger RT i wanted to know if since i'm not staying with ford can i trade my current car in for credit towards my down payment for the challenger
Problem with a lease is you have no equity in your current vehicle. The finance co owns the car, you just rent it, So you have nothing to trade in.
Now maybe they will terminate that lease early, and sign you up for a lease on a new car. But they are only going to do this if THEY are making a profit on the deal.
And guess who they are making that profit from.
There's no current car you own. It's a leased car, you return it at the end of the lease and you are free to start a new lease wherever you wish. You may owe money for to Ford for any unusual wear and tear and extra mileage.
Nope. If you are LEASING a car, you have no equity or ownership stake in it to use for a trade-in or down payment on another car. You are just RENTING the car from the dealer, and when your lease is done, you give it back and walk away with nothing.
Yes, actually, you can. If you come out even on your leased vehicle, the trade value of the vehicle will be the same amount of money that you would owe if you financed the vehicle and bought it out. If you were ahead on miles, you could have trade equity, just like a purchase. If youhave negative equity, the vehicle can still be traded in, but you'd have to cover the difference.
Contrary to popular belief, you actually FOUR options on a lease:
1. Turn in the vehicle, and walk away.
2. Turn in the vehicle, and lease another.
3. If you have low miles, trade it in, and use the equity towards another lease or purchase.
4. Finance the residual value, and keep the car.
It maybe possible if there's any equity left in the deal. Sometimes you can trade when you get within 6 month of lease end.
Your old lease has no value when the lease is over.
However, if you made every payment on time and were never late, its possible to lease another car with nothing down.
If you just like burning money.
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