How do I trade in my leased car as a down payment?
So I'm leasing a 2017 Honda Civic. I have 19 months left of the lease.
I want to trade it in for a used $8,000 ford.
Is it possible.
Payout is 17,489
Trade in fallow is 16,780
What can the dealership do to put me into the used ford?
Your lease has no value to you because you do not own it. In fact, you owe on it
In 19 months you won't own it then either.
Now you know why leasing is such a bad deal.
Its a lease, you are essentially renting your car, you don't own it. You could pay to get out of your lease (no idea on the cost) and then buy the $8000 car but that will cost you heavily.
A lease is just another name for a rental. You can't use it for a down payment since you don't own it and have no equity on a leased vehicle.
You can try to have someone take over the lease.
Everything is negotiable.
Trading a leased car is pretty much like trading a financed car. It depends on the amount of your lease BUYOUT, not your lease PAYOFF, versus the trade value of your car. In most cases, the buyout cost is WAY more than the car's value and a trade is not practical.
In your case, you are confusing PAYOFF with BUYOUT. You need to call your lease finance company back and ask them the cost of buying the vehicle, which is what a dealer would have to do to do a trade with you. The only time this would be less than the trade value of the vehicle is if you had made a huge down payment at the beginning of the lease, or if you were very near the end of your lease, which you are not.
You can't not yours to trade in
How do you trade in your leased car as a down payment?
YOU DON'T and CAN'T
Congratulations - you've earned the Stupid Question of the Day Award
The dealer can't do very much to help you with this trade. You would have to pay down the lease by several thousands dollars more before a trade would be viable.
You also can't use you apartment for your down payment on a house
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