Trading Your Car Mid-Lease

When you lease a car instead of buying it, you don’t have to worry about common car concerns. But you’re also not building equity in your lease. It’s impossible to trade in a leased car for the money in the same way you might trade in a car you own. But if you find yourself mid-lease ready to trade, here are a few things to keep in mind.

Know your payoff amount and trade-in value

Be sure to obtain the payoff amount left on your existing contract and make note of date through which your payoff amount is valid. This amount can make a difference in how much of the difference you will be paying. If your payoff amount is higher than the trade-in value, it will be more expensive to trade out and it will be unlikely to break-even.

What to do at the dealership

Many cases, lessees stick with their same dealership that they leased from but there also is to option of taking it to other dealership as long as they carry the same brand. Just be sure to go to the dealership that has the car you want. When you are there, make sure to let the salesperson know that your current vehicle is leased and provide her/him with your payoff information.

Two ways the dealership can handle your lease

The dealer can give you the trade-in value for your car and payoff your lease to buy a car from the leasing company. For your new car deal, the difference between your trade value and payoff lease will be either positive equity or negative equity. The dealer can also write a check for the remaining payments and turn your car into the leasing company. The amount can be included in your new car deal.

Knowing that you aren’t truly stuck in your car lease can feel freeing! Swapalease.com is the largest online lease marketplace and they have what you’re looking for. Functioning as a sort of matchmaking service for cars, Swapalease.com helps individuals get more cars at an affordable price.

The online marketplace has vehicles and customers in every state in the continental United States and Canada. For more information on finding the best car lease deals or to learn how you can have a successful car lease trade, contact Swapalease.com at 866-SWAPNOW.