Can you Trade-In your Car for a Lease? - my.IS - Lexus IS Forum
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Old 07-14-2010, 08:19 AM   #1 (permalink)
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Can you Trade-In your Car for a Lease?

Hi...

Say you owe money on the vehicle (making car payments) and you want to trade it in for leasing a new car at the dealership. Can you do that?..


If so, say the dealer buys my trade-in for $20k, and I owe $2000 on that vehicle. Can I pay $2000 to the dealer up front and just make the payment for the lease on a new car? I don't want to be paying more than just leasing the car.


Thanks,


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Old 07-21-2010, 12:39 PM   #2 (permalink)
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Well, either way if you trade the vehicle PIF or not, the dealer will receive the title. If you want to trade in the vehicle, just do it with the balance on it and you can put the $2000 toward the purchase of the lease. Also, if you owe only 2K but the dealer will pay 20k for the car then you have 18K in equity, so why not just buy the Lexus?
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Old 07-23-2010, 10:18 AM   #3 (permalink)
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Originally Posted by cp2087 View Post
Well, either way if you trade the vehicle PIF or not, the dealer will receive the title. If you want to trade in the vehicle, just do it with the balance on it and you can put the $2000 toward the purchase of the lease. Also, if you owe only 2K but the dealer will pay 20k for the car then you have 18K in equity, so why not just buy the Lexus?
Thanks for the response. You are right about the dealer receiving the title either way I do it lol.. I wasn't thinking. I currently own '10 Mazdaspeed 3 with very low miles. I'm expecting to owe around $2500 on the car. I am still not sure what to do whether I should lease or buy a new car, and I haven't yet decided what to get.. Here are two cars I have in mind:

- 2010 Lexus IS350 w/ Sport pkg + Mark Levinson
- 2011 Hyundai Genesis V8 5.0 w/ 8-spd w/ Lexicon audio system (not out yet, but should hit the streets this fall)

I can at least tell you that I don't feel comfortable buying a new Genesis... maybe lease it. I haven't even test drove one yet.

As for the Lexus, I owned one back in 2008 and loved it and I know how it is with the quality and refinement and attention to detail. So buying new might be a good idea.. Lately I have been changing cars like every 2 years or less. I might keep the car for long time next time I get one if I don't get any regrets...


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Old 07-29-2010, 08:34 PM   #4 (permalink)
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yes you can do that, ,but pay the car off first, then once you get the title, sell it privately, you should be able to get a lot more compared to what the dealer will give you.
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Old 07-30-2010, 08:04 AM   #5 (permalink)
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but pay the car off first, then once you get the title, sell it privately, you should be able to get a lot more compared to what the dealer will give you.
Well that's obvious that you will save more by doing that, but I don't want to sell it privately.. I want the dealer to take care of it. And I am not going to pay off my car first.... If I wanted to keep the car then I would just keep making the payment and pay off but I want a different car now, like in a few months.


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