Feb
06
can you expect to get trade in value against the retail price of a new car if your current trade is a lease?
By
In attempt to save $$$tax on the new car do you get the value of the current lease against the $$$purchase of the new car???
Sell House Quick
Do I have to pay tax on the full retail price of a vehicle even if I am leasing it ? Car dealer in IL says it’s IL state law to collect sales tax on the full price of the car even if I am leasing it for only 2 years? Is this true?Quick House Sale ...
How can I get another car if my current one is in Repossession? I hear car commercials and have heard of others doing the same, but the dealers I called say they can’t help me.Repossession ...
Is it worth it to trade in my 1998 Maxima back to Nissan for a 2008 Atlima Lease? I have a 1998 Nissan Maxima with about 170,000 miles on it, recently I have been running into light, tire and other minor problems with the car. Also the car has a cloth interior which I have grown to despise over the years. Is it worth it to trade...
What’s the diference between “retail lease” and “retail finance” to buy a car? I’m 15 and I’m confused about terms like retail finance and retail lease,could you please explain me? actually I just know in many cases the retail lease payments are lower than retail finance.Sell and Rent Back ...
Can I trade in and get cash back when doing a lease deal? I am thinking about trading in my 2003 Honda Element and leasing a new vehicle (make unknown) - I owe less than 1k on the Honda. Blue Book Value is around 9-13 K. Say the dealer is willing to give 10k. What happens to the excess cash if I...
3 Comments
February 7th, 2010 at 10:08 am
no as you do not own the lease car ,SORRY
February 8th, 2010 at 12:37 pm
You may be able to negotiate a discount on your new car in order to cover the residual on your lease.
Keep in mind…you don’t own the car so you don’t really have a trade-in.
You have to consider when your lease is up…some companies will charge a penalty for early turn in.
The residual is the value of the lease vehicle when you turn it in.
if the value is not equal to or more than the amount you paid, you may be resposable for the difference.
February 10th, 2010 at 3:39 am
If you lease a car, you just give it back when the lease is up. You can’t trade it in ’cause it’s not your car, hence the term “lease”. also, if you break the lease early, you will pay more, and all sorts of penalties and fees are added on for going over your allowed mileage, etc. Leases are a bad idea, since you make payments every month and put a chunk of money down at time of purchase, and then just give the car back later. You could have been the owner by that time if you just puchased it in the first place. So you pretty much start from scratch here, at best. Or end up paying penalties and fees, THEN starting from scratch. Ouch.