Can you trade-in a leased vehicle? Yes, you can. Our dealership partners make this process quick, easy, and transparent. Here’s your guide to navigating the trade-in process with a leased vehicle online or in-store.
1. Complete a trade appraisal and get your trade-in value
We offer online trade appraisals through our partnered dealerships. A trade appraisal is a full evaluation of your vehicle’s condition, market value, and other relevant factors conducted by automotive experts. This process involves assessing the vehicle’s make, model, age, mileage, and overall condition. When a trade appraisal is completed, the dealership will give you an accurate trade-in value for your vehicle.
2. Get your buyout amount assessed.
From the appraisal, our Finance Managers will also assess your buyout amount. A buyout is the option of purchasing the leased vehicle at the end of the lease term. The buyout amount is predetermined and typically includes the residual value of the vehicle, which is its expected worth at the end of the lease. This gives you the choice to keep the vehicle permanently by paying the buyout amount.
3. Understanding equity
The Finance Manager from the dealership will assess if your lease has positive or negative equity that you can use toward a new auto loan.
Equity = Appraised Value – Lease Buyout
Positive Equity: This occurs when the appraised value of your leased vehicle is greater than the remaining lease balance or buyout. This means you have equity to use toward an auto loan for your next vehicle.
Negative Equity: On the flip side, negative equity occurs when the appraised value is less than the buyout amount. If this happens, don’t worry, our dealerships specialize in handling negative equity seamlessly. Our finance managers can incorporate this into your new loan, ensuring a smooth transition without financial strain.
If you’re interested in trading-in your leased vehicle, our partnered dealerships are here to help you throughout the entire process. The Finance Managers understand that every leasing journey is unique and tailor solutions based on your specific situation, ensuring you step into your new vehicle with confidence.
Get started with an online trade appraisal today.
