Can I trade in a leased car for a used car?
I'm currently leasing a 2016 Honda Civic. I had it for 2 years so far and I was wondering if it's possible to trade it in for a used car, without paying for the penalties? I'm in the process of moving and looking for a lower monthly payment.
Without paying penalties? Doubtfully so. In most all instances you would have to pay early lease termination fees to do so. Talk to your dealer, they are the only entity that can say for certain.
No unless you buy out the lease and buy the car. You can't trade what you don't own and you don't own a leased car.
I'm not the dealer so why ask me?
Read your leasing contract. You can't trade in a vehicle you do not own. A lease is not a purchase scheme, just a contract to borrow a vehicle for 3 years (or however long the lease runs for). At the end of the lease the vehicle returns to the owner (the leasing company) but you may be allowed to buy it at a reduced valuation. It will all be in your contract.
If you decline to buy it you hand over the keys and walk away with nothing.
No, DUMMY. You don't own a "leased" car. You're just renting it. You DO NOT have the right to sell it.
Some leases allow it, some don't. Read your lease contract or call the lease company and ask them.
It's considered an early termination, which is very expensive, but more importantly you very likely have no trade equity. Call your lease company ask for your early termination cost. Then compare that to the trade value of your vehicle as can be found on kbb.com or nadaguides.com.
You can but there would be heavy penalties and you would not get a lower payment.
Contrary to what you're hearing here, you can always trade in a leased car. You'll simply owe the remainder of your lease payments, plus the residual value of the vehicle. This will ensure that the vehicle is paid off when you trade it. This also eliminates any early termination fees, as you're not ending the lease, you're paying the vehicle off in full, so the lender gets everything owed. Problem is, you are completely and totally upside down on the lease, so this would require thousands of dollars out of pocket, negating any potential saving you might have by trading down. Keep your car.
Yes
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