I have a trade in, I KNOW it's not a good idea but has to happen in my situation, and wonder how that works in a lease situation. I know that the up front cost for a Tech lease is advertised around $1999 but my trade in is worth more than that. Really, need help!

 

Depends how you work it with your dealer. Most dealers will give you a separate check for the trade. Or you can apply some or all of it to the lease. It's really up to you.

 

Your trade in will be treated as a regular trade in. Any money over the pay-off value of the trade-in will go towards the reduction of either your drive-off or if you manage to eliminate that completely and have trade-in value left over, the actual cap-cost (think financed amount) of the vehicle itself.

If you have more questions, ask away, but basically, a trade-in on a lease works no different from a trade-in on a buy.

 

CJ, why don't you sell your car on your own first? I've had really good luck using AutoTrader.com, Cars.com, and Craigslist. You'll get significantly more than what the dealer can offer you, and you'll have more negociating power with cash in hand. Good luck.

 

Agreed! The only way a trade vehicle is much of a negotiating tool is if it's something the dealership wants on their lot. Cash is always a good negotiator and like Scott said, you'll get a fair amount more for it selling it on your own.

If you do decide to trade, like stated earlier, it's no different than trading in on a finance. If the vehicle you're trading is paid off then the full amount they give you for the it will go towards your down payment. The $1999 due at signing is what's required for the $399/mo payment. Anything over the $1999, aside from the D&H, will go towards reducing your monthly payment.

 

You will never get what your car is worth on a trade. NEVER. That's just the way it works.

A trade works the same as it would in any purchase. It gets put on the line. If your trade is worth $5000 then that's part of your downstroke. However, many leases require fees and payments upfront. So even though you may reduce the cost of the car, you will probably still have to pay the first month's payment, plus any inception fees. So, you won't walk away with zero down.

 

Wrong, its $3700 due at signing, $1999 is just the downpayment. Trust me I just leased one this week. They're offering the Tech Package for free this month.

 

oh, and dont forget its $399/mo PLUS TAX which in my state brings it to about $427 to start.