I'm thinking about leasing a G37. How does leasing work with trade-ins? It's not completely paid for and I still owe some cash on it. What I get for the vehicle will not compensate for the remainder of the amount still owed. How does this work with leasing? Is the amount still owed added to the lease amount?

Thanks for any help!

 

if you still owe money on the car, depending on how much, theres a chance that maybe they'll pay it off for u since ur getting into a new G..but more likely they'll find a way to roll either all or some of what you owe into ur new monthly payments

 

NEVER trade-in on a lease. Your best bet is to sell your car. You risk losing more when the dealer undercuts you and sell the car at auction. They make all the profit when you trade-in, even though they might "suggest" you have a great trade-in value.

Trade-in is better when purchasing, but again, you'll get more money back selling privately than trading-in. Then use that money for a down payment.

And if you have a lien on your car and you want another one, it's better to take care of your old business before starting new business, or you may find yourself more upside down than you think!

 

Great advice on both counts but what I'm trying to do is get rid of my current POS before it breaks on me. I was in college when I bought it (decent mileage was the reason) and now I'm upside down on it due to the mileage. During the semesters, I traveled 40miles each way, Mon-Fri for several years. It's a 2005 and it's got 62K miles. Warranty of course was done 30k miles ago.

I've since graduated and I'm shopping for a better vehicle. What do you guys think?

 

You can go against the advice given here and lose more money, or you can take our advice and limit your losses.

 

So you're saying I shouldn't trade-in? I think I read somewhere to NEVER place a down payment on a lease, period. A trade-in would be like a down payment on a lease that would only lower monthly payments but in the long run, wasted money?

 

its not going to lower your monthly payments because if you owe money..it's not considered any positive equity for you. it would only do that if you had your car completely paid off OR you had positive equity, which clearly you dont

 

Thanks for the info. So how does a trade-in that's NOT paid off applied to a lease agreement?

 

Didn't you read the first response?

The difference you owe is added onto your payment schedule. It's like taking a loan on a loan to pay the loan.

 

oops, my bad, got caught up. That makes sense though. Thanks for the input. I'll probably wait it out.