I would like to trade my current truck (I own it and owe no money on it. I think it has a value of say 25K just for the numbers.

If I am going to get into a lease with fees down and say 500/mo for 24 months
how would this work if I want the dealer to take my car?

Do they cut me a cheque back? Is it a non-workable situation?

 

Sell truck to car max

 

They would cut you a check for the remaining balance of your truck. It is very wise that you do not put everything into your new lease. In case of an accident and the car is totalled, you would lose a good chunk of your down payment. You probably will not get a good trade in value for your truck if you go thru a dealer. If you insist on doing so, shop your car around and see who gives you the most money for your car. Carmax does not always give you the most for trade-ins actually. I've used them and I've had other dealers give me the same offer as Carmax. So the best you can do is to shop it around.

 

In a situation like mine, with 25-28k of equity in a truck that is not a hot seller right now should I buy a g37 rather than lease and deal with selling a g37 in 2-3 if i want to swap cars?

 

I think it's not a bad idea to buy it since you have a lot of equity on your truck. Assuming you can get that much for your truck, I would probably buy the g37. Just make sure you get the g37 with the most common/wanted options so you have a easier time selling it down the road.

 

they will cut you a check back. thats what i just did last week to get my G37. KBB on my truck private party was 24K, trade in value was 18.5K.. However, this is a horrible time to try to sell a truck. I was able to get 16K tradein for my truck.

 

Yea, its terrible for sure. Im going to hold out for now and list it for sale privately and see what happens. Im in no rush other than just wanting the g!

 

yea i was going to do the same thing, so i listed it on cars.com and autotrader.com i put it up for 19k, didnt get a single call. dropped to 18k still no calls. So i figured 16k for trade in was pretty good.

PS. when i would do a search on those sites within 30miles of my zipcode and limited the serarch to F150s from 2005 to 2007. There were over 250 listings!!

Best of luck... its tough.

 

Personally, I would sell the truck to a private party...invest the money in the stock market, tax free bonds, CD's or mutual funds, maybe oil futures; and then, lease the new G37 at invoice price.

My $0.02 worth.

Semper Fi

 

Yea, I have no intentions of paying the lease upfront or putting a huge downpyment to lower my monthly.

However, trucks are not the most popular on the market right now so it looks like I'm stuck with it...no way I am willing to take a 10K hit on a dealer sale...

 

You sound like a very wise man - good for you! I would however, like to respectfully disagree with your comment on trucks and the market. There are many contractors, etc. who would love to get their hands on an excellent used truck.

The Ford F150 has been the most popular selling vehicle for many many years.

Nonetheless, I like your thinking.

Semper Fi