Anyone have experience with trading in their leased vehicle early for a new leased vehicle? I have 10 months left on my current lease and I was provided with a buyout amount by IFS. I cut a deal on a new IPL but now I'm a bit confused by what the proper way should be to paper the deal. I was told by the dealership they would take in my car with no cost to me.

What are the logistics of how this deal should now work. I don't have any paperwork from the dealer saying they agree to pay the amount of the payout letter -- I would have thought this would have been something that needed to be clearly written in the lease deal.

I was told they need to complete the "grounding report" first and turn the vehicle in for inspection. I thought this process is only for leases at their natural end. In this case, the dealer has to buy the car out - otherwise, I would be on the hook for the remaining payments, am I right?

Let me know what your experience has been and what documents/contract terms you had in your deal.

 

My guess is the inspection is still done in case there were damages to the car. I ended my lease 6 months early but that was because Infiniti had a deal going on. Usually they have those deals so you get into a new G and they have you hooked for another 36 months (or whatever your new lease is).
Either way, if you didn't end up paying anything for the buyout, my guess is they put the cost in the back end of your new deal. That's what they normally do so that you don't have to pay anything now, but you will have to pay a little more per month for your new lease.
That's my best guess.

 

Thanks for the reply. You are right -- I confirmed with the Sales Manager at the dealership and she confirmed that they still need to do the "grounding report" but that after they complete it and enter it in the system, they will then pay out the car. So, bottom line, the dealership is buying the car and I have confirmation of that now. All is good with the world....

 

Received confirmation from the dealership that there would be no wear and tear charges. There were some grumblings about my rims, but in the end my superstar salesperson on the new car I bought, 'convinced' them to just take the old car in without any charges.

Anyone looking for a Nissan or Infiniti, I have a good salesperson to recommend.