trading leased vehicle for another ? (1 Viewer)

[BradK]

Does anyone know if you can trade vehicles in the middle of a lease?
Example. I got into a 4 year lease back in December with a '03 Dakota. Things have changed a bit since then and now we have no use for a pickup and would like to get a car. I wonder if chrysler would let you keep the current lease, but let you trade vehicles? Would they care as long as you're tied into that 4 years with one of they're products? Payment would change one way or another perhaps, but wonder if its even possible? Anyone have experience with this?

 

[Jared_B]

Sure, no problem. But it will cost you.

You are responsible for the remainder of all your lease payments. So for example you pay $300/month, and you have 2 years left = you owe $7200. In addition to that, you must pay off the residual of the lease. On a Dakota, that's what, around $10-12K? So now you owe around $18k if you wanted to trade it in. You have about .01% chance that you will be offered more for your Dakota than you owe, so expect to pay to get rid of it.

I've done this before on a leased S10 4x4. I actually found a private buyer (willing to pay more than I was offered at a dealer), and I still had to pay about 1500 in the end.

 

[brentl]

IF this was 3 years into a lease you may have enough equity in the vehicle that it wont hurt you bad.

I've been told when I bought my NEW civic after around 2 years of my lease I'll actually break even if I were to trade it in.

Nice to have a car that doesn't devalue very fast

Brent