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Step 1
Find something on the lot that you like that has good bank value and is a pretty good price. Take it for a test drive and try to get the best price.
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Step 2
After getting a good price, let the salesperson know that you have some time left on your lease and would like to trade it in. Different dealers have their own trade in rules. I know GMAC does a buy back program for trades on new cars that take some months off your current lease. What happens, if haven't tried before, is the add the remaining payments to the total price of the new auto. Example if you are paying 450.00 a month and have 9 months left thats 4050.00. If the dealer offers any buy backs that you qualify for would lower the total. Now you take the price of the current auto you want and add the remainder of the lease total. Example: new auto 13,000.00 plus remainder 4050.00 for a new loan total of 17,050.00.
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Step 3
When the dealership adds on the remainder of the lease to the total of the next auto what happens is that you are still paying off the lease. So, tell the dealer I want to keep the lease for the remainder of the lease. You paid it off and all you have to do is keep it insured and plated. People never think to just ask to keep the leased auto and that works out even greater for the dealer, because now they have just got several thousand and will have the auto on the lot in no time at all. Even if you don't drive it just take it and not let them stick it to the next buyer!
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Step 4
After you've got your new auto and still have some time with the old leased auto see if you can get paid. Maybe you know someone or run an ad in your local paper trying to get someone else to take over the rest of original lease for a lower price to help with the new auto loan. Good luck!
Comments
Wasatch said
on 11/4/2008 Interesting. I don't lease but may help someone with this.
vikki9 said
on 8/7/2008 Very interesting. Thank you.
beatybass said
on 8/7/2008 Good idea. Maybe it will come in handy in the future.