Just started to seriously look at the tc as my next car - I can't believe the features for the price! I'd go buy one right now, but the problem is that I have a little over a year left on my current lease. Does anyone know how the trade in of a lease works? I wouldn;t mind adding a few grand to my purchase price (I owe about $4,000 on my lease) as I plan to put down a couple thousand for the down payment. The residual value on my lease is about $10,000 and finally, I'm hoping to have a car payment around $350-$375. Can anyone offer any insight? Is a deal like this possible or will I have to stay in my lease longer?

Thanks in advance!

 

You can break your lease if the dealer agrees to pay off what you owe on the car. I was financing a car when I bought my tC and they just paid it off for me and gave me 500 bucks. Depends on what kind of car you're currently driving, mileage and the car's condition will also be a factor

 

Your payoff if trading in will be what you owe and residual so about 14K Depending on its value to the dealer you can get a tC if credit is good enough for your payment on a little longer term, and money down always helps. But if the vehicle is worth less than 10K now, you should wait till the lease is up. If you cant wait, then payments will go up. Go to a dealer and work the figures with them so you know for sure,,,

 

it would be financially prudent to just finish up your lease.


best of luck!

 

Not in every single situation. But most of the time.

 

I turned in my Honda. I owed something like $11k. Blue book trade-in was like $12k, and in reality, I was upside down on the loan, but I got $1k on the car. They "supposedly" didn't look at residual, overmileage, etc.

I didn't expect to get much on my car, seeing as I had 20k miles on it, for a one year old car.

So, go to www.kbb.com figure out TRADE IN value, be realistic. Subtract your pay off, that's about what you'll get for it. (get the payoff from the lender)

then, go to scion.com, build the car you want, figure out where you fall in line for your credit score, use the finance calculator, and voila!!! you willl know how much you need to put down, and how much your payments will be.

For the most part, that's EXACTLY what I got. They only had to screw with the numbers to get me in that car that DAY, because it had side air bags, and I didn't want them. But they adjusted my trade in to compensate where I wanted the payments. =)

Good luck. I'm not sure what the whole residual value plus what you owe means, because, from what they told me, they didn't take my residual value into consideratoin (although, could've just been laymans terms, y'know.).

 

i never understoof the concept of leasing a car

 

Cool - that's what I was hoping to hear...I'm going to make some large lease payments for the next few months and I should be in good shape.

Thanks.

 

hmm, if you were leasing the car with the intentions of buying it. Then I could see it making sense to trade it and have it payed off. But if you were leasing and planned on getting rid of it at the end of the lease, then basically theyre buying a car off of you that you never wanted to own per se. Youre kinda eliminating your own options and locking yourself into that car.
You should finish your lease and see if you can get into a lease on a scion. If leasing is what youre into

 

What is your trade in? KBB may be high, especially on a scion, the car has very, very little mark up, so the dealer may have a hard time giving kbb trade in on it.

 

One thing about getting into a lease is to be very sure of your options in the eventuality that you want to lose the car early. Looks like you didn't do the homework at the beginning which means that you are probably better off riding the lease out.

 

I read this thread, but am still confused.
So say you are leasing a car.
18,000 ticket price
leasing it for 4 years at 300 per month.
At the end of the lease, you just trade it in for another car?
Is there anything added to your new car?
Like the pay off of the leased car or value or whatever?
I am confused.

 

at the end you get nothing...like renting the car for 3 years. I leased my car with the intention of purchasing it. It turned out that by leasing it I got about 6% interest for the 3 years. When the lease is up, I will more than likely finance the 8g residual and own the car in a total of 5 years (same as it would have been to buy it outright, but I paid less)