TRADE-IN CAR FOR LEASE

How can I swap my lease?

Basically, when you swap your lease, it means selling your leased car privately to a trusted buyer. This method requires a bit of trust, so it is better to sell your car to a private party as someone you know like a neighbor, friend, or relative.

This person should mail a check for the buyout amount to the leasing company. Once you receive the title (the leasing company will only send it to the person leasing the car), sign it to release your interest in the vehicle, and give the title to the buyer.

The buyer can then register the car and pay sales tax at that time (better immediately in order to avoid additional costs). Check for more detailed information about the DMV regulations for NY state.

Can I sell my lease to a dealer?

Yes, you can lease trade your car to any other dealer, not just the one where you arranged the lease. You sell your lease and let the dealer buy the car at the trade-in price. The dealer will pay the leasing company what you owe and give you a check for the equity.

However, don’t expect the money immediately when you sell a leased car to dealership. The dealership will mail you a check once it gets a clear title, assuring that your car doesn’t have any outstanding parking tickets attached to it.

Tip: ask to get the trade-in agreement in writing and state the amount due to you, just in case.

Can I trade in a financed car for lease?

You may use the equity in your current car as the down payment on your new vehicle. Once you know you have equity, you can take your car to your leasing company and trade in the lease for a new lease. It’s important to make sure all the numbers add up.

Alternatively, you can also use the equity to pay the fees required to begin a new lease rather than pay that money out of pocket. In any case, you trade in a lease early for a new car making a profit.

We are eager to help you with every step so contact us to offer you the best trade-in option!