Re: Can you really Trade-In a Lease? - Saab General Bulletin Board - Saabnet.com
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Re: Can you really Trade-In a Lease?
Posted by pursang (more from pursang) on Tue, 1 Jul 2003 11:09:46
In Reply to: Can you really Trade-In a Lease?, Jon in Chicago, Tue, 1 Jul 2003 08:59:39
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You can do anything you want, you just have to be willing to pay for it. Breaking a lease will involve early termination charges that will be added to the capitalized cost of your new vehicle and your monthly payments will have to amortize them away. In order to do this, the dealer will usually want you to sign a longer lease in order to get the payment down. And if your old lease had a higher implicit interest rate compared to today's Greenspanian low rates, the the termination charges will be high - why should the leasing company forego its income?
An girlfriend of mine jumped out of three leases and now pays almost $500 a month for a Mitsu Eclipse. She is impulsive and broke a lease on an Explorer after five months (too hard to park), then got a KIA Sportage and broke that after a year (too small) to get the Eclipse. Now she is stuck with it for four years.
If you are at the end of your lease a dealer may work with you on the last few payments, but if its early on, its going to be expensive.
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