3 Ways To Turn Your Lease Into Cash

Edmunds.com

3 Ways To Turn Your Lease Into Cash

Leverage the equity in your leased car. Don't let your loss be the dealer's gain.

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cedavis

I need to get out of my lease car quickly. I am transfering out of country in the next month. I have had it listed on Swaplease and have had no bites. I have added that I will give the new owner $400.00 plus 1 year of sirus xm and still no bites after a month!
Any other suggestions? I had this other company call and say they would sublease my car?
I need out of my car in a hurry , please help

jbart23

So if I have little to no equity I'm stuck?

rocketrod_777

My lease on an Audi Q5 is ending in October. The mileage will far exceed agreed upon amount. I want to change car makes to a BMW X3 now, approximately 5months early. Advice please.

kyfdx

rocketrod_777 said:

My lease on an Audi Q5 is ending in October. The mileage will far exceed agreed upon amount. I want to change car makes to a BMW X3 now, approximately 5months early. Advice please.

That will be very expensive. You are probably better off taking your lease to term, and paying the mileage overage. After that, take a higher mileage allowance on the next lease, or stop leasing.

Chawa

GM FINANCIAL is asking for a good reason to allow me an extension of my Chevy lease. I said to them that I had no money but that isn't an aceptable reason.
So I need to find a one that meets their criteria.
Please , help me here

kyfdx

Chawa said:

GM FINANCIAL is asking for a good reason to allow me an extension of my Chevy lease. I said to them that I had no money but that isn't an aceptable reason.

So I need to find a one that meets their criteria.

Please , help me here

The only reason that would suffice, is if you were out of the country, or you had a new GM car on order.

Telling them you have no money is not a good way to get them to extend your lease, I wouldn't think.

Abdelasis

My lease has equity paying the value of the vehicle only... But I have no equity with the sales\tax and fees that is 2500 more. If I sell my lease I have to pay those Taxes and Fees?????

kyfdx

Abdelasis said:

My lease has equity paying the value of the vehicle only... But I have no equity with the sales\tax and fees that is 2500 more. If I sell my lease I have to pay those Taxes and Fees?????

If you trade the car in to a dealer, then you won't owe sales tax. But, you can't sell it to another private party, without first buying it from the bank (and, incurring sales tax, in most states)

Ferndaleguy

I have a Ford now with 4 months left on my lease and over on miles. About 20,000. I want to go with GM this time because I get the employee discount. If I go with GM will the dealer offer to buy my car? If so, would I owe on the excessive mileage?

eastwest30

2017 audi q5 lease is ending real soon. buyback is about 28k, carmax is giving 23k. under the 36k by about 2000miles. buy the car or turn it in at the end of month?

kyfdx

eastwest30 said:

2017 audi q5 lease is ending real soon. buyback is about 28k, carmax is giving 23k. under the 36k by about 2000miles. buy the car or turn it in at the end of month?

$5K over wholesale doesn't sound like a great buy. What are comparable models selling for? You should be able to do a nationwide search of Carmax, and see what they are asking for them.

eastwest30

armax search yields around 26k-31k? any idea if audi would negotiate down the buyback price? trying to determine the best alternative as I would still need a car

Michaell

eastwest30 said:

armax search yields around 26k-31k? any idea if audi would negotiate down the buyback price? trying to determine the best alternative as I would still need a car

Guaranteed the AFS will not negotiate the buyout price for you.

kyfdx

eastwest30 said:

armax search yields around 26k-31k? any idea if audi would negotiate down the buyback price? trying to determine the best alternative as I would still need a car

Buying a $28K vehicle will result in a $600/mo payment for five more years. For a car that will be out of warranty in one more year.

Just depends on your budget, and what sort of vehicle you require at this time.

But, you shouldn't feel attached to the Q5, just because you leased it. You are free to buy or lease any car you want.

Sheppard

I just leased a 2019 Kia Stinger Premium AWD and realized it was not the right decision. Any help would be great! $419/ 36months including tax. Roughly 20k residual after lease term. 100 miles on it.

What are my options?

Thank you!

Michaell

Sheppard said:

I just leased a 2019 Kia Stinger Premium AWD and realized it was not the right decision. Any help would be great! $419/ 36months including tax. Roughly 20k residual after lease term. 100 miles on it.

What are my options?

Thank you!

None that are good, so soon after pulling the trigger.

Sadly, your best bet is to ride out the lease. Anything else is going to cost you a boatload of money.

Why was it not the right decision?

Sheppard

@Michaell Swap a lease proposed an off-lease buyout option, where someone who is interested purchasing the car outright. Do you know anything about that?

I just have buyers regret. I can make payments with no problem, but I think I’d be happier with the money instead of it going to the car.

kyfdx

Sheppard said:

@Michaell Swap a lease proposed an off-lease buyout option, where someone who is interested purchasing the car outright. Do you know anything about that?

I just have buyers regret. I can make payments with no problem, but I think I’d be happier with the money instead of it going to the car.

Swapalease is legit. Of course, you'll owe fees.

And, it isn't likely someone will give you enough to pay off your lease. They could just go buy the car outright from a dealer.

Sheppard

@kyfdx Well I’m glad it hear it’s legit!

You don’t think anyone will? Even with the low negotiated monthly? What do you suggest, wait a year of low mile driving?

kyfdx

Sheppard said:

@kyfdx Well I’m glad it hear it’s legit!

You don’t think anyone will? Even with the low negotiated monthly? What do you suggest, wait a year of low mile driving?

I don't think anyone will buy your car outright, which is what you posited in the previous post.

But, if you have a low payment, you may be able to get someone to take it over.

Sheppard

@kyfdx unfortunately they’d have to buy it out, since Kia does not allow transfers. I was hoping there would be a good option

Ms64922

I have a 2018 GMC Terrain with 19 months left to go on my lease. It has 28,000 miles and the contract is for 32,500. There is no way for me to keep the miles under the contract miles between now and when I turn it in as I drive 880 miles per month for strictly work. I would like to get rid of it and just buy a used car instead. Any suggestions on what my options are?

shopntrl

I have an Audi Q3 lease with only 45 days remaining on the lease in Nevada. It will have over mileage charge (about 17k miles over ~ $1,700 - $2500 extra).

Should I just turn in the lease and take the overages? Would it be a good idea to take it to Carmax since lease is almost paid off? Any advice on how I can make equity off of it?

Michaell

shopntrl said:

I have an Audi Q3 lease with only 45 days remaining on the lease in Nevada. It will have over mileage charge (about 17k miles over ~ $1,700 - $2500 extra).

Should I just turn in the lease and take the overages? Would it be a good idea to take it to Carmax since lease is almost paid off? Any advice on how I can make equity off of it?

First, I'm going to go out on a limb and suggest that there is likely no equity in your current vehicle. Most leases are set up to not favor the customer in that regard.

Second, you should take your vehicle to Carmax and have them give you a buy bid on it. You should then compare that number to the buyout number from your lease contract to see if you are in a positive or negative equity situation.

There are no good options at this point – you can either take the car back to the dealer and pay the mileage charges, or you can buy the lease out and keep the car.

JoL93065

Lease is ending in about a month current value is 19k, buyout is 28k and I'm over miles by $3k.

My end game is to not have more payments so should I
A) buyout the car and pay it off aggressively to stop the cycle even thought I'm upside down.
B ) pay off miles get into another lease that is more favorable to get some positive equity

TIA

Michaell

JoL93065 said:

Lease is ending in about a month current value is 19k, buyout is 28k and I'm over miles by $3k.

My end game is to not have more payments so should I
A) buyout the car and pay it off aggressively to stop the cycle even thought I'm upside down.
B ) pay off miles get into another lease that is more favorable to get some positive equity

TIA

With either option, you will have more payments so I'm not sure what it is you're trying to accomplish. If it were me I would rollover the $3000 of mileage charges into a new lease.

JoL93065

Michaell said:

JoL93065 said:

Lease is ending in about a month current value is 19k, buyout is 28k and I'm over miles by $3k.

My end game is to not have more payments so should I
A) buyout the car and pay it off aggressively to stop the cycle even thought I'm upside down.
B ) pay off miles get into another lease that is more favorable to get some positive equity

TIA

With either option, you will have more payments so I'm not sure what it is you're trying to accomplish. If it were me I would rollover the $3000 of mileage charges into a new lease.

Thanks for replying. My goal is to no longer have anymore auto payments, that is after I buyout this car and pay it off.
But you recommendation is to roll the 3k into a new lease and gain equity.

Michaell

JoL93065 said:

Michaell said:

JoL93065 said:

Lease is ending in about a month current value is 19k, buyout is 28k and I'm over miles by $3k.

My end game is to not have more payments so should I
A) buyout the car and pay it off aggressively to stop the cycle even thought I'm upside down.
B ) pay off miles get into another lease that is more favorable to get some positive equity

TIA

With either option, you will have more payments so I'm not sure what it is you're trying to accomplish. If it were me I would rollover the $3000 of mileage charges into a new lease.

Thanks for replying. My goal is to no longer have anymore auto payments, that is after I buyout this car and pay it off.
But you recommendation is to roll the 3k into a new lease and gain equity.

Ok, I see what you're saying.

In that case, buy out the lease and pay it off. That way you get off the lease merry-go-found.

VWorJEEPgirl

My lease is up in a little under 3 months.... my Residual Amount is $12,808.65. It
Was a 3 year lease on a 2017 be Passat r line and I have 12k no body damage, nothing wrong with it, no problems. My trade in from edmunds says it would be $13,546.00. I love the car... but it is worth buying it out cash because I worry about warranty etc if anything else could go wrong. So do I try to get into another lease?
****I HAVE HAD IDENTITY THEFT HAPPEN IN THE PAST YEAR AND IT HAS HIT ME HARD, EXTENSIVE WORK AND AGENCIES INVOLVED SO MY CREDIT IS SHOT AND MOST EVERYTHING I DO I NEED TO GET APPROVED AS ANYTHING DONE IN MY NAME IS FLAGGED.****

Any advice is welcome as I am so scared and honestly have no idea what to do.

THANK YOU SO MUCH

CHBMW

Hi! My BMW X3 lease is coming up in Nov. I am UNDER miles by 5K. No major dings or dents. I wanted a cheaper car lease - maybe a mazda or toyota. My payoff says $35K but Kelly BB says Trade In is $30K. What gives? I was just hoping to show up, return them their car and walk away. Would I be on the hook for that kinda of difference?

Michaell

CHBMW said:

Hi! My BMW X3 lease is coming up in Nov. I am UNDER miles by 5K. No major dings or dents. I wanted a cheaper car lease - maybe a mazda or toyota. My payoff says $35K but Kelly BB says Trade In is $30K. What gives? I was just hoping to show up, return them their car and walk away. Would I be on the hook for that kinda of difference?

If you return the car at the end of the lease, you're ok. The point of leasing is that the residual value is fixed by the bank; doesn't matter what market value is.

Heartoff911

My 2017 Accord LX coming off lease this December. It have 33500 miles on it now. I can go upto 36000 before the lease term. If y buy back valve from the lease documents are $12700, is it worth to sell to a dealer to to get the equity? And isn't the dealer appraise the car little less once they find out the lease balance?

kyfdx

Heartoff911 said:

My 2017 Accord LX coming off lease this December. It have 33500 miles on it now. I can go upto 36000 before the lease term. If y buy back valve from the lease documents are $12700, is it worth to sell to a dealer to to get the equity? And isn't the dealer appraise the car little less once they find out the lease balance?

You can try. You should find out the wholesale value, before you start the process.

Post a description, here, and someone should be able to help you:
https://forums.edmunds.com/discussion/1212/general/x/real-world-trade-in-values#latest

ConnieZ5

I just got a Jeep renegade 2019 with 12 thousand miles this pass September. Regret making this decision, costing me $585 on my carnote. I'm trying to get out of it. What are my options?
I know I should of stopped from signing the contract but I was listening to my parents. Instead of listening to myself.

kyfdx

ConnieZ5 said:

I just got a Jeep renegade 2019 with 12 thousand miles this pass September. Regret making this decision, costing me $585 on my carnote. I'm trying to get out of it. What are my options?
I know I should of stopped from signing the contract but I was listening to my parents. Instead of listening to myself.

You can sell it, if it's worth enough to pay off the loan.

Rosyb85

Hi, I have a 2018 Hyundai Santa Fe that I am leasing it won't be another 2 years till my lease is over. I asked the leasing company which is Hyundai Motor financing; how much is it to buy the car and they said 29k yet the lease pay off amount is 13k. Is this typical and will this affect me come time to trade in at a different dealer? Because if the dealer only needs to pay the pay off and the car is worth 17k than I'm upside right and can make 4k upon selling my lease but if the purchase price is 29k then I will have an upside down balance of 12k. Do dealerships have an advantage the consumer doesn't when it comes to purchasing leased cars ?

kyfdx

Rosyb85 said:

Hi, I have a 2018 Hyundai Santa Fe that I am leasing it won't be another 2 years till my lease is over. I asked the leasing company which is Hyundai Motor financing; how much is it to buy the car and they said 29k yet the lease pay off amount is 13k. Is this typical and will this affect me come time to trade in at a different dealer? Because if the dealer only needs to pay the pay off and the car is worth 17k than I'm upside right and can make 4k upon selling my lease but if the purchase price is 29k then I will have an upside down balance of 12k. Do dealerships have an advantage the consumer doesn't when it comes to purchasing leased cars ?

Yes, it's typical. Very few leases will be "right side up", after one year. And, almost never for a Hyundai.
The residual is $13K, after three years of payments. You've only made one year of payments.

Don't sign lease papers, if you aren't prepared to take the contract to it's end.

JNad

I have a 2018 Alfa Romeo Stelvio (base model) that I have leased, with only one payment remaining and 13,600 miles on it. I am wanting to use it as a down payment towards another vehicle instead of turning it back in out right. Edmunds is estimating it is worth 23k, however I’m not exactly too sure how this works, because I don’t own the car our right, it’s on a lease. I’m being told I can use it as a down payment, however how much would it be considered down? Any help or guidance would be appreciated!

kyfdx

JNad said:

I have a 2018 Alfa Romeo Stelvio (base model) that I have leased, with only one payment remaining and 13,600 miles on it. I am wanting to use it as a down payment towards another vehicle instead of turning it back in out right. Edmunds is estimating it is worth 23k, however I’m not exactly too sure how this works, because I don’t own the car our right, it’s on a lease. I’m being told I can use it as a down payment, however how much would it be considered down? Any help or guidance would be appreciated!

It depends on if the current value is more than the residual value on the lease contract.
Take a look, and see if you might have equity.

TheDawwgggg

I have a 2018 Toyota Tundra and my lease is up November 2020. What I’m trying to figure out is can any dealership buy my truck? My residual is 25,000 and from what I’ve been told is that my truck is worth 35,xxx trade in value. I only have 15000 miles on it and I’ve had it for 2 years . Can anyone buy it and if so I should expect how much in a buy out scenario ?

kyfdx

TheDawwgggg said:

I have a 2018 Toyota Tundra and my lease is up November 2020. What I’m trying to figure out is can any dealership buy my truck? My residual is 25,000 and from what I’ve been told is that my truck is worth 35,xxx trade in value. I only have 15000 miles on it and I’ve had it for 2 years . Can anyone buy it and if so I should expect how much in a buy out scenario ?

Most likely, any dealer can buy your vehicle.

But, the buyout price isn't the residual. You still have 10-11 more payments to be made. Once you add that on, the equity in your vehicle is probably a lot less than you think. Call up the bank and ask them the current buyout price.

Vanillaspices

I have a 2017 Dodge Journey Crossroad that I lease. I have another two years left of the lease. I have had issues with the car after 3 months of owning it. Is there a way I can trade the lease in at another dealership for another car? Is that possible?

harttohart

I have a 2020 Acura RDX Technology Package that I leased for 39 months at 15,000 miles a year, but I have already put over 9000 miles on it. My payments are $505/month and the payoff is $35,000. My vehicle is in better than excellent shape, but when I asked the dealership that I purchased it from, if they could buy it back from me, they said not for the payoff amount. What are my options on being able to sell my vehicle. I can't go higher on payments and do not need a lease.

kyfdx

harttohart said:

I have a 2020 Acura RDX Technology Package that I leased for 39 months at 15,000 miles a year, but I have already put over 9000 miles on it. My payments are $505/month and the payoff is $35,000. My vehicle is in better than excellent shape, but when I asked the dealership that I purchased it from, if they could buy it back from me, they said not for the payoff amount. What are my options on being able to sell my vehicle. I can't go higher on payments and do not need a lease.

Check with Carmax (you can do that through the Edmunds website), Carvana or Vroom.

It's possible you don't have any equity in your lease, if you recently purchased it.

whitetigerr

I have a 2017 Civic Touring, I have only 2 payments left and I have only driven about 19500 miles of the 36000 I paid for, I want to get my equity but I want to try a different brand this time around, what are my best options? Can I trade it in after making the last payment which is a month before having to turn the vehicle in?

Michaell

whitetigerr said:

I have a 2017 Civic Touring, I have only 2 payments left and I have only driven about 19500 miles of the 36000 I paid for, I want to get my equity but I want to try a different brand this time around, what are my best options? Can I trade it in after making the last payment which is a month before having to turn the vehicle in?

You can trade it in whenever you like.

Check with CarMax, Carvana or Vroom to see which will give you the highest offer, then you can sell it to them directly.

SandyKB68

I live with my mother as her caregiver/POA/etc. She has Dementia and Alzheimer's and can not drive any longer. She and I are going to try to sell her 2016 Mitsubishi Outlander back to the dealership it was purchased from in 2017 to pay off the loan. It has about 37,000 miles on it. Would the dealership be our best option as far as the red tape goes?
And I have also wondered about the following scenario: I am 24 months into a 36 month lease on a 2019 Nissan Sentra that only has 3,800 (yes, three-thousand eight-hundred) miles on it. I leased a 2015 before this one and loved it, but there is just something about this one I am not that crazy about for some reason.
Would we be able to trade in Mom's vehicle for enough to pay it off, plus my leased vehicle to lease a new vehicle, or am I stuck with this lease for another year?

kyfdx

SandyKB68 said:

I live with my mother as her caregiver/POA/etc. She has Dementia and Alzheimer's and can not drive any longer. She and I are going to try to sell her 2016 Mitsubishi Outlander back to the dealership it was purchased from in 2017 to pay off the loan. It has about 37,000 miles on it. Would the dealership be our best option as far as the red tape goes?
And I have also wondered about the following scenario: I am 24 months into a 36 month lease on a 2019 Nissan Sentra that only has 3,800 (yes, three-thousand eight-hundred) miles on it. I leased a 2015 before this one and loved it, but there is just something about this one I am not that crazy about for some reason.
Would we be able to trade in Mom's vehicle for enough to pay it off, plus my leased vehicle to lease a new vehicle, or am I stuck with this lease for another year?

You have two separate issues.

Your Mom's car: Assuming you don't want it, then you can certainly sell it to a dealer, but it doesn't have to be the dealership you purchased it from. Carmax, Carvana and Vroom all make bids for used cars, regardless of whether you are purchasing another one. Call the bank and find the payoff, before you solicit bids. Any dealer can purchase your car and arrange payoff of the loan.

Your car: Generally getting out of a lease is pricey, but with super low miles, you may break even or have some positive equity. See above for where to solicit bids. Again, call the bank and ask for the payoff.

But, why lease another car, if you are only driving 2K miles/year? If that is the extent of your driving, I'd just ride this lease out for another year, then re-evaluate.

Eupark

Hi. I live in Santa Clara California and currently leasing 2018 Land Rover Discovery HSE model. My lease will be done on June in 2021 (two months left) for 3 year lease and I am currently looking for new lease one (Like Honda CR-V). My current lease mileage is very low (18K miles) and would like to sell/trade this car outside Land rover dealer to save some money (even just for wear-and-tear fee waves). My question is that if there is no equity (such as my current lease car value is less than my residual value in somehow), do I need to return the car only at the dealer (Land rover) or I could still sell my car to any dealer and pay the difference by myself to finish my lease? For your information, the current lease car is in very good shape (no accident) with low mileage (18K miles). Thank you for your consideration

kyfdx

Eupark said:

Hi. I live in Santa Clara California and currently leasing 2018 Land Rover Discovery HSE model. My lease will be done on June in 2021 (two months left) for 3 year lease and I am currently looking for new lease one (Like Honda CR-V). My current lease mileage is very low (18K miles) and would like to sell/trade this car outside Land rover dealer to save some money (even just for wear-and-tear fee waves). My question is that if there is no equity (such as my current lease car value is less than my residual value in somehow), do I need to return the car only at the dealer (Land rover) or I could still sell my car to any dealer and pay the difference by myself to finish my lease? For your information, the current lease car is in very good shape (no accident) with low mileage (18K miles). Thank you for your consideration

You can trade it in, anywhere... if you are willing to make up any negative equity.