2 years left on my lease. Do I have trade options?

hecarahecara Member Posts: 45
edited December 2014 in Acura
Hello,
I have a 2013 MDX, 20,530 miles. My lease is for 48months/10K miles. Do I have an option to trade in the vehicle without penalties? I would like to trade mine for a 2015. Do I have to continue with the lease with the new car or can I finance it? I would like to keep the car and don't want to waste more money on a lease.
Can anyone advise me if this can be done or are their penalties? In my mind if should be possible since they can pay off the current lease. Someone please shed some light.

TIA

Comments

  • kyfdxkyfdx Moderator Posts: 232,973
    hecara said:

    Hello,
    I have a 2013 MDX, 20,530 miles. My lease is for 48months/10K miles. Do I have an option to trade in the vehicle without penalties? I would like to trade mine for a 2015. Do I have to continue with the lease with the new car or can I finance it? I would like to keep the car and don't want to waste more money on a lease.
    Can anyone advise me if this can be done or are their penalties? In my mind if should be possible since they can pay off the current lease. Someone please shed some light.

    TIA


    You can trade your car in. There aren't any actual penalties, but your car does have a current payoff. If the dealer offers you at least that much on trade-in, then you are out of it. But, it's more likely that the payoff is higher than what the car is worth.

    If you want to keep the car, realize that your lease payments aren't wasted. The payoff of your car goes down every month, as you make the payments (just like a loan). If you bought out the lease and financed it, that wouldn't really result in any cost savings. If you want to own the car, long term, then you can finance it, once the lease is complete.

    Leasing is just an alternative means of financing, and makes perfect sense for a depreciating asset (unlike real estate). Not sure why you want to get out of your lease now, if you want to keep your car?

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  • hecarahecara Member Posts: 45
    Thanks for your response kyfdx! I want a Tech package and another color. I didn't want to complete my current lease for the next 2 years, give the car back and then finance another one for 4 years. I figured I could stop paying for the car I didn't want and start on the one I do want.

    The dealer offered me a 2015 MDX Tech for $44,745. Is that a fair price in your opinion?

    My payoff is $33,341 and my car is in excellent condition. I am hoping to negotiate them paying it off. If they pay it off am I then free to finance the new one? I was thinking the payoff would clear me of the lease, but I wasn't sure.

    Thanks again and I look forward to your response!

  • kyfdxkyfdx Moderator Posts: 232,973
    hecara said:

    Thanks for your response kyfdx! I want a Tech package and another color. I didn't want to complete my current lease for the next 2 years, give the car back and then finance another one for 4 years. I figured I could stop paying for the car I didn't want and start on the one I do want.

    The dealer offered me a 2015 MDX Tech for $44,745. Is that a fair price in your opinion?

    My payoff is $33,341 and my car is in excellent condition. I am hoping to negotiate them paying it off. If they pay it off am I then free to finance the new one? I was thinking the payoff would clear me of the lease, but I wasn't sure.

    Thanks again and I look forward to your response!


    If they give you enough for your old car to pay it off, then you are good to go.. As far as pricing on the new one, check this discussion:

    http://forums.edmunds.com/discussion/19029/acura/mdx/2015-acura-mdx-prices-paid-and-buying-experience#latest

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    Did you get a good deal? Be sure to come back and share!

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