7 Questions To Ask Before You Lease a New Car | Edmunds.com

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7 Questions To Ask Before You Lease a New Car | Edmunds.com

Get answers to these questions to find a lease that will save you money and provide an enjoyable driving experience.

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jrl218

Hi Matt, I hope this comment finds you well. If I’m already in a lease and looking to trade in my car, can the residual value of the car I’m leasing now be put towards the lease of a new vehicle? Thanks!

kyfdx

jrl218 said:

Hi Matt, I hope this comment finds you well. If I’m already in a lease and looking to trade in my car, can the residual value of the car I’m leasing now be put towards the lease of a new vehicle? Thanks!

No... the car belongs to the bank you are leasing it through. You could possibly realize some equity by trading it, but only if the trade-in value is higher than the current payoff of the lease. That isn't likely, though

mkali

Hi Matt, I signed a lease with really good deal(in my opinion). Dealership was getting the car by swapping with different dealer and could not get it due to last minute change by the other dealer on which car to swap with. I really want the same deal and car model. What are my options, keeping in mind that I already signed the paperwork with VIN# on it and paid every due at signing?

PotentialClient123

Does anyone have experience with high mile leases? Most I found are for 12000 mi/year. I use my vehicle for work and will do over 12000 miles per month. To avoid all the fees at turn in, what is the best way to close on a lease for 150,000 mi/year?

Michaell

PotentialClient123 said:

Does anyone have experience with high mile leases? Most I found are for 12000 mi/year. I use my vehicle for work and will do over 12000 miles per month. To avoid all the fees at turn in, what is the best way to close on a lease for 150,000 mi/year?

I'm not sure that any bank will write a lease where that many miles are expected to be driven. The residual value would be very close to zero after two or three years. You're better off just buying a vehicle, driving it for two years, then selling it for whatever you can get.

What have you been doing currently?

kyfdx

PotentialClient123 said:

Does anyone have experience with high mile leases? Most I found are for 12000 mi/year. I use my vehicle for work and will do over 12000 miles per month. To avoid all the fees at turn in, what is the best way to close on a lease for 150,000 mi/year?

Most banks are restricted to 99K miles on a lease.

Why wouldn't you just buy it?

iamjenneee

For question number 3, how do you know if you're getting an interest rate appropriate for your credit score?