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Unique Chevy Trax Lease situation; please advise
Chevy Trax LT 2016:
- Adjusted Cap Cost 24,745
- Residual Value: 12476
- Lease End Value ratio: 53%
- Money factor: .0004
- Monthly Payment: 329.48
no money down, first payment on the house, 39 month term. The unique aspect is the trade-in. My 2012 Sonic needs a new radiator and tires. When I brought it in, they offered me a lease in lieu of doing the repairs. They are claiming my trade in value is $5500, but I am underwater on its auto-loan (currently owe $6,700). I am sure this is built back into the lease some how, but I don't know how to reverse the finance to understand the price.
I am not in any way a finance person. Is this a reasonable deal? Is there negotiation room on the Adj Cap Cost?
Thanks greatly in advance