Lease trade question

BillwnhBillwnh Member Posts: 27
edited June 2019 in Ram
Hi all,

Question regarding trading out of my current lease. I have a 2017 Silverado and have 5 payments left on a 36/12k lease. Currently only have 17k on the odometer. Residual value is $31,700. KBB shows around $35,000 for trade in. Lease is through GM financial.

Question is this: If I wanted to trade this Silverado now, can I trade to another dealer ? For example, I just drove a 2019 Ram Laramie and loved it. I plan to lease again but not for another Silverado.

Can I do this and how does the positive equity come into play ?

Thanks in advance for an assistance.

Bill
Tagged:

Comments

  • kyfdxkyfdx Moderator Posts: 233,674
    Billwnh said:

    Hi all,

    Question regarding trading out of my current lease. I have a 2017 Silverado and have 5 payments left on a 36/12k lease. Currently only have 17k on the odometer. Residual value is $31,700. KBB shows around $35,000 for trade in. Lease is through GM financial.

    Question is this: If I wanted to trade this Silverado now, can I trade to another dealer ? For example, I just drove a 2019 Ram Laramie and loved it. I plan to lease again but not for another Silverado.

    Can I do this and how does the positive equity come into play ?

    Thanks in advance for an assistance.

    Bill

    Sure, you can trade it, anywhere.

    Some things to research/ponder:

    1) Get your current payoff from GM Financial. It certainly won't be $31700 if that is the residual at lease end.
    2) Non-GM dealers may not get the same payoff amount as a GM dealer, which also may not be the same as your payoff amount.
    3) Rather than depend on KBB, post a description of your vehicle, here:
    https://forums.edmunds.com/discussion/1212/general/x/real-world-trade-in-values#latest
    4) Hopefully, if you have some positive equity, you can realize some of it. Dealers may low ball you, though, just like on any trade-in.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • BillwnhBillwnh Member Posts: 27
    Thanks Kyfdx, Yes, the Residual value on my paper work is the $31, 700 I mentioned. I called today about the payoff and they are going to email it to me. It was $32xxx so I am assuming it included the remaining payments. Payments are $357 per

    So if I trade it in early at a Ram dealer, they will payoff the lease to GM directly ?

    I will post in the link you provided to get a more accurate trade value

  • kyfdxkyfdx Moderator Posts: 233,674
    Billwnh said:

    Thanks Kyfdx, Yes, the Residual value on my paper work is the $31, 700 I mentioned. I called today about the payoff and they are going to email it to me. It was $32xxx so I am assuming it included the remaining payments. Payments are $357 per

    So if I trade it in early at a Ram dealer, they will payoff the lease to GM directly ?

    I will post in the link you provided to get a more accurate trade value

    Yes, the RAM dealer will payoff GM Financial. Before you make a deal, they will call and get your payoff.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

Sign In or Register to comment.