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Can I trade in a leased vehicle on a lease extension for another used vehicle?
I have a 2017 Subaru WRX that I leased in June of 2017. 3 years/36k miles. I had every intention of buying out the car last month, however, banks were not giving out loans due to Coronavirus. (I have great credit, and have never missed a payment). My only option was to do a 6 month lease extension, which I didn’t mind since more equity would be in the car by time I buy it out in November. My fiancé and I have recently decided to start acquiring rental properties to use for passive income so now I need a pickup truck. I want to get rid of my WRX and get a used pickup truck because I now have a need for one. My question is.... can I find a used truck that I like and go to that dealer and trade in my leased vehicle for a used truck? Or do I need to have a loan on the vehicle to trade it in? Regardless of negative equity or not. I’m not worried about negative equity rolling into the next deal, I just want to know if a dealer would buy my “leased” vehicle so I can get a loan on a used truck. I’m not sure how this would work. I would appreciate if someone could explain the best course of action as banks are still not willing to give me an auto loan despite my credit and payment history.