My Lease is up and I have equity in the car... what happens now?

RockinStitchRockinStitch Member Posts: 4
edited February 21 in General
Thank you
Due to covid my 2018 Mazda 6 G with a RV of $14890 is worth $17000 (to CarMax anyways). The Car has a Miliage allowance of 36k but only has 17k (I worked from home for the last year)..... I know I can take this to Carmax and make some $ which I can then pocket or use towards another car however.... What if I want to stay with Mazda and lease another one... Will not returning the Mazda to the dealer hurt my negotiations? Can I work the equity into my new deal?

Comments

  • kyfdxkyfdx Moderator Posts: 197,384

    Thank you
    Due to covid my 2018 Mazda 6 G with a RV of $14890 is worth $17000 (to CarMax anyways). The Car has a Miliage allowance of 36k but only has 17k (I worked from home for the last year)..... I know I can take this to Carmax and make some $ which I can then pocket or use towards another car however.... What if I want to stay with Mazda and lease another one... Will not returning the Mazda to the dealer hurt my negotiations? Can I work the equity into my new deal?

    There may be loyalty incentives you'll forego, if you don't have a vehicle to turn back in. Or, it's possible you'll still get a loyalty incentive, just by being a recent customer. I don't have the answer to that.

    Assuming I could clear $2000 by selling to Carmax, I'd do that and take my chances. Mazda Credit is now run by Toyota Financial, and that could kill any loyalty incentives, anyway.

    It's doubtful that the Mazda dealer will work a deal that results in you using any equity, but it can't hurt to try.

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