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Never Leased Before
A dealer proposed this to me for a lease. I have never leased before. I trade my 2014 Equinox(paid in full) on a 2016 Terrain for a 24 month lease. I pay $8400 which includes tax and paperwork and he writes me a check for $11600. I actually pay nothing out of pocket because the $8400 comes out of the trade value of the Equinox. There are no monthly payments because I paid the lease up front. In two years he claims I can do this again and it will be cheaper for me to do it by leasing rather than paying cash for a car every two years. Does this sound like a good deal? Are there any traps or hidden fees here? He gave me a 24000 mile limit which is about what I put on a vehicle every two years with 25 cents a mile over the limit amount.