Pay Off Lease

chris0076chris0076 Member Posts: 17
edited March 2016 in General
Have 3 payments left. Should I pay off myself or try to have dealer give me some sort of pull ahead program on next lease?

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  • MichaellMichaell Moderator Posts: 263,566
    chris0076 said:

    Have 3 payments left. Should I pay off myself or try to have dealer give me some sort of pull ahead program on next lease?

    Hard to say ... what brand is this? Some manufacturers offer a pull ahead program all the time. It's not a dealer incentive.

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  • chris0076chris0076 Member Posts: 17
    2014 chevy traverse ltz only 14000 miles.
  • MichaellMichaell Moderator Posts: 263,566
    chris0076 said:

    2014 chevy traverse ltz only 14000 miles.

    I'm not aware of a pull ahead program from GM. You are welcome to trade out of your lease early, but you could be 'upside down' with respect to the amount owed versus what the car is worth.

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  • chris0076chris0076 Member Posts: 17
    I keep hearing there is equity in the leased car that can be used toward next lease or is that all BS?

    My residual is 27500 and I am seeing trade in amounts of 31000. Do I have some bargaining power there or not?
  • MichaellMichaell Moderator Posts: 263,566
    chris0076 said:
    I keep hearing there is equity in the leased car that can be used towadrd next lease or is that all BS? My residual is 27500 and I am seeing trade in amounts of 31000. Do I have some bargaining power there or not?
     As a trade-in, yes. However, if you just turn your car in at the end of the lease there is no equity 

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  • chris0076chris0076 Member Posts: 17
    Thanks Michael for all your input
  • MichaellMichaell Moderator Posts: 263,566
    Where are you seeing trade amounts of $31K? On-line?

    Dealers will tell you that books and websites don't buy cars.

    I would take your car to a local Carmax (if you have one) and let them give you an estimate. You can also head over to the "Real World Trade in Values" discussion here as well.

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  • chuckjrchuckjr Member Posts: 95
    Quick answer is an appointment at Carmax. They've cut me a check for the positive equity and I walked away. 
  • MichaellMichaell Moderator Posts: 263,566
    chuckjr said:

    Quick answer is an appointment at Carmax. They've cut me a check for the positive equity and I walked away. 

    Excellent! Care to share how much you got?

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