stylez09

I have an 05 G35 coupe up for lease this September. I had it leased at 15k miles per year, but do to a job change I have driven considerably less miles. My car is exactly 3 years old and I have just over 32k miles. I am allotted up to 52,500 miles when I turn it in on September. The KBB value of my car at this moment is 25K+ and my contract states that the value of the car when turned in will be just over 21k. Is it possible to turn in my car early to another dealer and have them payoff the remaining value of the car from the original dealership? I am assuming they would get a great deal by doing this and this would allow me to get into a new car sooner. What are the costs and implications on doing this? Is it advisable? I am looking to get a G37, Audi A5, or 335xi, but would like to purchase before summer so i can enjoy it during those months. I don't want to get a new car in the fall and have it sit in the garage during the winter months.

masterface

I did the same thing with my last 2 leases. Carmax gave me more money for the vehicles than the dealership would. As long as they appraise your car for more then the current lease “pay off” amount you are fine. I walked away from both leases early and up $2000.

ChOy BoY

iTrader: (2)

they would pay off the value of the car..but would somehow tie in your remaining payments..or at least some of them..into ur new monthly payments or added onto the value of the car, you could also call up IFS and get an early lease termination quote, which can vary depending on what options you have on your car and how many months you've got left

w2870612

Hey Masterface...
Can you explain further how it works? Thanks

masterface

Call the company you have your lease with and ask them for the “pay off” amount? This is the amount of money it would take to end the lease and own the vehicle today. Next get a quote for your trade-in.
“Pay off” – Trade in = What it costs you to end the lease.
In both of my previous leases the trade-in value was higher than the “pay off” amount. I tuned in 2 cars to Carmax and they paid off both leases and gave me a $2300 check. I then went to the Land Rover dealership and leased a car for my wife and then the Infiniti dealership to get a G37 for myself. When your car’s value is higher than your “pay off” you have equity. I could have made several thousand more if I would have sold the cars private party, but I didn’t want to deal with the hassle.

mgtarheels

Carmax will take a lease?

bfranks

To them it's no different then a loan. You get a payoff amount from the lease company, and Carmax cuts them a check. As long as they offer you more then the payoff amount you are in good shape