Questions about leasing

[mere2368]

I hope this is ok to ask here.  Y'all know everything and I don't really know where else to ask other than the finance office of a dealership.  I am considering leasing for the first time.  I'm curious about trading in my current vehicle, though.  I have about $10K in equity.  So should I try to sell it on my own to like Carmax or something?  I wouldn't want to put that $10K down on a lease, right?  Would a dealer still take the "trade-in" and cut me a check?  I don't know why this is so complicated to me but I feel like I am confusing myself at this point lol. 

[WomanITGeek]

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@mere2368 wrote:

I hope this is ok to ask here.  Y'all know everything and I don't really know where else to ask other than the finance office of a dealership.  I am considering leasing for the first time.  I'm curious about trading in my current vehicle, though.  I have about $10K in equity.  So should I try to sell it on my own to like Carmax or something?  I wouldn't want to put that $10K down on a lease, right?  Would a dealer still take the "trade-in" and cut me a check?  I don't know why this is so complicated to me but I feel like I am confusing myself at this point lol. 

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I just sold my leased vehicle to Carmax. I pocketed a check for $7400. You get a check the same day you take your car to them. I say that's the best route and then go about getting a new car. I was happy to pocket the money however I'm having a hard time finding inventory for the new car I want so keep that in mind as well when you start looking for a new vehicle. No, it makes no sense to put down money on a leased vehicle. If the vehicle is totaled, you are out of that money completely. Tax, title etc and first month payment is all that should be put down on a lease. Good luck!

[increasingmyfico]

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@mere2368 wrote:

I hope this is ok to ask here.  Y'all know everything and I don't really know where else to ask other than the finance office of a dealership.  I am considering leasing for the first time.  I'm curious about trading in my current vehicle, though.  I have about $10K in equity.  So should I try to sell it on my own to like Carmax or something?  I wouldn't want to put that $10K down on a lease, right?  Would a dealer still take the "trade-in" and cut me a check?  I don't know why this is so complicated to me but I feel like I am confusing myself at this point lol. 

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    Right no cash is best on a lease. They can cut you a check back for your equity at the dealer. I'm a huge lease advocate, but in this market I would recommend you compare the numbers against a purchase. Lots of the attractive leases have drifted away for the time being.