There are couple ways to escape a lease.... you can trade it in.... finance it (buy it).... or have someone assume your lease (www.swapalease.com, www.leasetrader.com).
There are couple ways to escape a lease.... you can trade it in.... finance it (buy it).... or have someone assume your lease (www.swapalease.com, www.leasetrader.com).
if you trade it in do they roll the remaining balance into the price of a new car? in other words if there are 20 payments left at 1000 per payment do they add 20k to the amount to be financed on the new car?
If you trade-in, the dealer will payoff the note, then apply the negative equity to your new loan. For example, if the payoff on the car is $25,000 but the trade-in value is $20,000, the negative equity of $5000 will be applied to the new loan.
What percentage of leases are transferable? I have been thinking of assuming a lease, but not sure how it works. I would like to get a car that has less than 2 years remaining. Is this a bad idea?
