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Trade Leased Car South Elgin IL

Trading a leased car is not quite the same as trading a car that has been purchased, even those purchased with a loan. There are differences that often make it not feasible, even though it might not be obvious at first glance.

High Tech Auto Body Shop Inc
(847) 622-7450
158 willard ave
Elgin, IL
Hours
Friday: 8:00 am – 6:00 pm Saturday:8:00 am – 6:00 pm Sunday: Closed Monday 8:00 am – 6:00 pm Tuesday: 8:00 am – 6:00 pm Wednesday: 8:00 am – 6:00 pm Thursday: 8:00 am – 6:00 pm
Special Services
Auto Body Shop, Automobile Body-repairing & Painting, Auto Dent Removal Service, Auto Collision, Auto Restoration Service

Hertz Rent A Car
(847) 695-7837
495 Airport Rd
Elgin, IL
 
Hertz Penske Truck Rental
(847) 531-5173
525 Countryfield Ln
Elgin, IL
 
Absolute Rent-A-Car
(847) 888-9100
353 Willard
Elgin, IL
 
Penske Truck Rental
(847) 531-5173
450 Airport Rd
Elgin, IL
 
U-Haul Company
(847) 697-8404
8N034 Il Route 25
Elgin, IL
 
Enterprise Rent A Car
(847) 741-2002
910 E Chicago St
Elgin, IL
 
Dollar
(847) 488-1712
300 S Mclean Blvd Ste Main
Elgin, IL
 
Enterprise Rent-A-Car
(847) 741-2002
910 E Chicago St
Elgin, IL

Data Provided by:
Hertz Corp
(847) 488-0617
625 S Route 83
Elgin, IL
 
Data Provided by:

Trade Leased Car

You are leasing a car and are considering buying or leasing another car. Is it a good idea to trade a leased car before the old lease is finished – or is it better to wait until lease-end to trade – or neither?

Trading a leased car is not quite the same as trading a car that has been purchased, even those purchased with a loan.

There are differences that often make it not feasible, even though it might not be obvious at first glance.

Let's review some leasing basics first
When leasing, you don't own the vehicle. You also don't build up any ownership equity unless you made a very large down payment or had a valuable trade-in at the beginning of the lease.

This means, for most leases, your payments never quite keep up with the ever-increasing depreciated value of the vehicle — you are always "upside down." Even at the end of the lease, the actual market value of the vehicle will usually be less than the residual, or purchase option, value.

Therefore, you have nothing to trade to a dealer for a new vehicle. You have no "equity."

The exception, again, would be if either your early payoff amount (get it from your lease company) or the sum of remaining payments is less than the market value, or trade-in value, of your vehicle. You can check trade-in values at www.kbb.com or www.nadaguides.com. The way that this might happen is if you had made a large down payment (cap cost reduction) at the beginning...

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