So this isn’t my first car its just I was younger when we leased my first two so my parents basically took care of everything and I just signed my name. I am now moved out and my lease is ending in a month. In this instance I have a lease on a Honda accord, and plan on trading it in for something new. Do I have to return it to the same Honda dealer or can I go anywhere say trade it in to Nissan, Chevy etc.
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You need to give it back to whoever you are leasing it from, as they own it. The car is not yours to trade in like it would be if you owned it.
There would be no reason to attempt to trade it in for a different brand car, anyway. You are not getting anything when you trade it in. Your lease ends and that’s it, you stop paying, unless you decide to buy it, as the other comment mentions.
You can return it to Honda and then walk across the street to Chevy and lease one of their cars, if you would like. There’s nothing keeping you at Honda, unless they offer some sort of returning customer discount or something.
I don’t know what your credit situation is like now, but you might find that it’s more difficult/expensive to lease now that your parents are not cosigning (I assume they cosigned your current lease).
If it’s a lease, you need to turn it in to Honda. You aren’t trading it in, you’re turning it in.
If, for some chance, there is positive equity (value is more than lease-end purchase price), you might be able to purchase the vehicle and trade it in. For example, if the lease end purchase is $17k and it’s worth $20k you could buy it for $17k, then trade it in. But be sure it’s still positive equity factoring in all the taxes, fees, etc. you’d need to pay relative to trade-in value.
Or, if you like the vehicle it might be a good one to buy out and keep.
Read your lease agreement. That will have the definitive answer for what your options are.
Usually, you return the car to the dealer you got it from. Some agreements give you the option to buy the car at a certain price.
The dealership might try to convince you to “continue” your lease with a different car, but technically this is a new lease, and you’re not obligated to take their offer. You could go to a different dealership, or go without a car altogether.
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