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.
In: Other
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.
Latest Answers