Can You Trade in a Leased Vehicle to Another Dealership?

Can I trade in my leased vehicle to another dealer if I didn’t buy from them originally? The answer is yes, and Rick Hendrick Chevrolet is here to tell you why. Get to know the basics of the trade-in process, value vs. buyout, lease-end options, and more — then visit our dealership in Charleston to get started!

How Can I Trade in my Leased Vehicle to Another Dealer?

When you have a lease agreement, it’s a short-term contract that does not include full ownership. You or someone else around North Charleston can purchase the vehicle from the leasing bank, which means you are also allowed to trade your car to another dealership than the one you originally visited to start the lease in Mount Pleasant. Keep in mind that the new dealer must pay the leased vehicle’s purchase price to the original leasing bank — even if you are upside down on your loan. Let’s talk about what that means for you.

What Should I Know Before Trading In my Lease?

• Value vs. Buyout: Do you know your lease buyout price? This figure should be in your contract, and it might not be what you expect. Leased vehicles are usually purchased at a higher price, so your buyout might exceed your vehicle’s trade-in value if you end your contract early.
• Negative Equity: Can you trade in a leased vehicle for another brand? Manufacturers often offer discounts for customers who are trading in a competitor’s model, including rebates and incentives to help you get out of your negative equity. If it’s not enough, consider a larger down payment to help you get into a better financial position — otherwise, you’ll remain in negative equity until the loan is paid off.
• Overages: If you’ve gone over your mileage limits in James Island or your wear-and-tear allowance, trading in your car might be a good option because the dealer becomes the new owner of the vehicle. Be sure to get in touch with our financing experts to go through your options.

Find Out More with the Experts at Rick Hendrick Chevrolet

So, can I trade in my leased vehicle to another dealer? Yes, and Rick Hendrick Chevrolet will help you find the upgraded vehicle of your dreams. Contact us for more information about the trade-in process or to get more general car-buying tips, and feel free to stop by Charleston to learn more about what we can do for you!