hey fellas well as the title says i'am thinkin of trading my 04 RA for the new GT....now my question is: since my RA is on lease what would happen if i trade it for the GT?.....i mean i know ppl trade their leased cars all the time i juss wanna know how does it affect payments and what are the procedures and what am i loosin...

 

Depends on the structure of your lease, but usually you'll end up upside-down on your lease if you trade out of it before the end. If you're within about 6 months of the end of your lease it may not be a big deal, but if you still have a year or more to go you'll have negative equity when you trade it in.

I traded in my WRX on my '03 Evo and owed a big chunk of money. They'll just roll that negative equity in with the loan, which means you'll be way upside down on the car that you buy.

The dealership will take care of finding out your buyout amount on the lease. They'll subtract the trade-in value of the car and that's what you'll be responsible for, either out-of-pocket or rolled into the loan.

EDIT: If you do end up with negative equity, be sure to get the gap insurance. Saved my *** from owing about $7,000 when a Jeep killed my '03. Probably a good idea to get it on a new car anyway.

 

well i still got 2 yrs left on this, so in simpler words my payments will be way more expensive ?

 

Probably quite a bit more, yeah.

 

thanks for the help

 

The best you can do is to FIND someone to take over your lease payments, you can try that.

 

That's a good idea. There's a website called LeaseTrader.com that I've looked into. Never used it, but seems like a good option. Good luck.

 

ya i'll try that...lets hope there is someone out there that wants an RA

 

must of red Road & Track this month

 

Get an EVO when u get rid of your RA!

 

lol i wish i could get an evo.....but up here in canada we dont get them. i like the look and the big V6....i know its not gonna be evo performance and i know its heavy FWD....but man that car looks pimpin

 

MAN u better IMPORT ONE People look @ you like u driving a BENTLEY!

 

definitely get an Evo instead of the Eclipse. It looks like a squashed Audi TT with the butt oozing out.

 

he might be right, just import one, shouldn't be too expensive

 

u cant import one, they will send it back at the border