Trading in a Leased Vehicle
I feel like this might be a stupid question, but I've done some poking around online and couldn't find a straight answer.
I have a GM vehicle with 20 months of term remaining at $316 per month or $6,320 (HST in). Purchase option is $8,211 + HST. Total of lease payments + buyout is ~$15,600.
I'm looking to get into a used car of a different brand with better safety features.
I was thinking of calling GM and having them charge me the full $15,600 to own the car outright so I could then go and trade the vehicle in towards what I'm looking for.
I had reached out to a dealership who said I'd be fine to trade in the lease.
Could I simply trade in the leased vehicle towards the new vehicle that I want? I assume if they deem it is worth say $13,000 I'd have to make up the $2,600 balance they would need to pay out to the financing company.
Also, if a trade in of a lease is possible, are there any potential liability issues with my name being on the financing agreement?
Or, would it be much easier for me to first just buy out the lease now for $15,600 and trade it in as normal.
I have a GM vehicle with 20 months of term remaining at $316 per month or $6,320 (HST in). Purchase option is $8,211 + HST. Total of lease payments + buyout is ~$15,600.
I'm looking to get into a used car of a different brand with better safety features.
I was thinking of calling GM and having them charge me the full $15,600 to own the car outright so I could then go and trade the vehicle in towards what I'm looking for.
I had reached out to a dealership who said I'd be fine to trade in the lease.
Could I simply trade in the leased vehicle towards the new vehicle that I want? I assume if they deem it is worth say $13,000 I'd have to make up the $2,600 balance they would need to pay out to the financing company.
Also, if a trade in of a lease is possible, are there any potential liability issues with my name being on the financing agreement?
Or, would it be much easier for me to first just buy out the lease now for $15,600 and trade it in as normal.