How to Trade in Your Auto Lease Early and Get a New Car

shane on September 27, 2024

Car dealer giving keys to a woman for a new car lease

If you’re dreaming of driving a new car but still stuck in your current lease, trading in your lease early might be the perfect solution for you. Here’s a comprehensive guide on how to trade in your lease early and get behind the wheel of a new car.

Why Consider Trading in Your Lease Early?

Trading in your lease early can offer several benefits:

Upgrade to a Newer Model: Enjoy the latest features and technology.

Avoid Excess Mileage Fees: If you’re close to exceeding your mileage limit, trading in early can save you from hefty fees.

Change in Lifestyle: Maybe your needs have changed, and you require a different type of vehicle.

Steps to Trade in Your Lease Early

  1. Check Your Lease Agreement: Review your lease contract to understand the terms and conditions for early termination. Look for any penalties or fees associated with ending your lease early.
  2. Evaluate Your Car’s Condition: Ensure your car is in good condition. Any damage or excessive wear and tear could affect the trade-in value.
  3. Get a Trade-In Appraisal: Visit a dealership to get an appraisal of your current vehicle. This will give you an idea of its trade-in value.
  4. Explore Your Options: Contact your leasing company to discuss your options. Some companies offer lease pull-ahead programs, which allow you to end your lease early without penalties if you lease a new car from them.
  5. Negotiate Your New Lease: Once you’ve decided on a new car, negotiate the terms of your new lease. Make sure to factor in any remaining payments or fees from your current lease.
  6. Complete the Paperwork: Finalize the paperwork for both the trade-in and the new lease. Ensure all terms are clearly outlined and understood.

Tips for a Smooth Transition

Timing is Key: The best time to trade in your lease is typically a few months before it ends. This can minimize penalties and maximize your trade-in value.

Stay Informed: Keep up with current market trends and incentives. Sometimes, manufacturers offer special new car lease deals that can make trading in early more attractive.

Consult a Professional: If you’re unsure about the process, consider consulting with one of D&M’s leasing specialists.

Trading in your auto lease early can be a smart move if done correctly. By following these steps and staying informed, you can smoothly transition to a new vehicle and enjoy all the benefits of leasing a car.