Hi everyone,

I don't think I've posted here since I bought my 2008 Black Fit. Well, I'm still driving it and considering getting a 2015. The dealership gave me a written appraisal for $9k for my car and I'm seriously considering trading in and driving off in the newest model.

I have read ads that say Lease the 2015 for a bout $150 a month with $2k down. That's an attractive option to me but how does a trade in work under this scenario? I've asked some friends but all of were still paying a note every month and those payments were worked out in some way when they traded in and moved to a lease.

Can someone let me know how it works if you have a paid off car that you are trading in and then leasing?

Thanks!

 

yep, done this.

pretty straight forward. finalize terms of lease, dealer applies cost of drive off against your trade, cuts you a check for what remains - typically in about a week.

 

Whoa, if you do a trade in + 2K down, it only gets to $150/month? Sounds like a lot for a lease. If it's just $2kdown and $150/month that sounds niceeeeeeeeeeeeeeeeee

 

That is just $2k down and $150/mo.

 

Margaret... what is the mileage on your 08? I would suggest keeping it and keep up regular maintenance. THen maybe consider a new one in a year or two. THe first year of the 15s do have some quality problems.

 

With interest rates so low, why lease? You'd also do much better selling your '08 privately instead of trading it, though I realize that can be a hassle nowadays.

 

IF the dealer honors you the direct advertised rate, they will write you a check for the balance of down payment.

usually the downpayment they will honor, but the monthly rate does not usually include tax and watever going apr is for your credit history... so be aware of that.