joefufu419

My brother actually wants to trade in his mazda tribute for a sports car. But he has leased the car for a year. He asked me if he still can trade it in. Any one has done that before? Does he have to lose alot of money?

03Eclipse

I've done it once before - its better if you do it near the end of the lease....he may have to pay the interest they would have made on the lease out (like if he has 4 years left, the interest on his payments for the next 4 years) plus the value of the vehicle - I'm buying out my Civic off of a lease after 1 year and I have to pay a $4000 penalty

LOWBOY

I have never done it but yes it can be done. Hes not going to get any equity out of the car he has now because is it a lease.

BlackSI

let him know hes gonna have to pay the sum of all remaining payments + any penalties they charge, so hes gonna have to pay a large sum to get out of the lease or have someone take over payments.

LOWBOY

Thats not necessarily true. If he were to trade it back in at the same dealership for say a Miata, then he wouldnt have to. If he went to a completely dealership and got a S2000, then I think they pay it off at the Mazda dealership and start over a new plan at the Honda dealership.