I am leasing a 2007 Eos and am about half way through the lease. They called and said they would buy out the lease and get me in a Passat or CC for less money than we are paying now.
I went to one dealer last night. I have about $4000 negative equity in the car and when rolled over to the new lease on a Volkswagen CC my payments would be about $75/month less.
In your experience does it make sense to do a deal like this?
They are trying to sell another car and they must have a big incentive on the Passat to be able to get you into the car at a lower payment. It is not a bad idea if you like the Passat. Because you are leasing a car, the negative equity does not effect you unless you need to get out of the lease. If they are calling you, you should not be rolling any negative equity into the lease of another vehicle. If you like the Eos better, keep the car.
〉 Answered on Nov 25th, 2009 by Jenny Trostel, Partner at Anderson of Hunt Valley
If you are desperate to lower your payment it might make sense. If you like your car and can make the payments..it*s probably a better deal to keep it.
〉 Answered on Nov 25th, 2009 by Shelly LoCascio, Dealer Principal at Irwin Lincoln Mercury Mazda
Frequently the manufacturer promote an early lease termination and this allows the dealer to move you to a new vehicle early. If this is the case it might be good to take advantage. You do need to be very aware of the number of months on the new contract, any fees and charges, and and other monies due on delivery. If the terms meet your needs and the vehicle does as well then it could be a good time. BUT be very careful and be certain you understand all the terms of the new lease.
〉 Answered on Nov 25th, 2009 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)