So almost three years ago we leased a car (never again). I wasn't familiar enough with the process but the wife wanted a car that day so we got it. Happy wife, happy life, right?
Anyway, we are due to turn it in within two or three months. As I understand it there are some options for turning it in:
1) Turn it in to a dealer of the manufacturer and that is it. Pay for any mileage overages or dents, etc.
2) Trade it in at a dealer of a different make for a different car. We would owe the difference between the residual on the lease and what it is worth on trade. I'm not sure how the paperwork would go down in this situation.
3) Buy it for the residual (or a lower negotiated price with the manufacturer's credit arm). We aren't going to buy it.
Am I missing anything? Or misunderstanding anything?
The vehicle we would like to buy to replace the 2013 Elantra is a 2011ish Ford Edge SEL. If anyone has any comments on that car those are welcome.
Anyway, we are due to turn it in within two or three months. As I understand it there are some options for turning it in:
1) Turn it in to a dealer of the manufacturer and that is it. Pay for any mileage overages or dents, etc.
2) Trade it in at a dealer of a different make for a different car. We would owe the difference between the residual on the lease and what it is worth on trade. I'm not sure how the paperwork would go down in this situation.
3) Buy it for the residual (or a lower negotiated price with the manufacturer's credit arm). We aren't going to buy it.
Am I missing anything? Or misunderstanding anything?
The vehicle we would like to buy to replace the 2013 Elantra is a 2011ish Ford Edge SEL. If anyone has any comments on that car those are welcome.