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Can You Trade In a Leased Car?

Photo by Anthony Shkraba via Pexels Leasing a car has many advantages, but it can leave you feeling trapped if you decide that the car you have doesn’t fit your needs anymore or you just want something a little different. Luckily, you have options that don’t involve having to flat out break your lease. One of these is trading your lease in for another car. In this article, we’ll break down what you need to know and show you how to do it without losing out on money.

Can You Refinance a Lease?

Photo by Gustavo Fring via Pexels If you have ever purchased a car or home with a loan, you might be familiar with the concept of refinancing. When you refinance something, you typically pay off your existing loan balance with an entirely new loan that has more favorable terms, such as a lower interest rate. Doing this can save hundreds— if not thousands— in interest payments over the life of your loan.

Turning in a Leased Car for Another Lease

Photo by Gustavo Fring via Pexels You don’t always know where your life will take you, which means you don’t always know if the car you just leased will be the right one for you a few months or years down the line. A lot can change before the end of the typical leasing period of 12, 24, or 36 months— and if you need to lease something else, it’s good to know your options.

What You Need to Know About Car Lease Equity

Photo by Rodnae via Pexels Leasing a car can be a great way to get behind the wheel of a car you want without the long-term commitment. With a lease, you never technically own the car. Instead, the lessor (in most cases the dealership or a lender) has ownership of the vehicle, while you agree to rent it out for a specified period. However, at the end of every lease term, you are given the option to buy the car from the lessor.

Want to Sell Your Lease? Here Are Your Options

Photo by Negative Space — CC0 There may come a time in your car lease when you decide that the vehicle isn’t for you anymore. Your needs might have changed, or perhaps you’re just looking for something a little different. Regardless of your reason, you may be looking for a way out that doesn’t involve paying the fees that come with breaking the lease. You might have heard that you can sell your lease, but might be a little confused on what exactly that means.

What to Know When Trading In Your Lease

Photo by Gustavo Fring via Pexels While it’s common to simply return a car to the leasing company when your lease is up, it’s not always the best option. In 2021, shortages related to COVID-19 made used car prices spike significantly, which means that it’s very likely that your leased vehicle is worth more than your remaining buyout amount. Should you trade in your leased vehicle?  No, not without checking the value of your leased car first.

Is It a Good Idea to Sell a Leased Car?

Photo by Kaboompics — CC0 At the end of a car lease, many people simply opt to return the vehicle back to the leasing company. But by doing so, you could potentially be leaving thousands of dollars on the table! If you play your cards right, selling your car can be a great opportunity to put some extra cash in your wallet at the end of your lease. This option isn’t right for everyone, however, so CoPilot is here to breakdown the process and help you understand when you should consider selling.

Will I Get a Title When I Lease a Car?

Photo by Pixabay — CC0 Leasing a car is a great option for many people who need something to drive but don’t want to shell out the cash for a full purchase just yet. However, even though you’re paying for and driving the car, it doesn’t mean you actually own it. When leasing a car, figuring out who is responsible for the car and who the official paperwork belongs to can get a little confusing.

Calculate the Residual Value of Your Lease

Photo by Rodnae via Pexels Trying to sell your lease after you’ve decided to move on from your car? Or are you wanting to buy out your car from the lease to gain full ownership? If so, you’re in the right place! There are several factors at play when it comes to buying out or selling your lease that you need to be aware of, and CoPilot is here to help teach you everything you need to know.

Sell Your Lease for Major Money

Photo by Negative Space — CC0 Selling their leased car is not something many people consider when their lease term is about to expire. This means that a large percentage of drivers have likely left thousands of dollars on the table without even knowing it— but you don’t have to! Leasing a car can be a complicated process on its own, so going the extra mile to sell the lease can seem like an absolute headache.

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