Trade in on a 2010 Prius lease?

i think there is an early payment penalty on a lease. whatever, they will give you a payoff amount. you will have to pay that and begin a new lease on the prius.i'm not sure you can roll one lease into another.

 

From your post it sounds like you purchased (and financed) the mini. Assuming that, if you trade in the car, you'll need to pay off the remainder of your loan. Since it sounds like you're upside down (owe more than trade in value), the negative equity on the loan will have to be accounted for, either by you paying it, or sometimes you can roll it into the lease (which would naturally increase your monthly payment).

 

Buying a new car every three years is never a good thing.

 

What about every 6 months?

OP has made an egregious financial mistake and is going to be taken to the cleaners on this, now having driven the Mini for 6 months, enough time to remove all doubt that it's used and yet hardly denting the principal of the loan.

Stream is right, though, he can either pay the difference in cash or roll it into the lease--MAYBE. If it's too grave an amount Toyota won't allow that much of a roll in which case he'd need to come up with the difference.

 

Personally? I think you should suck it up and drive the Mini for a few years. You are going to get killed on this deal.

 

:bounce: :juggle:
:nono:

 

OP - You are going to take a bath if you do indeed trade your car in. To get a ballpark just go to any of the websites that give used car values - places like Edmunds, kbb.com, etc. That will give you a ballpark of what your Mini will fetch at trade or in a private sale - I have always found these values to be high so you might want to lower the values a touch. Just compare those to the balance on your loan and you will get an idea of just how underwater you are.

 

do you have any TRUSTED family members that you could "sell" the mini to and just have them take over payments? that would be about the only way you could go without taking a beating on the trade in value. I would be the dealer would give you less than what the websites say you would get.

 

Yep. Absolutely agree on the above. I can't comment on leases and such since I don't do that.

If you really want the Prius, I suggest renting one for a few days to be really sure that you want it it and any quirks it has don't bother you that much. You don't want to be back in the same situation again, taking a bath w/buyer's regret in 6 months or a year.

Once you think it's an ok car for you, consider buying a used 2010 Prius or even a previous gen (that has been either thoroughly inspected by a mechanic indepdent of the seller or is Toyota certified). It will still have most of its warranty and someone else will have taken the big depreciation hit.

 

This seems like a good idea but they'll have to register the car and they won't be the note holder nor immediately related through marriage. I don't know if that's a problem with DMV but it may be.

If it was a lease he could use an online lease trading website. Segue: I recommend visiting these sites for lulz. Some people get into the most amazingly terrible leases.

 

In MD I believe that would work. When my wife bought her first car her Dad was the lienholder (not sure why they weren't both on the lien, but that was before my time) and the car was registered just in her name. I'm sure all states are different.

I know don't they? My God lol

 

As others have mentioned, you are going to take a LARGE hit on the resale value right now. You are going to be trading in at the beginning of fall/winter in a snowy climate. Expect your payment to be about 27-30 a month higher than a regular lease... per $1,000 you are upside down!

Best bet is to stick with the car as long as you can or try to sell it privately in the spring.

 

There is one on leasetrader now, a 2006 Prius with 9 months left and $508/month. Sign me up!

 

Probably 47 miles left on it too LOL