I have 2 more leased vehicle payments; I would like to purchase a used vehicle. Advice?

I want to know should I have the dealership ';roll'; the 2 payments over into the new vehicle cost. And would this effect my credit, would this action show up as an early reposession? I have 2 more leased vehicle payments; I would like to purchase a used vehicle. Advice?
It depends on the condition of your current lease. If you have low miles and the car is in good condition, you may want to find out what the buyout price of the car is from your bank and take the car in to the dealer for appraisal. Sometimes, you can get more money from the car as a trade-in than you owe the bank, which means you'll have some equity on your lease. Alternatively, if its not in good condition and your are over mileage, check how much more the buyout is compared to the trade-in offer. If that amount is less than what you own in payments + any disposition fees and wear-and-tear, then trade the car in and roll over the negative equity into the next car.


Generally speaking, rolling negative equity isn't good because it makes your payments higher. It isn't going to be considered an early repossession. If you roll your payments into the new car, the dealer effectively pays the last 2 payments to your bank on your behalf. You are still responsible for any wear-and-tear fees and disposition fees.


Your credit isn't going to be affected by turning in the car early or trading it in. A lease is treated the same way as a financed vehicle.


Lastly, the only effect it will have on your credit is when you apply for a new loan on your next car. That is all.


Just make sure the dealer pays off your current bank if you trade-in or have them roll in your existing payments into the new car. Sometimes, they forget to process the paperwork, or take too long. I have 2 more leased vehicle payments; I would like to purchase a used vehicle. Advice?
Do not combine the end-of-lease transaction with the new car transaction -- unless you find that the leased car is worth more as a trade than the lease-end buyout price, in which case a trade might work out for you. Otherwise, complete your lease (or make your last two payments in advance), return the car, pay any end-of-lease charges -- then, purchase your new vehicle.
If the car is leased, you are not making payments on the car, you are paying rent for miles. Do you plan to buy the car at the end of the lease, or turn it in? Are you over mileage? Will there be any penalty payments for damage beyond wear and tear?





Frankly, I'd wait until your lease is finished and then decide what you are going to do next.
It doesn't matter. Roll them in and get yourself a new car. How much are the remaining payment? It will not hurt your credit at all.





email me at robbio822@yahoo.com and let me know the scoop. don't listen to any one else.





From your friendly Toyota Salesperson.