There are many reasons people opt to trade-in their current leased Ford vehicle over returning the vehicle. Maybe your have equity in your lease and can make some money to be put toward your next vehicle by trading it in. You may be way over the allotted miles for you lease, or have excess wear and damages that puts you in a non-ideal return situation. No matter your situation, trading in your lease can be a good option to look into.
When you Trade-In your lease to Larry H. Miller Super Ford, we purchase your leased vehicle from the finance company holding your lease for the ability to later sale the vehicle as a used or Certified Pre-Owned. We do this by paying off your lease's payoff amount, or the sum of your Residual Price, and any amount still owed on your lease agreement. Depending on your Lease Equity, or the current vehicle's market value minus the payoff amount, you may be able to make some money from your trade-in that can be used as a down payment for your next vehicle. If you have a negative lease equity, or the current value does not cover the payoff amount, this amount can be rolled into the payments of your next vehicle purchase or lease. Having a negative equity in your lease may deter you from trading that vehicle in, but this option could be more cost effective if you know your vehicle will occur excessive miles or damage fees at lease return.
Lease trade-ins are not the best option for every situation, our Leasing Experts at Larry H. Miller Super Ford in Salt Lake City can help determine if this is the right choice for you. If you are thinking about trading in your lease, or just want to explore this as an option, you will want to keep an eye on your vehicle's equity by knowing your car's value and the lease payoff amount. You can get a quick trade-in value for your lease by using our Trade Appraisal Tool and get your lease payoff quote by logging into your Ford Credit Online Account or calling them at 1-800-727-7000.
Another option is calling a Certified Leasing Specialist at 888-380-4756 and they would be happy to walk you through the entire Lease Trade-In process. We can schedule an appointment for you to meet us in person and your Ford Lease Specialist can review the details of your lease agreement, help you explore and discuss your options, determine your vehicle's payoff amount, and your vehicle's trade-in value. We promise to answer all your questions, take it as quickly or as slowly as you are comfortable, and make sure you understand everything about the Payoff Quote, Residual Value and fees that come with the end of your lease.
