Can you trade-in a leased vehicle? Yes, you can! At Birchwood, we make this process quick, easy, and transparent. Here’s your guide to navigating the trade-in process with a leased vehicle online or in-store!
Complete a Trade Appraisal and Get Your Trade-In Value
Birchwood offers trade appraisals online at birchwood.ca, as well as in-store! A trade appraisal is a comprehensive evaluation of your vehicle’s condition, market value, and other relevant factors conducted by our automotive experts. Whether conducted online or in-person, this process involves assessing the car’s make, model, age, mileage, and overall condition. When a trade appraisal is completed, Birchwood will give you an accurate trade-in value for your vehicle!
Assess Your Buyout Amount
From the appraisal, our Finance Managers will also assess your buyout amount. A buyout is the option of purchasing the leased vehicle at the end of the lease term. The buyout amount is predetermined and typically includes the residual value of the car, which is its expected worth at the end of the lease. This gives you the choice to keep the car permanently by paying the buyout amount.
Understanding Equity
As well, our Finance Managers assess if your lease has positive equity or negative equity that you can use towards a new auto loan.
Positive Equity:
Positive equity occurs when the appraised value of your leased vehicle is greater than the remaining lease balance or buyout. This means you have equity to use toward an auto loan for your next vehicle!
Negative Equity:
On the flip side, negative equity occurs when the appraised value is less than the buyout amount. If this happens don’t worry, At Birchwood, we specialize in handling negative equity seamlessly. Our finance managers can incorporate this into your new loan, ensuring a smooth transition without financial strain.
If you’re interested in trading-in your leased vehicle, Birchwood is here to help you throughout the entire process! Our Finance Managers understand that every leasing journey is unique, and tailor solutions based on your specific situation, ensuring you step into your new vehicle with confidence. Visit any of our Birchwood dealerships or initiate an online trade appraisal today!
