By now you are finally done with all the major work of your lease, you can finally exercise to “upgrade” to a newer car model. This is another option that you have but there are certain conditions attached to this as well. You can upgrade to a newer model only if you:
- Have no additional costs associated with the car like excessive mileage etc.
- Satisfied with the leasing and want to enter into an agreement again.
- Or had a positive relationship with the car dealer .
There is a possibility that you owe money at the end of your lease term, in that scenario, a dealer will give you the option to just roll over your charges into a ‘trade-in’. But this does not mean that you will be discounted in some fees to pay. Rather you would pay your remaining charges over a longer period of time including the interest on it. So keep all those charges in mind so that you start your lease anew.
Rule: Do not pay anything as a down payment on your lease. The salesman may try to convince you to pay some amount as down payment to lower your monthly payments but this idea doesn’t work. That money is lost forever in sundry fees and charges and you may never see it again. You may only be able to recover this sum if you plan to purchase the vehicle.
