It certainly doesn’t apply to all of our clients, but we have been finding Lease Equity for many of our clients who leased vehicles (from us, or elsewhere) between 3 and 4 years ago.
What’s Lease Equity? Simply put, Lease Equity is the position your leased vehicle is in when it’s worth more than its payoff.
Its payoff? Yes! Whether you own or lease a vehicle, there’s always a total vehicle payoff. It’s the amount of money you’d have to pay if you wanted to buy or sell your leased car, and it exists from the time you initially lease the car, until the time the lease ends.
For many of our clients (and many times, before their lease is supposed to expire), we are finding that they have Lease Equity.
The Lease Equity is theirs for the taking, and they can do whatever they want with that equity – cash out, apply it to a new car, or a combination of the two.
Separately, Lease Equity is also something that can help mitigate lease-end charges for excess wear and tear or mileage, and create a situation where you’d have to pay less to sell the car than you’d have to pay if you returned it.
As mentioned, this isn’t the case with all vehicles, but this is something worth exploring for nearly every vehicle that was leased within the last 3 to 4 years. Don’t know where to start? Seem confusing? It can be, and we’re here to help! Call us, and we can handle the entire process for you…and replace that vehicle at the same time! Don’t just return your car at lease-end. You could be walking away from money that belongs to you! We’ll help you find out!