Car Leasing Fraud: How To Avoid It?
This example of car leasing fraud is common when you go to the dealership and want to lease a new car. The salesperson will tell you that the dealership is ready to accept your old leased vehicle as a trade-in and may offer you a good deal on a new lease. However, you should remember, that trading in a leased car is not a good idea.
Most people don’t have any equity in their old leased car to help them buy or lease a new car. Many problems can arise from this situation. One of the dealer tricks used when you lease a vehicle is taking your old leased vehicle and returning it to the leasing company. Leasing company later sends you a bill for early termination or buyout.
Another thing the dealership may do is putting the car on their used car lot after buying the car from the leasing company and adding the buyout cost, less the trade-in credit, to the price of your new vehicle. If you have reached the end of your lease and have no equity in your leased vehicle, it is better to return the car to the leasing company.