car loan help needed

[blueshirt]

i have purchased a car on loan in nov 2017. i am paying my biweekly payments on time. is it possible to switch from loan to lease option. has anyone did this?. technically to do this do i have to first sell the car to same same dealer i purchased and then lease it back with same dealer?

 

[canuck78]

Unlikely the dealer will want to do this. It's not a favourable deal for them.

 

[blueshirt]

how will this work as loan has to be paid in full before switching to lease. i dont have money to pay off the loan

 

[canuck78]

how will this work as loan has to be paid in full before switching to lease. i dont have money to pay off the loan

Maybe you misread my answer. They will not want to change your financing to a lease. The dealership has nothing to do with your financing plan (loan). That is with a separate company. You can try to sell the car and pay as much off the loan off as possible and keep paying off the rest of the balance. Unfortunately if you default on your payments the car will likely be repossessed. Would recommend you call the financing company and see if they will change the terms of your loan. Unfortunately probably your only option but no guarantees it will be successful.

 

[links18]

You can try refinancing the loan if your credit is decent. I have never heard of switching a car loan to a lease before and don't imagine it would be worth it even if it is possible. You can sell the car and get another car on lease, but that might not even help much if you are under water on the car at the present time. That negative equity is your burden that nobody else will readily assume.