Koningries said
I had leased a 2006 chevy cobalt for three years. After lease was up after 3 years, I decided to buy-out the vehicle because it had some wear and tears plus somebody had hit my fender which left a minor dent. I wanted to avoid paying the high penalties. I signed a GMAC flexible finance plan to keep the car. Now I want to buy a VW jetta and trade the chevy in.Will this work without any problems?

Logan said
Sure, your car is like any other used car that you might want to trade. But keep a couple of things in mind.If you still owe more than the car is worth (which is very likely), you are upside down and may not be able to trade. You might have too much negative equity for a dealer to be able to roll into another loan on a new car. Lenders don't like making loans for more than a car is worth. You might have to come up with a cash down payment to make up for the negative equity.And remember that the car is worth less than normal because of the wear and tear and damages from when you were leasing. So, the damages are kind of a "pay me now or pay me later" kind of thing. Since you didn't have them fixed at the end of the lease, you "pay" now for them.