Hi everyone,
I currently own a '10 Lancer SD. There was an accident that happened recently (hit and run) so there is damage on the side door, front bumper, and there is a problem with the car transmission. I went to a friend and a car dealer for advice and they said the estimated cost for the damage can range between 1k-2k. I do not own the car, but it has been on a lease for a little over half a year now and I believe I have about 3 or so more years to go until my lease is over. What is my best option?
1. Call insurance to fix the repairs.
2. Trade in my car for another car (is this possible even though the '10 Lancer is on a lease?)
3. Other
My real question is.. is there a way to trade in my leased car for another car that I can OWN (and not lease... I do not want to lease anymore). From the advice I got, the best option was to trade in the car for another car and just pay the penalties. What penalties are we talking about here? And will trading in a damaged leased car affect my credit score?
Thank you for any answers!
I currently own a '10 Lancer SD. There was an accident that happened recently (hit and run) so there is damage on the side door, front bumper, and there is a problem with the car transmission. I went to a friend and a car dealer for advice and they said the estimated cost for the damage can range between 1k-2k. I do not own the car, but it has been on a lease for a little over half a year now and I believe I have about 3 or so more years to go until my lease is over. What is my best option?
1. Call insurance to fix the repairs.
2. Trade in my car for another car (is this possible even though the '10 Lancer is on a lease?)
3. Other
My real question is.. is there a way to trade in my leased car for another car that I can OWN (and not lease... I do not want to lease anymore). From the advice I got, the best option was to trade in the car for another car and just pay the penalties. What penalties are we talking about here? And will trading in a damaged leased car affect my credit score?
Thank you for any answers!