How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Shawn P Adamo Your Own Question
Shawn P Adamo
Shawn P Adamo, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Finance
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
15641319
Type Your Finance Question Here...
Shawn P Adamo is online now
A new question is answered every 9 seconds

I bought New Ford Escape XLT 2012 Model SUV through bank

Customer Question

I bought New Ford Escape XLT 2012 Model SUV through bank finance 4 yrs back . I am driving this SUV since then and it is in excellent condition with only 35K Miles so far . My outstanding balance due on this SUV with bank as on current date hardly remains $5K around and rest has already been paid off by me through monthly instalments over last 4 yrs. Now , i want to sell my this SUV to encash the equity on it i.e., to get the check of balance amount after clearing bank due balance on this auto loan because i need money to use for some other purpose . Besides on tha same day of selling this SUV , i want to get a lease of new Ford Escape 4-wheel Drive Model to use for next 3 yrs on monthly instalments with no cash down at all . Please guide me on the following in this regard :
(1) How should i move to get both targets done in best way to get best deal on both targets i.e., selling my owned Ford to get cash for some other need and leasing a brand new SUV at the same time (with no cash down at all) as i dont have any other vehicle to drive ?
(2) Whom should i contact first , will i be required to deal with two car consultants of same dealership at the same time i.e., one for selling my car and other for leasing new car ?
(3) Who is the Internet Sales Manager as People say that dealing through him saves a lot on car buying or leasing ?
(4) I live in Minneapolis , MN and can you guide as per my State of Residence ?
Submitted: 1 year ago.
Category: Finance
Expert:  Shawn P Adamo replied 1 year ago.

The lease can be a one day deal so selling the car is first. I would simply list it on several sites (craig's list, etc). Talk to the car people and get everything ready for the lease. When it sells start the lease. The "internet manager" won't help you save with a lease. He's just someone they put in charge of the internet leads they get.

Customer: replied 1 year ago.

Please close the question as i already got answer from other consultant . Thanks ........

Expert:  Shawn P Adamo replied 1 year ago.

You can close it by rating. Thanks

Related Finance Questions