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Thread: Leasing a vehicle
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03-29-2010, 04:57 PM #1
Leasing a vehicle
I leased my current vehicle but dont understand how it works. I want to know how upside down I am if I try and trade it in. Here are some figures.
My payment is about $441.25. The retial price was about $24000.00. The residual is about $16500.00 I paid $7500.00. I owe $8500.00. I did a black book with all the features and retail trade is $16500.00 with the mileage I have. So how screwed am I. Depends on how much the car is Im going to buy depends how much they will give me. We have $2500 we were going to put down on the next car.
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03-29-2010, 05:11 PM #2
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Liquid Red- 2008 Pontiac G8 GT
So as long as I'm reading this correctly you owe another $1000 on your lease. Roughly 2 more payments. If you are trading in your lease and it is worth $16,500 you are roughly $1000 upside down. Your lease will have to be paid off before you trade the car in, whether you pay it or the dealership you trade it in at does. As long you are not over on the miles, why not just keep it for the remaining payments and trade it in or turn it in at lease termination? The rebates and incentives are usually gonna get better as the model year comes to a close anyway.
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03-29-2010, 05:27 PM #3
NO I owe $8700 of the lease.
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03-29-2010, 08:00 PM #4
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Liquid Red- 2008 Pontiac G8 GT
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03-29-2010, 08:14 PM #5
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03-29-2010, 08:40 PM #6
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Liquid Red- 2008 Pontiac G8 GT
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03-29-2010, 09:07 PM #7
I thought leases were supposed to be the cheaper route...$440 a month with however much down doesn't seem too cheap.
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03-29-2010, 10:15 PM #8
Its iin my wifes name and we had to roll in negative equity from a maxima. Term is 39 months and we cant go over 39400 miles. Dont know the money factor at the moment.
If you look at it as a buy $10000 is usually about $200 a month , $20000 is about $400 a month. So if you have average credit and have to roll alot in with little down.
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03-30-2010, 08:48 AM #9
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Liquid Red- 2008 Pontiac G8 GT
It sounds like you're gonna be stuck in that lease for awhile yet, unless you pay the $8500 and terminate the lease.
If you're trying to get into another car, to roll that much negative equity is gonna be hard. You would have to first find a vehicle that has an $8500 rebate, which is gonna be hard to find unless its a Town Car or some big ass truck. The big rebate would offset the negative equity, but it would be like buying the new car at full list. By the time you would drive the new car off the lot, you'd be at least $12,000 flipped.
I suggest that you just stay in the car until the lease ends, then get something else.
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03-30-2010, 08:54 AM #10
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Silver- 2005 Toyota Corolla (DD)
I don't know your situation, but you HAD to roll negative equity into the new lease? You absolutely had to have a new car/new lease?!?
Not bashing, but why do you keep leasing? Finish up this lease, then buy a $6k commuter car, even if you have to take out a loan. Break the cycle of being upside-down, negative equity, etc.
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03-30-2010, 08:57 AM #11
But, but, but.... looking like you have money is better than having money!!!
Living the American Dream. I can't wait until I get out of college and get my starting $30,000/yr salary which means I'll be able to lease a $75,000 car assuming I continue eating ramen and living in this shitty undergraduate apartment. But bitches on the street who see me rollin' in a ballin' bank-owned car won't know that
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03-30-2010, 09:02 AM #12
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03-30-2010, 09:02 AM #13
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03-30-2010, 12:18 PM #14
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Silver- 2005 Toyota Corolla (DD)
Yep, it's the American dream.
I clear 6 figures....look at what I roll in.
<<<<<<<<
Hint: It's not an M3, and sure as H3LL isn't a lease!
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03-30-2010, 01:19 PM #15
I like the car and dont mind it . Its my wife that wants something new.She has some credit problems at the moment. I suggest she just try and re finance this vehicle and get her credit going again. So its the $8500 that she would have to finance. Anyone know of a second tier bank they can recommend. I know our fifth third probably wont do it either will wachovia.
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03-30-2010, 02:22 PM #16
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Black- 2002 Camaro SS (crashed)
Thats a tough call. To me, leasing is just another way to get you into something you cant afford.
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03-30-2010, 02:29 PM #17
Well I called the dealership and found out the money factor was .0027 with equals a 6.48 percent. To buy the vehicle out its 22567.00. Dealer retail is just over 21000. So we put 2500 down and he thinks we can get financed through nmac. I may have to go on the loan but it gets her credit going again
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03-30-2010, 02:39 PM #18
Sounds like she already has some credit issues in the past...you are just compounding the issue by taking out another loan to lease a new vehicle...Talk some sense in her, her with bad credit will affect you as well. If nothing is wrong with the car, keep it until you are out of the red....
...and people wonder why our economy sucks so bad...
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03-30-2010, 03:03 PM #19
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03-30-2010, 03:15 PM #20
Yeah nothing is wrong , just gonna try and refinance and get out of the lease to have some good credit reporting.
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