Lease Buy Out!!! Need Help
08-27-2010, 12:48 PM
#1
Lease Buy Out!!! Need Help
Ok guys it's probably to soon because I still have 2 years left on my lease but I really love the car and I'm trying to decide what's best.
1. Turn it i'n however I am already 15,000 miles over on my miles and I think it's .10 a mile and who knows maby i'n the next 2 years I will be way over or many not.
2. Someone told me^ about refinancing the car and buy it out from infinit ! Is it a good idea to do this now or at end of lease? Advice is greatly appreciated. Let me^ know your thoughts and honest opinions ...
Any pros and cons, really curious on the downside to this since when I traded my 07z I was already 10,000 upside down and jumped into the G . 3 years w my car and still love it . Car currently has 44,000 miles and I pay 690.00 a month and still 2 years left on lease . Residual value at end of lease is 18,000 . This is my first time leasing so lmk your thoughts.
1. Turn it i'n however I am already 15,000 miles over on my miles and I think it's .10 a mile and who knows maby i'n the next 2 years I will be way over or many not.
2. Someone told me^ about refinancing the car and buy it out from infinit ! Is it a good idea to do this now or at end of lease? Advice is greatly appreciated. Let me^ know your thoughts and honest opinions ...
Any pros and cons, really curious on the downside to this since when I traded my 07z I was already 10,000 upside down and jumped into the G . 3 years w my car and still love it . Car currently has 44,000 miles and I pay 690.00 a month and still 2 years left on lease . Residual value at end of lease is 18,000 . This is my first time leasing so lmk your thoughts.
08-27-2010, 02:48 PM
#2
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so uhh, let me get this straight.
You had a Z, traded it in for 10k less than it was worth. You added the 10k to the cap cost on the lease to get that redicuously high lease payment, and now you want to buy out your lease to finance the car?
If that's the case, no point in buying it out early, they are just going to add up all the payments and residual to get your financing rate. The only real reason to do that would be to possibly lower your payment.
690*24=16560+18000=34560
@ $20 per $1000 borrowed = $690 monthly payment roughly
I don't see any point to buying out the lease to refi, and 8-9 years to pay off a car is a little crazy. You should have stuck with the Z with all that neg equity.
You had a Z, traded it in for 10k less than it was worth. You added the 10k to the cap cost on the lease to get that redicuously high lease payment, and now you want to buy out your lease to finance the car?
If that's the case, no point in buying it out early, they are just going to add up all the payments and residual to get your financing rate. The only real reason to do that would be to possibly lower your payment.
690*24=16560+18000=34560
@ $20 per $1000 borrowed = $690 monthly payment roughly
I don't see any point to buying out the lease to refi, and 8-9 years to pay off a car is a little crazy. You should have stuck with the Z with all that neg equity.
08-27-2010, 03:10 PM
#3
Yes sir ^ that's the case here I know it's crazy , so I'm at dealer right now and they say they can get me out of my lease and into a new lease but don't know , I have 2 years left maybe I should just keep miles low and turn it in . Probably be best , yeh to buy out is not worth it . Dealer suggest of course getting me in a new lease and lower my payment blah blah blah I just don't know ... Finish my lease and get rid of the neg equity or get in a new 3 year lease but gonna be back to square 1.
08-27-2010, 03:59 PM
#5
That's what I'm thinking cause I just don't want to get wrapped up in another 3 years. I'm just gonna finish out this ridiculous lease lol yeah I'm thinking at en then purchase we will see ... Btw what's the 18,000 residual value? Is yay what I pay to keep car at end?
08-27-2010, 05:40 PM
#7
Just left dealer ! Ok I'm just gonna finish out my lease and walk away from it 690 for 2 1/2 more years and true I walk away from it. I need to get rid of neg equity and start fresh . Thanks for the advice ^ this is def the best option! My buyout is 36,700 haha that's a new car!!! No way I told them I'm just gonna chill on the miles and see if infinite financial can increase my miles per year and b better off . Either way I love my car and 2 1/2 more years and I'm done w this bad lease ... Live and you learn is the case with me , next time it's gonna be a better deal it was my mistake to trade Z but my Z needed new tranny and I was In love w my G37 overall I'm happy I learned from
This and still enjoy my G everyday.
This and still enjoy my G everyday.
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08-27-2010, 09:10 PM
#11
I don't think the extra miles are .10 a mile.
my 2000 maxima was .20 a mile over.
remember it cost me $1500 when I gave it back.
also besides the fact you are upsidedown, you have 2+ years left on the lease.
they are gonna have to do something with thoose payments.?
maybe than can eat 1 or 2 payments, not 24+.
my 2000 maxima was .20 a mile over.
remember it cost me $1500 when I gave it back.
also besides the fact you are upsidedown, you have 2+ years left on the lease.
they are gonna have to do something with thoose payments.?
maybe than can eat 1 or 2 payments, not 24+.
08-28-2010, 06:06 AM
#13
if you are turning in your lease early, someone has to pay thoose payments.
you have no equity & are already 10k upside down.
my wifes truck had an $8000 "early termination fee"
I kept the lease, because you don't want to loose money like that. Better off donating the money to charity, it would be better spent than donating to the dealer.
if you .10 a mile for each mile, that is cheap.
you are already paying that 10k in your new loan.
unless you had paid for the car in cash & just took the hit.
originally thought you were exiting the lease "earlyzo
and your buyout is $36k is probably because of the 10k you are still paying for.
I did this the 1st time I leased, I rolled over 3k of neg payments into my new lease.
although I was 19 when I did that.
you have no equity & are already 10k upside down.
my wifes truck had an $8000 "early termination fee"
I kept the lease, because you don't want to loose money like that. Better off donating the money to charity, it would be better spent than donating to the dealer.
if you .10 a mile for each mile, that is cheap.
you are already paying that 10k in your new loan.
unless you had paid for the car in cash & just took the hit.
originally thought you were exiting the lease "earlyzo
and your buyout is $36k is probably because of the 10k you are still paying for.
I did this the 1st time I leased, I rolled over 3k of neg payments into my new lease.
although I was 19 when I did that.
Last edited by RISKY GUY; 08-28-2010 at 06:12 AM.
08-28-2010, 06:26 AM
#14
Yeah I hear you! I'm not ending lease early what I'm planing to do is keep leasing for 2 more years , then decide if I should walk away from it and start over or buy the car for 18,000 which is what the residual value is at end of lease term. This seems like a good option to just walk away from it and start fresh but it would also be nice to own the car and finance the 18,000 and own the G but who knows many I change my mind because in 2-3 years the new Coupe may roll out and I may just jump into a new car , rather then keeping this current G that I already paid a lot of $$$ for . Well see I'm just wondering what's best cause I'm 24 and tired of making payments on cars and would like to use that money toward a house and own my car . The mod bug and passion for cars gets me though lol . 2 years will fly by really fast and them I will decide on purchase or walk away , by then my G probably be at 60-70,000 miles out of warranty and 5 years old! Seem worth buying at 18,000 at end of 5 years? Or get into the Next G brand new again hopefully with a better deal.
