rchacon

iTrader: (1)

So I am in a bit of a dilemma and am trying to decide on what to do. Maybe you guys can help me out, or toss out some opinions.


I am currently leasing a Black Obsidian 2010 G37S coupe MT without Nav. The car currently has 42k miles and my lease term ends on DEC. 2013. So I have roughly 13 months remaining. Contracted miles are 48,775 so unless I plan on letting up on the driving, I'll be coming in a bit over at lease termination. The car itself is in pretty decent condition, regular oil changes, standard maintenance, paint has minor scratches as well as one door ding, rims slightly rashed, and the tires haven't been swapped yet (Brand new ones are sitting in the house).


My current buyout is $32,755.00
Early Lease Termination fee is:$7,000.00
Monthly Payment is $659.00 ( I rolled negative equity into the car at purchase, long story)
KBB values the car anywhere from 24k - 28k
Carmax appraised the vehicle at 26K, which pleasantly surprised me.


My choices are as follows:
1. Either buyout of my current lease at a 2.64% rate 72 months/$485.00/mo.

2. Trade the vehicle in and purchase either another G37S (2008), or a Genesis coupe 2013 or 2012 and below. Price Range I'd like to stay at is 27-28k out the door, which is definitely doable.

for example: a dealer is currently selling a 2008 Athens Blue G37s coupe MT with nav at 38k Milesfor 22,900. If they give me at least 26k for my vehicle then that would roll a negative amouhnt of $6,755.00 into the new purchase. If I could get them to drop the price by a grand or two, then my goal of 27-28K out the door may become a reality. $435/mo at 2.64%

3. Baby the car the rest of the way and ride the loan out 13 months.

4. Use swapalease.com, and yes I am fully aware that I would remain as a secondary on the lease statement, and if the primary faulters I take a hit.

5. Ride the remainder of the lease out until IFS reveals another "Pull ahead program" in which they would waive either three or up to six months of payments if I purchased or leased another Infiniti.


I know this is quite a bit, but man I'm having a tough time deciding. Thanks for the input!

rchacon

iTrader: (1)

Oh I did forget to add. I much rather prefer the G over the Genesis coupe. Interior and driveability just felt so much more solid. Also the 2010 3.8 Gen Coupe I test drove had the infamous 5th gear grind that those transmissions are notorious for.

joshk

iTrader: (1)

Honestly i rather go ahead with the 08 G. The navi is nice and from the 08 to 10 barely any difference. Now if it was the 11 i would say keep the 11 because of the body update.

jddssc121

$7K is a lot of money to eat... I'd personally just ride it out. even if you have to buy miles, it will be less than $7K.... if you don't stop rolling over negative equity, you'll be stuck in this cycle forever....

volnedan

^I agree. Do the math with the expected mileage you will go over and compare. Infiniti charges $0.25 per mile, so unless you are 28k miles over on your lease, its not worth it to take the $7k hit.

At your yearly rate, it seems like you will be about 14,000 miles over the limit, which would be $3556. Exactly half of the hit you would take right now.

I've done swapalease before, and it turned out OK. Seems like your best option right now.

VQ37VHR

I'm no expert on leases, but doing some math I'd get out of the lease right now. $659 a month times the 13 months you have left= $8,567. Add to that the fees for exceeding the mileage. Or just cancel lease now for 7,000....

Nick3753

^that thinking is somewhat flawed unless OP doesn't need to replace his lease with another ride. Granted a different car may not be 659 per month. I can't imagine anyone taking over that lease with those few miles and that high of a monthly payment. Best to ride it out and see if you can lessen your miles over the next year. FYI, I just leased a 2012 and was told the over mileage was $.10 per mile by the SA, but we all know how that goes.

rchacon

iTrader: (1)

Thanks everyone for the advice thus far. Found out I have a little one on the way, and I just bought a house. Also, work now has me traveling over 64 miles one way for a special contract for 6 months. So at this point, I will most likely be either swapping out of the lease, or just purchasing a beater and use that for the next 6 months or so. Hopefully maybe by then, hints of the new G may surface!

Nick3753

Congrats on the house and baby. Buy a beater, or just pay the overage. Perhaps your work will pay for mileage?? Like I said above, no one in their right mind would take over that lease. Best of luck either way.

jddssc121

a $3K beater is still cheaper than eating $7K .... and you can sell the beater when your lease is over and you end up w/ a new ride