Yes, you would need to pay that much in MSDs but you get it all back at the end of the lease. So what other investment of 5k will pay a guaranteed $60/mth?
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Is there any scenario in which I could POSSIBLY lose my deposit?
I’m asking because I have not found much info on that subject. I tried asking at the dealership last night but he really kept shutting me down whenever I brought up the MSDs. I insisted, and asked “if I was to still put a deposit and something happens to the car?”, he stopped me and said “u get it back” but this was on my way out.
Not paying your monthly payments, excess damages, insolvency of the financial institution. The chances are rather slim.
The dealer doc fee is exorbitant even though it is Florida, $1400 is just too high.
Also just add 4k into the Florida deal posted in the Marketplace. That will probably be the best you can do. You are wasting time running around to all these dealers.
The dealer fees are $999 + non tax fees 402
As other mentioned, $4000 negative on a 39 month lease add $103+interests per month. To keep payment at $350, QX60 will need to be lease at $250, which is very improbable.
This may sound harsh but let me still lay it out. You said you learned lease the hard way, the learned purchase the hard way with the EX. If you do this, you will learn the hard way again for rolling negative equity from a purchase into a new lease.
Is there any reason you need a QX60? It is 2-3 size up from EX35. Or simply just want something new?
Yes, I have already contacted the salesman and gave him my answer.
I do want a bigger newer car, I have found myself in different situations wishing I had/ needing a bigger car. The ex35 has literally no leg room in the back seat, i am 5’1" and I had to sit back there once and it was the worst (sausage like).
I realize that I got a bad deal and i hate that I am paying for a car that’s not worth what I have left to pay, specially at the age of the car, things will begin to break and I will end up putting more money in. Last night I was adding up some of the basic expenses that I would have to put into the car from now until I pay it off and it’s just not worth it. So I figured that I would just take the loss now and get rid of it.
We will see… as of now I have given up on the idea of the Infiniti all together.
What the car worth is market driven. But what you have left has a lot do with payment plan, ie. down payment size, interest. With a low or zero down payment, very very few car is worth more it is owned within 2-3 years. One way to avoid this finance is to have a reasonable down payment.
The issue I see with rolling in negative into a new lease is that if before the lease term ends, you want to be out, it is very difficult. There are a few threads on this topic. You own even more (from previous trade in) then what the car is worth. The only way out is to put up large amount of cash to buy out the lease.
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People are usually upside down in cars. Try selling it privately, you will likely get more than the dealer is giving.
How many payments do you actually have left on the purchase. There’s is literally no reason to roll this neg equity into a lease. You would probably save in the long run by having two payments, and trying to sell privately or something. But as others have said, the best qx60 deal in FLA is already posted here, take that deal and figure out the neg equity somewhere else
Is that worse than paying for a car that you don’t even have anymore? That’s essentially what you will be doing if you get rid of it with neg equity.
Conceptually, I agree. Deal with neg and new lease separately. But in reality, I don’t think op can simply just sell the car and continually to pay off the negative. The bank won’t allow a payment plan on a car he doesn’t own any more. He will need $4k cash to sell to close the loan with the bank.
I still think when cash strap, nice to have item, such as a new car with bigger room, can be skipped.
I effectively meant depending on how many payments were left he might be better off keeping the remaining loan and car, then selling it later. The neg equity would just be spread further with interest almost like refinancing.
Sumy,
PM me the VIN for your EX35, I’ll see what I can do. As others have mentioned take your EX35 to CarMax, they’re usually pretty on the ball with late model vehicles. You can use that CarMax slip as leverage with any dealer as they’re going to at least match it, if not do better.
Also if you can do a Base QX60 you’d essentially save yourself $32 a month. Only major things you’d lose are Navigation (use your phone, it’s faster and more updated), Bose, and the Around View Camera.
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