Please help me pick apart this lease. I feel that there is still a lot that I can do to bring down the sale price. any suggestions?
Yes, I know I have a MASSIVE amount of negative equity that I’m rolling over. Im trying to fit it into a new lease to help me ease out of it over the next 3 years vs the next 5 years by staying in my current car.
20contact @mani_is_kool he’s a local Infiniti broker
What vehicle are you trading in with a $14k loss and how old? That’s not a terrible payment considering ~$420 of it is the old vehicle. It’s a terrible financial decision though.
Stupid decisions i made when I was younger, I’m dragging all that negative equity from 2 previous cars I had in high school and college. My current monthly payment is $700/month with 58 months remaining on my finance. Going the lease route I’ll be done in 39 months.
Have you checked your vehicle value on KBB, Vroom, Carvana, Carmax, etc to find the highest price, most dealers will price match so the higher you get the better. If you’re going to roll the negative in then this is probably one if the better vehicles to do it with as the interest rate is so low. Benchmark your numbers against other recent deals here, from memory though most Q50 and Q60’s can see 20%+ discount so there should be room to negotiate.
Why not take a 24 mo lease on an equinox or something cheap so you can get out sooner?
No way is he gonna be able to roll over $590/month into an Equinox lease.
Exactly. I did, the offer I got from the dealer is fair and im okay with it. These cars are some of the few that will actually hold the negative equity well and with out a $900+ monthly payment.
The issue is that lower value cars can’t hold the negative equity. I don’t have a $ issue so im not dying to get out of my debt I just want to get out sooner rather than later and avoid throwing $$ into nothing. Plus the Q50 sport is a very nice car and if im going to own it for 3 years, why not drive something nice?
any reason for a 2019 vs 2018 Q50?
No 2018 models were available, I asked.
When I was trying to get quotes on Q50s last month, the selection of 2018s was slim and no one was willing to give me anything close to what the brokers were. At least in my region, the 2018s have really great incentives right now but the inventory is really limited.
OP, I would strongly recommend that you at least consider a Luxe instead of the sport. You give up a few packages, but it’s generally the same car and it should lease cheaper (which would be helpful for your situation). The 3.0T Luxe with the essential package is really nicely loaded. I currently lease a 2015 Q50 Premium and have never regretted not going with the sport.
If you are worried about payments switch over to LUXE. It should be an approximately $100 less payment. The 2019 Sport trim is much higher priced compared to the 2018 Sport. With that much negative equity, any payment will be an eyesore. Honestly, If I were you, I would focus on paying off this school/college car days loan off first and then go for a new car to reward yourself. No point, keep rolling over negative equity over and over again.
What is your current? and what is the payment on that and how many months left on the current loan ?
$700/month 57 months left.
What make model car and hows your credit?
Its a 2014 BMW 435i, My credit is tier 1 750+
Why don’t you put the extra $180/mo that you would pay on a Q50 towards paying down the BMW instead? The car you’re driving is pretty nice, you don’t have to worry about miles, and applying for a lease will put a hard inquiry on your credit report. If your only objective is to get out from under everything sooner, this seems like a pretty sound bet to me.
If I knew the interest rate on your current loan, I could calculate how much sooner you’d be able to pay off your loan.
Thank you, but ive already run the numbers multiple times and realistically it isn’t worth dealing with the BMW. Its an AMAZING car and I’m certain that I will eventually find myself in an M4, but right now the smartest play I can make is to get out of my BMW as soon as possible.
It took me asking for my pay off amount to realize how badly I messed up by carrying over the negative equity from my previous 2 cars. This way ill be out of the car in ~3 years and be debt free (at least in the car department).
While the 435i is an awesome car, at the end of the finance term, it is going to be nearly 10 years old and likely expensive to maintain. Even if paying down the additional principal shaves a year or so off the loan, it’ll still be be an 8-10 year old BMW worth maybe $10k depending on mileage, condition etc.
If the MF on the Infiniti is low (it probably is near 0), it is a decent way to have a new car, under warranty, and erase the debt as long as you can commit to paying this off.
OP - do you have anyway to pay off some of the negative equity upfront? Just seems like a massive monthly nut.
I can, but I’d rather just eat it as is. I’m working with the dealer to try and shave some money on the sales price of the car to bring it down even further. I know that $800/month is a lot, but in the end if it helps me get out of my negative equity and eventually allow me to really get into a great car afterwards (used at least 3 years old to avoid even more negative equity and start the cycle over) or lease a great car I’m for it. I’m just trying to see where people are with their numbers and what I should aim for considering everything else.
