Hey Hackrs just wanted to run by the numbers that I was offered for trade ins on a 2018 Odyssey with 43, 500 mi Great Condition with nearly 25k flat owed still and a 2019 Toyota Corolla SE hatchback with under 3800miles with 19k left on the lease for a 2020 Honda Odyssey EX-L right off the truck (Basically the same exact odyssey only a 2020, same colors and all). Oh and a 90day no need to pay thrown in too.
MRSP $39,180
sell price is $34, 650
APR 1.9% 72 mo OTD Finance $42-43k
Trade in $ 35,500
Tax $ 75.29
Down $1,000
Payment $ 640
Rebate (Loyalty) $1000
Costco card $500
Trying to convince my Fiance’ it is a good deal… am I wrong?
Thanks
Frankly as others have said, I’m floored that you’re literally throwing away an entire nearly new 2019 Corolla SE hatch just to gain 2 model years on the same vehicle. You don’t see anything wrong with that? Is this just about getting the (aggregate) payment lower? If so, this seems like the worst way to about that.
Nearly 9 grand of negative equity? What are your current interest rates.
The original post is very confusing. He says, 3800 miles woth 19k miles left on the corolla. What exactly is the term of that lease ? 22.8k lease ??
Also, could it be a 2 year lease on the corolla and about to be over ? OP hasn’t driven much at all lol.
I think I am going to have to agree with the others that this doesn’t seem like a good idea, but I am going to try to understand this better.
How is the Corolla being handled? Is the 19K the buyout of the car or the remaining mileage? Also, how is the dealer handling this buyout (are they moving your payments into the new car or negative equity due from purchasing the vehicle from the bank)?
KBB/Edmunds would be the sites to go and figure out how much your car is worth. If it is worth less than $25,000, how is the dealer handling that negative equity?
As it stands, this seems like a terrible deal for a car (from a manufacturer known to make reliable vehucles) that is a bit newer.
Look I get it, it is stupid to get rid of any of our vehicles, especially becasue the 2 year difference in the Odyssey means there is literally no difference from the odyssey we have now.
To try to explain my situation, put simply, we only need one vehicle. My finace’s thinking is that we trade both vehicles in to get back down to one.
Yes my mistake on all reasons we are even considering this, and also the payoff for the Corolla is 19k, while miles are only 3800, it is a lease and I owe 369.16 a month for it. The odyssey we only owe 25k but have 43,500miles on it. We were offered by Vroom 24.500 for the Odyssey which means we would only owe about 750 or so to make up the difference, however, we are concerned that they could go back on the deal once they see the vehicle (I was completely honest with the minor wear and tear on it btw which is just that) never dealt with them before…
Would the best option be to sell the Odyssey and then do a trade in with just the corolla?
Or just deal with payments on both vehicles which is financially draining with Covid-19 while only driving one the majority of the time…
Thanks again, I admit I am an idot when it comes to finances
I appreciate that you’re admitting there’s some strangeness to the logic here. So I will try to be helpful.
For the Corolla - that payment is extremely high. What were you offered for it from the dealer? As in how much of the negative equity is just from the Corolla? I suspect the majority of the $9k NE comes from the Corolla.
If you only need one vehicle, why not just try to sell / transfer the Corolla (though you’ll need to kick in a large incentive if you plan to transfer that one) and just keep the Odyssey since you apparently like it?
Let me just put it bluntly: buying a brand new vehicle is not going to solve your problems here.
Appreciate, the honest feedback. The corolla alone was offered a measly 13,500 for and the Odyssey 22,000 from the dealer. I do have the Corolla up on Swapalease, however highly doubt it will ever be taken over. I really got screwed on the so called “deal”!
Thanks again for the advice!
Oh and yes was finance not lease, my bad, just figured since the corolla is lease I could hopefully pick your financial ninja brains
Another question - do you need a larger vehicle like the Odyssey? Based on needs, family size, etc.
Because if you can live with just the Corolla, you’ll have less negative equity in the Odyssey, so that may be easier to dump.
Another point, one day (maybe half a year from now, who knows), covid crisis will end and will you need a 2nd car again? If so, maybe hold off on dumping one.
Yet another - what is your payment right now on the Odyssey? I’m trying to get out how much of a difference is it to go from the 2 cars to 1 brand new Odyssey. How many months left on the Corolla?
: she is now responsible for all household finances.
