Hi All!
So I have a 2017 Chevy Malibu 82k miles no warranty negative equity about 14-18k. due to a previous car roll over. I’ve recently went to Mercedes-Benz to look at a vehicle I’m interested in. I can lease but my payment go up 250 a month have warranties and less mileage obviously and in 42 months be out of the negative.
What are your thoughts anyone? I’m trying to get more information before I jump into this.
Thank you!
You really don’t need several threads with the same discussion.
If you’re going to roll that much equity into something, it needs to be something with the lowest MF possible, so most likely not an MB
What does any of this even mean?
You’ve provided almost no information.
Rolling $14k into a 42 month lease will be $333.33/mo PLUS RENT CHARGE PLUS TAX.
What’s wrong with the Malibu? How are there 82k miles on it in 2 years?
How’d your negative equity go from $18-$20k to $14-$18k in less than 12 hours? If you wait a few more days, will it be completely gone?
I commute.
I owe 31k on it.
I put to the incorrect information my apologies.
It’s anywhere from 14 to 18k. I’ve contacted my bank as well as only 1 dealer thus far to get more over a range.
How in the world do you owe $31k on a 2017 Malibu???
Are you going to stop commuting once you sign a lease for a Mercedes-Benz? How much do you actually drive per year?
Best indicator of the future? The past.
I rolled over a lot of negative equity.
Yes, once I lease my plan was to get a commuter car.
I know it’s crazy, I’m in a really tough situation.
So you’re going to lease this really expensive e300 and get a commuter?
STOP looking at new cars to lease. I would strongly suggest that you look into refinancing your loan. What were the original terms (interest rate, financed amount, current payment and length of loan)? What is your 3 bureau credit score?
I would also recommend that you get your finances in order. Then, come back in 3 or 4 years once your loan is almost paid off.
I’m not sure about crazy…
A Mercedes-Benz is a commuter car?
I don’t understand why you’re being so evasive. These are super simple questions designed to help us understand what kind of hole you’re in and how to best get out. We are not asking for your SSN and first born’s middle name.
What is wrong with the Malibu?
What is the current financial agreement on the Malibu? Whether it be leased or financed.
What is current payoff on Malibu?
How many miles do you drive per year?
What is your credit score?
What is your budget? Like a realistic budget, not I make $2k/mo and my apartment costs $1k so therefore I can spend $1k on a vehicle.
What are you trying to accomplish?
Answer these and we can help. Or you can get asked the exact same questions over and over again from salespeople who are just trying to make a sale and figure out how to make the most money off of you. It’s your choice.
Your Malibu is still getting you to places. How tough can it be, other than wanting a fancy car? Buy cheap extended warranty.
Thanks. My finances are in order just made a really silly decision a few years ago. Checked into refinancing but unable to due to the negative equity.
Worse possible financial decision. DON’T DO IT.
Please answer some of our questions so that we can have a better understanding of how bad your situation is.
On the bright side - You have a car that runs fine.
Disclaimer: I am not a financial adviser. Just trying to help you avoid rolling more negative equity and make another bad decision.
No offense, but they are not.
It appears you’re desperate for a reprisal.
Drive the Malibu. Make extra payments. Save for potential repairs (but seriously under 100k miles you should be pretty okay).
This is really the best suggestion. A late model Malibu Premier isn’t a bad place to be, and repairs shouldn’t be catastrophic. A decent extended warranty shouldn’t be too much and will buy you time to pay off this mess.
If you are looking for a stamp of approval, you won’t get it from me or most folks here.
How many times/ways do you want us to tell you not to continue down the “roll negative equity” road? At the end of the day, it is your money. So do whatever you please, but I have never met anyone with that much negative equity on a car claiming their finances were in order.
The Malibu is not an expensive car to own or maintain, definitely not compared to an E class. Not sure if you over played for the Malibu or how you owe so much on it or even how long your loan Term is… but you drive entirely way too much to lease, especially a luxury sedan. Hold onto the Malibu and drive it until it’s closer to being paid off. It’s the best bet.