The issue isn’t financial advice, it’s that no one here would ever support or encourage paying interest and taxes on $8k negative unless it was absolutely necessary. @StingerTT has a good example of when to roll in negative with his basketcase Audi that was financially draining him, but this is a reliable and cheap to own Altima, albeit one that the OP seems to strongly dislike.
Seems kind of counterproductive to ‘hack’ a lease and through the rolled negative equity wind up in a worse payment structure than someone who simply walks into a dealer and takes the first deal offered. So that’s why we are saying wait a little bit, eliminate the negative, then hack the lease.
Yes and now that he’s been given all of the information and tools to make a sound decision for himself he can, which is more helpful than suggesting that he can magically get into a QX60 for $320/month while rolling in $8k negative.
Could he keep paying the altima and de- register it and cancel insurance on it? That way he’s just leasing another car to go with the altima and not rolling in the negative equity. Still $600/month but now Infiniti doesn’t care about the altima. All they would care about is if he can afford $600/month.
He’s got a co-signer on the current car with admitted limited credit. I’d be shocked if that unpaid car, along with a 2nd open car loan/lease would fly.
That’s overlooking the fact you’re required to have insurance on an open car note, so he can’t park the Altima with a lien and cancel insurance.
@FandI_FngIdiotsDep - your previous credit might be enough to get you a lease. Most lenders will advance 110-120% of MSRP. You need a car with a giant discount. How much cash can you put into a new lease to start? Where are you located?
I honestly think he’s too far gone to roll this into a lease. It may be his money, but I always feel morally motivated to warn off an 8k dollar bad decision
You were the one on the Maserati post criticizing me for giving financial advice…funny how the tables turned and now your doing the same thing…
Word for word what you said:
“Honestly, I’m confused why @nyhacker cares how OP spends his money. Whether hes frugal or liberal should be of no concern. It ain’t his money”
I answered OPs post SPECIFICALLY answering his question which was " What would you say my best route would be on leasing"
If he wanted everybody to comment on how bad of an idea it was then he would have asked “Give me your financial advice on whether I should keep my Altima or roll my payments into a lease”
He clearly is not happy with his Altima and doesn’t like the idea of having to bring it in for repairs as everybody proceeds to recommend he do the exact opposite of what he doesn’t want to do.
If having a $500 car payment but being in a brand new model car with more features and no down time for service will make him happier on a day by day basis then who cares.
He already owes the money, what difference does it make to covert 24-36 months of loan debt into 36-39 months of lease debt, maybe at a lower rate. Plus tax… No more maintenance on the new car. If he puts cash down, that pays off some of the negative equity.
Even if the car had a MF of .00050 and it got bumped to .00150 because of limited credit its still not that drastic of an interest rate yet everybody keeps making a big stink about interest…
Not to mention the 2018 ILX has $5,000 in non taxable lease cash this month
He’s either gonna be paying $300+ per month plus maintenance for a car worth $3,000 or he could be paying $500 a month (which he already said he would be okay with) for a $30,000 vehicle with 0 maintenance costs minus lets say oil changes.
Won’t he need to put cash down in order to get the loan to value figure lower?
He can get into an accord exl 1.5t for around 250 a month. May be his best bet, also retains it’s value pretty well and will have a 12k mile allowance.
If OP is dead set on rolling in the 8k, then my vote is Accord 1.5t ex-l.
I agree that Accord would probably be one of his best options its just a matter of if the max allowance will allow it or not.
Hyundai Elantra or Sonata can also be a viable option being theres always tons of rebates on Hyundai. The rebates will help offset his negative and essentially he’ll just be getting a shitty lease deal.
OP is honestly probably paying more on the interest rate for the used cars $8,000 negative then he would be rolling it in on a lease even after a tier bump…
If he goes Hyundai or kia, they’ll most likely saddle him with a 5 percent interest rate on the lease. Honda’s tier one is .00092 I believe for tier one and .00127 for tier two.
If he insists on getting a new car, his best bet is to find something with a decent amount of rebates to help cover the negative and something with a low base money factor anticipating he gets bumped, that way he isn’t getting creamed in interest on the $8,000 negative (which he already probably is).
Hence why I recommended an ILX because he gets the best of both worlds (large rebates plus low base money factor)
You were questioning why someone with that much money was looking to save a buck on the Maserati thread. OTOH, I replied to your suggestion here, as you’re spending this guy’s money instead.
Honestly though, I don’t really care what he does with his money either though. It’s his choice. You’re not going to convince me it’s cheaper or more fiscally responsible to roll 8 grand into a new lease though.
