That’s just plain rude. I’m not forcing someone else to make my payments. They can’t afford it either.
Can you not read? I’m selling a house and building another, and I lost my job. I’m not just throwing cash away on negative equity.
$9k negative equity in 24 months lease itself is $375/month. Most of ZDX deal under $300/month effective is a One pay deal. Let’s say you can find a $300/month deal, that’s still $675/month. You’ll better off just paying the cayenne for an additional $85/month.
Respectfully, how are you going to build a house without a job or money for downpayment/closing costs? Does your girlfriend have a car that you can share? Did you have a 401k at your last job that you can now tap even though it’s not ideal?
Everyone here feels for you over your job loss, but don’t be an ass if you want help/guidance.
This is actually not a bad payment vs. rolling negative into a lease and end up with nothing after 3 years. You are building equity in your Cayenne and in a year or two you will be at $0 negative.
The house is almost built meaning new mortgage payments soon which I’ll be using my savings to make until I get a new job. And I’m not being an ass, but simply responding to snide comments that are NOT helpful in giving advice or guidance.
Got it. So underwriting is already done for your new house? You have to do whatever is best for you, but if your mortgage isn’t closed yet, you are legally required to inform your lender. I’m not telling you what to do. I’m just letting you know because I’ve seen this situation end badly with a lender destroying a borrower in court.
I had to close on everything before construction started 7 months ago
What’s rude about it? That person is brave enough cosign for you. How is this any different? I would say there is much less risk for that person.
What? Just because someone co-signs doesn’t mean they’re making the payment. I’m not going to force someone else to make a $750/month payment for something that isn’t their’s.
Understood. If it’s a construction to permanent loan, there could be some stipulations before it converts after construction is complete. I hope you land a new job soon!
I should have clarified. What I mean is some lenders will do employment verification before converting it to permanent.
Is your co-signer clear on your financial situation? How much runway do you have with your cash on hand before you are literally broke?
In all fairness, it is none of our business.
Well, it matters for how much of an emergency OP is in. If they only have two months, they might need to put their current house on the market ASAP and work out a temporary living situation while improving their debt situation with their current home equity.
Again, it is none of our business whether OP has an emergency fund or not.
Realistically the negative is probably minimum $270 of whatever future lease payment.
Can you swap a Porsche lease? I imagine someone would have suggestd that if you could, but someone might want to pick that one up at only $760/mo if it’s permitted. Swapalease says you can if you’re not in the final 6 months.
My point is if you’re so close to the edge that a job loss f***s up your shit this badly, don’t drive a Porsche. Unless you have cash to handle these situations don’t drive luxury cars.
It wasn’t clarified but I believe they financed it.
That’s my best guess too. Likely not a newer model either.
“I have a Porsche cayenne coupe that I bought just 5 months ago with a payment of $760/month”