Hey everybody, love this forum so far and I would like to share my situation…
I have a Leased Nissan Leaf SV 2020 with 2800 miles and I want to get out of it, the car is ok, I just don’t see why pay 727.66 a month for this car ( i had an upside-down balance on the previous car). Carvana offered 24k for it, I owe 28,259.17 ( dealer assisted payoff quote) so 4.3k negative… I found the DCAP Downpayment grand and seems like I qualify for the 5k grant (income limit + max 20k loan, I just need to pay the difference of 28 - 5k grant = 20k loan 3k cash), this 5k would take care of the negative. Here is the issue, Carvana cant buy the car directly from Nissan, so I need to buy the car first so I can sell it to Carvana, but the grant only works for cash or loan, I don’t have the cash to buy the car and I think if I loan the car I need to transfer it to my name and pay tax ( registration 408.00 + 2650.00 tax = 3.058.00), so the deal starts to fall apart, I saw here on the forum that I can buy the car and I have 10 days to sell it and I don’t need to pay the sales tax ( CDTFA Section 6277 ), but I don’t know how it would work for a car loan… maybe I can take a personal loan, but I’m worried about the fees and stuff…
The main reason why I want to get out of it is that I don’t need a car right now for at least 5 months (4k in payments) or maybe longer, I’m working from home and I have a motorcycle in case i need to go somewhere.
But yeah, or I can just stay with the car for 15 months and return it… (15*727.66= 10,914.90)
Yes because I had 10k upside down on my previous vehicle and I just wanted to get out of it, because every month it was getting worst and worst. Yes, I was dumb and made bad decisions, but I’m working on correcting it now
But for example if I sell the car for 22300 ( carmax) I will have about 6k difference, 6k equals to about 8 months of payment of the car, and I will have a car that I can rent to turo or something for almost a year, because the car still have 17k miles ( 20k 24 months lease). I just feel like if I can’t do this deal, is just better to keep it and rent or do doordash or something and use all the 20k miles and return it to the dealer in the end of my lease
yeah, i was thinking about it right now, not in 12 weeks, but yeah, if i could sell the car for 24k and i owe 28k, the 5k will pay the 4k difference. sorry if i made it more confusion that it should be… but like others pointed out, is not very realistic because in 3 months i can get a totally different offer, but at the same time i would’ve have paid 2200 and it wouldn’t be 28k anymore, it would be 26k… but yeah, even if i have to pay, 1, 2, 3k, is better than what they are offering me right now (nissan dealer 20k, so i have 8k upside down)