Don’t go in offering $5k. Go in asking for minimal out of pocket. Be willing to come up to where the lender guidelines will work
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@RosieQ @Dkphan I wish I could just go and get this fixed and be done. This is an Audi 2.0 Turbo. The turbo has gone out once and it was under warranty. I’ve read so many things about this engine and I know it’s going to happen to my car so I need to take action.
@Closer_2001 You said Mercedes is good at this currently. Why is that?
@coolryans “2017 e class with 20% off” what dealership in socal would give me this?
thats what Im doing, I have a 2015 C300 with 70K miles , hopefully they take it for a good price
Mercedes has strong residuals, low money factors and often large amounts of dealer cash (trunk money). Email your local internet managers at Mercedes - tell them you are upside down and have some $ out of pocket. As them what units or models they might suggest to get you where you need on payment. I’d expect you might find similar at Lexus.
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Have you closed any decent deals lately, Closer?
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if you are staying in the family. i.e trade in Audi to get a new Audi, the lender will allow you to roll higher negative equity without any problems. But obviously, it will increase your monthly.
I did this with my BMW 3 series, rolled in 12K negative with only 1500 down to get another bmw x1.
If you can live with higher payments for the next 3 years, that is fine but not recommended.
i also rolled negative equity on my jeep purchase last month. it was about 7K , trade in was a Mitsubishi.
hope this helps.
Wise friends,
What do you think of this deal? He would take my Audi at 11k. This dealer said my MF is because of my credit score.
2017 BMW X1 xDrive28i
Retired Loaner with 4,473 miles
$37,996 MSRP
36 months
10k miles/year
$25,691.20 residual
.00172 MF
$2,000 Holiday Lease Credit
$685.29 plus tax
$738.40 including tax
$2,006.29 drive offs
For every $1,000 you put down on top of the drive offs the payment will be reduced $30/mo
Make sure they tell you a sell price before any incentives. On a loaner, you’d want to target 15-20% off MSRP before your lease cash. I’m not sure what your score is, but I believe BMW considers a transunion 740 and above tier 1 credit. Also, you should ask for a breakdown of the driveoffs, they look high.
I believe you qualify for tier 1 credit, they are just marking up the mf, I believe tier 2 starts at .00192.
The number is high for the car at that price tag and ex-loaner, even if you dont rolling in your 9k negative which should come out to be ~$350 + tax. The drive off is a bit high, if you like this car need to work more on the number to make the deal work.
Just to break it down so you can get the big picture, car is 37,996 minus 25,691.20 = 12,304 plus 9,000 negative= 21,304 + fees and interest which is high 4% apr. so basically they gave you no discount on this car. Aka this is the first pencil. You need to get this deal down to $450- $500 plus tax to be worth of consideration. Otherwise find some other deal. Best of luck
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How do you know they have her “no discount on the car”? That being said what is the msrp of the X1.
Didnt you see the calculation? Op paid totally 26,670.44 before tax. The residual is 66-67% aka 12k + 9k negative +fees and “interest”+ the residual adjustment since the car has 4k miles on it. So they really gave op only discount on the ajustment which is 1-2k discount— not enough to jump on it especially this is leasehack forum.
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It’s almost like you’re suggesting insurance fraud.
I’d have an independent mechanic look at the car. Worst case scenario, an engine swap to a used engine isn’t all that expensive compared to a new lease. Burning a quart every 2000 miles isn’t all that expensive and is within the realm of functional. Burning a quart every 500 miles is another story. As for sensors, it depends which one. If you can put 2-5k into this car, keep driving it for 5 more years, you’ll end up ahead.
No bmw has an msrp end in xx996, that is obviously the sale price not the msrp.
Haha -
Nope - just lived through Hurricane Harvey
I also need advice please. I was upside down in a previous car BMW 328i and when I leased my current car Subaru Outback 2017 limited the dealership told me it would get rid of my negative equity when I finished the lease. So I currently pay $580/mo until May 2020. It was for 42 months. Problem is, I think I will go over my miles so I don’t know what to do. I drive a lot for work and drive to from Miami to Atlanta a couple of times a year. I can fly instead of drive to Georgia so that will help a bit. I have 23,000 miles now and I can’t go over 32000… I went to Subaru last week and they said they could get me into another 42 month lease for a 2018 Outback but for only $40 less than what I pay now, so $540, no money down. I’m sorry I am not good at all of this. Any recommendations? Should I just wait until I am almost over my miles and then try to get into another lease? I really need the payment to go down a lot from $580, so how do I do this? I guess I need to stay with Subaru, right? I really like the Outback anyways…Btw, the purchase quote is $33,824.68 on my current leased car. Does this mean I would have to pay all of that if I wanted to buy it (which I don’t want to buy anyways) after I already put so much into the lease? So confused. Please excuse my ignorance. I appreciate any advice. Thank you!
My condolences.
Yes you owe that much after paying 580 a month for an outback. It would be criminal to pay 540 for another outback.
Please do not go over limit. What is the current appraised value of the outback?
Finally, let us know how much you think you drive a year? If it is more than 15k, leasing is not good for you.
Buying out the the outback (and financing through a credit union for a low rate), if you are happy with it, is a good option.
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Does Subaru have a pull ahead offer? If so, you should be allowed all your original miles. Could be an option later.
A pull ahead can take a lot of sting out of high payments, for whatever reason.
You have a 42 month lease with 32,000 miles???
According to Edmunds private sale the current appraised value of the Outback is $21,404 and the trade in is $19,450. Since it’s a lease would I be obligated to do the trade-in or I could do a private sale? Right now I can’t get financing through a credit union (or anywhere for that matter) unfortunately. I just cleared up some debts but my score is still so low. Maybe I should wait until my credit heals and then right before I am about to go over the miles (whichever comes first) try to get a loan through a credit union again?
I think I drive about 15 k a year, give or take. So is there any scenario in which leasing again is a good option? I didn’t know what I was doing both times at the dealership. I didn’t negotiate the price or anything so maybe the $540 was just not a good deal? If I do another lease before this one is up how much should I expect to pay more than what someone else pays if they come in and try to get the same car without having any negative equity? I mean, haven’t my high payments of $580 counted towards getting that negative equity down more than $40 a month?
The dealership said now I am 7 k upside down I think. They also said I would need to co-sign if I wanted to do the $540 new lease.
The best scenario would be not to go over the miles though, right? So it is true that if I finish this lease and don’t go over the miles I am done, turn in the current car, and free to negotiate a new lease from scratch? I would finally be rid of the negative equity and everything? Just making sure…
I just don’t know if I can keep it under 10,000 miles until May 2020… yikes