Keep in mind every shopper there is entitled to the same incentives. That’s just the market clearing price for these cars. The incentives do not exist to soak up any NE. They exist just to move this metal off the lot. So every penny of NE you roll in is a penny you’re paying above market.
You need to reframe your POV of NE as re-borrowing it. So look for the lowest cost of that borrowing
That makes sense!
So, it seems the most significant piece of the equation in my mind needs to be the MF, as you mentioned earlier.
I helped a friend with a plan to get out of a negative equity situation after her transmission went out and it didn’t make sense to fix the car.
She took a personal loan for the negative and made payments on that separately from her new car loan.
(I recommended further that she roll the personal loan balance into a 21-month 0% APR credit card balance transfer option, but she didn’t bite.)
In the end she was done with the personal loan in < 18 months, as the extra payment was an extreme annoyance and really lit a fire.
Yeah now that you’re a supporter you can take a look for vehicles that have a low money factor. Of course you’ll also want to make sure the lease offer (dealer discount and consumer rebates) with the vehicle is attractive as well.
Some cars with low MF this month include the 2024 Mazda CX9, 2023 Lincoln Corsair, 2023 Lincoln Nautilus, and 2023 Infiniti QX55.
You are aware Volvo will not allow you to trade it into a Non Volvo dealer right? $800 sounds like a lease payment.
It’s financed.
Stop chasing your tail. Write the check for the negative equity and just get what you want.
You are spending too much per month to drive something that you wouldn’t have considered without the negative equity
I feel like if people had that type of dry powder lying around, they wouldn’t be upside in their cars to begin with.
Is Volvo still doing that program where someone can roll negative into a 24 month lease, but then accelerate the lease-end when they roll into another new lease in late 2025? Or has VFS become wise to these >100% LTV leases being highly risky and stopped that program?
Sell the Touraeg to cover some/all of the negative equity and get out of this punting cycle. You got the Volvo with negative equity built in don’t make another mistake. Then you can save up for your next off roader.
Check also Rodo, Driveway, Carvana and AutoNation.
Or anyone you want from that list.
Carvana is a waste of time, they have never been higher than Carmax, at least here in the Denver market. Definitely worth checking all these, but I always say Carmax because they have offered me stupid money on several cars.
You firstly need to ask yourself if the Volvo was paid off, would you be as willing to let it go for $25k or is it worth more than that to you?
The amount you owe is what you owe, but if the vehicle is better of keeping at $25k, than just keep it and get aggressive about paying it off.
I started looking into this further, you really should pull the trigger, incentives on a Pro S Plus AWD are $18350. I’m looking at thinning my herd of cars and grabbing one of these.
I’ve seen incentives at $13k for the Pro S Plus AWD from vw’s website, I’m interested to know how to qualify for $18350 in incentives
Make sure you research the upcoming 2024’s and all the improvements they are claiming to include. I’m sure VW is blowing out the 23’s because the demand will fall off once the 24’s are on the lots. This will also make the 23’s very difficult to exit.
Gotta be in Colorado for the extra $5350
I test drove one today while getting my rear brakes and rotors replaced on Jetta at 16k miles (WTF). Anyone looking for a cheap lease that can charge at home should definitely consider it. I would have taken one home today if not for Virginia’s tax structure.
Pull the trigger yet? With $4k negative and a deal like mine($240/mo), you’d be in the $400’s, I call that a win. It’s a blast to drive too
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