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Bought a new car, hate it, want to trade

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kenred76
Member

Bought a new car, hate it, want to trade

So, two months ago I bought a brand new car off the showroom floor, thinking it would be everything the reviews claimed. Within a month I realized I had made a huge mistake. Now Im at a breaking point and realize there is just no way I can keep this car; I can't spend good money on something I hate.  

 

This is unchartered territory for me. I have only traded one car in all my years of car ownership, so I have no clue how to handle this. This is a lease (my first one), and the sum includes negative equity rolled in from my trade. It IS possible to trade a lease early, right? Is any lender even going to touch a deal such as this? Will I be expected to make a huge down payment, or could I roll in even MORE negative equity into a new deal?  

 

Any advice you can offer is greatly appreciated. Thanks in advance.

10/2014: EQ 775/TU 773/EX 769
10/2011: EQ 679/TU 723/EX 701
Message 1 of 9
8 REPLIES 8
prabs99
Regular Contributor

Re: Bought a new car, hate it, want to trade

You can find someone to take over your lease.

FICO (Discover) 805
Message 2 of 9
Luscher
Valued Contributor

Re: Bought a new car, hate it, want to trade

Did you test drive it?
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 3 of 9
dabrian
Frequent Contributor

Re: Bought a new car, hate it, want to trade

Just out of curiosity what kind of car is it?
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 4 of 9
dabrian
Frequent Contributor

Re: Bought a new car, hate it, want to trade

And yes you will have to come up with money down since you rolled negative equity from your past loan if you can't find a bank to finance the total amount.(Doubtful)
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 5 of 9
adabsi
Established Member

Re: Bought a new car, hate it, want to trade

Ooooh so sorry for your inconvenience. If the car is only 2 months old, I would recommend trading it in for something with a lot of rebates, see if you can eat as much negative equity possible. Try the Hyundais, they always have lots of rebates this time of the year. Big problem here though is, you bought a car you hate and now in order to get rid of it you might be getting another that you hate also. With you being in a lease, I would advise considering a purchase option when you decide to trade it in. Anyways give us some more information, what year make model is this car aND exactly why do you hate it. Not looking to judge just trying to help. I once had a customer who hated the color of the suv I helped them lease, a month later they wanted a different color and their payments went up quite a bit. So be prepared for that too.
Message 6 of 9
kenred76
Member

Re: Bought a new car, hate it, want to trade

Funny you say that, I came from a hyundai ('11 genesis coupe) and passed on trading up to a '15 model, because I wanted something different. The irony is, now I'm probably going to end up with one of those, and will pay more than I would have if I had just leased one in the first place. Smiley Frustrated

 

To answer you, I leased a 2015 mustang turbo, one of the first ones in the area. It's a terrible car, IMO; drinks gas like its going extinct soon, slow as cold syrup, uncomfortable on long trips, impossible to see over the helicopter landing pad of a hood, brakes SHRIEK bloody murder when theyre cold. Its just not for me, there is practically NOTHING I like about it. I figure with them slowly appearing on the streets, getting someone to assume my lease, or selling it outright, is out of the question; why buy used when you can have brand new.

 

Thank you for your response; Im preparing myself to have to pay up to get rid of this costly mistake.

10/2014: EQ 775/TU 773/EX 769
10/2011: EQ 679/TU 723/EX 701
Message 7 of 9
Dj4Money
Established Contributor

Re: Bought a new car, hate it, want to trade


@kenred76 wrote:

Funny you say that, I came from a hyundai ('11 genesis coupe) and passed on trading up to a '15 model, because I wanted something different. The irony is, now I'm probably going to end up with one of those, and will pay more than I would have if I had just leased one in the first place. Smiley Frustrated

 

To answer you, I leased a 2015 mustang turbo, one of the first ones in the area. It's a terrible car, IMO; drinks gas like its going extinct soon, slow as cold syrup, uncomfortable on long trips, impossible to see over the helicopter landing pad of a hood, brakes SHRIEK bloody murder when theyre cold. Its just not for me, there is practically NOTHING I like about it. I figure with them slowly appearing on the streets, getting someone to assume my lease, or selling it outright, is out of the question; why buy used when you can have brand new.

 

Thank you for your response; Im preparing myself to have to pay up to get rid of this costly mistake.


 Yes a costly impulse purchase. Lucky for you I've seen plenty of '15 Mustangs on the streets and they just started productions of the convertibles. Mustang have always been popular so unless you have a payment that is unmanagable by most, you should be able to get out of it fairly easy.

 

 Sounds like a bit of import bias and inflated expectations.

 

  The Mustang, in it's history the 4 cyl non-turbo cars of previous years and 6 cylinder cars from it's formative years have been touted as stylish economy cars for people who a) could'n't afford a GT b) age + Mustang V8 = High Insurance Rates.

 

 The Ecoboost Mustang is being positioned as the altenative to the GT. 300+ whp barrier has already been broken with just a tune. It's a traditional American performance car. It's always had a longish hood, again this proves you didn't test drive it first and you could have gotten an extended test drive (kept it for a few days).

 

 Personally I find the Ecoboost interesting but I think if people are going to spend money on a Mustang to stop kidding themselves and get the GT. I know people like the styling of the Mustang and don't care much about what's under the hood. For those people there's no buyers remorse; they are perfectly happy with 305hp V8 or the Ecoboost which has similar at the crank power numbers.

 

 Since I don't want a $500 a month car payment I won't be getting a '15 GT, but as things turn out, I may have to give the GT350 serious consideration = Track Weapon

 

 Signed previous Mustang owner a few times over...

 

 

Message 8 of 9
Creditaddict
Legendary Contributor

Re: Bought a new car, hate it, want to trade

Leases have buyouts just like a loan.

If you have a Carmax near you and cash I would HIGHLY suggest you going during the weekday during regular business hours 9-5 and get a buy offer from them and let them also get a payoff quote for you.

They will offer you more than the local dealers.

When we traded in our Kia lease to CarMax they also got a lower payoff quote than I had got myself from Kia (something about dealership or something, not sure how it happened but I didn't question and gave them the car!)

you will have to write a check for the difference of buy offer and payoff but then you can walk away from the car and buy a new car without strings of a trade and negative equity and all that stuff.

Message 9 of 9
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