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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.
You can find someone to take over your lease.
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.
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.
@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.
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...
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.