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MZC386
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Registered: ‎08-28-2011
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HELP! What would you guys do?

[ Edited ]

I'm upside down on my 2009 Nissan Altima by roughly $8000. I visited a Nissan dealership and was given the following numbers for a 2013 Nissan Rogue SV: 36 month lease, $1500 down, $585.00 monthly payments and because of the negative equity, I was told thats as low as they can go. They offered $12, 000 for my Altima. Payments seem a little high to me but I'm no expert. Thanks in advance.


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MMTT31
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Re: HELP! What would you guys do?

Just adding the payment and the down payment you're going to pay 22560 for the lease. You just have to ask yourself is it worth it?

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MZC386
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Re: HELP! What would you guys do?

I understand that aspect of the deal. Im just concerned that the monthly payments for a $21,000 car (Including Rebates) + the $8000 in negative equity are a really high.


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Re: HELP! What would you guys do?


MZC386 wrote:  I'm upside down on my 2009 Nissan Altima by roughly $8000....What would you guys do?

I'd sell it privately for what I owe so I wasn't upside down.  Then I'd use a credit union for pre-approved financing so all I had to negotiate with the dealer was price.  If I couldn't get all of the money I needed out of the private sale, I might put cash in if it was real important to change cars.   Othewise, I'd drive the Altima for a few more years and run the numbers again.

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MZC386
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Registered: ‎08-28-2011
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Re: HELP! What would you guys do?

The amount I owe is about $8000 more than what its worth. If i could go back in time, I absolutely would`nt have gotten the 2009 Altima. Unfortunately, staying wit the vehicle is not an option :-/


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Re: HELP! What would you guys do?


MZC386 wrote:  Im just concerned that the monthly payments...are really high....

You should worry about a lot more than the monthly payments.  Take a close look on the miles allowance and figure out if you'll owe money at the end of the lease.  Check the numbers and find out if they are offering you fair trade value.  And take a hard look at the lease price compared to purchase.  At 585 per month, you could buy a 20k car financed through penfed at .75% for 36 months.  At the end you would own the car free and clear, and could sell or trade.

 

This deal sounds like a recipe for regret.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

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Re: HELP! What would you guys do?


MZC386 wrote:  Unfortunately, staying wit the vehicle is not an option :-/

Why not?

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Re: HELP! What would you guys do?


MZC386 wrote:  The amount I owe is about $8000 more than what its worth. 

You should look at www.kbb.com and find out what the private sale amount is.  I'm not sure what options you have but a general lookup told me it could be worth up to 16,500 on a private party sale and that dealers will sell it starting at 18k.  If you can get it close enough to payoff that you can cover the margin, you'll be in a much better negotiating position at the dealer.  Plus, going in with pre-approved financing will let you squeeze the dealer on the price too.  Make sure you check the Coscto deals to see if they are charging you a fair price.

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

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MZC386
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Registered: ‎08-28-2011
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Re: HELP! What would you guys do?

Well, when I purchased the vehicle, I was told it was a certified used vehicle. Turns out that it was a Dealer certified vehicle that was involved in an accident, something that I wasnt aware of. The car does some really weird things while im driving and its a little concerning. I have 2 children, the youngest is 9 months and I need something safer and a little bigger if possible.


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Re: HELP! What would you guys do?


MZC386 wrote:Turns out that it was a Dealer certified vehicle that was involved in an accident, something that I wasnt aware of. 

Yeah, funny how dealers are all over the carfax when they buy, but not when they sell.  I can see why it's urgent.  You still might be better off with a private sale.  Or, at least comparison shop with your own financing and the costco price fix.  That way all you have to negotiate is the trade. 

 

I get nervous about leases because there are so many gotchas.  

 

Good luck!

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL


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