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Registered: ‎12-13-2012
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Rolling negative equity into a lease. Is this a way out of this lemon?

[ Edited ]

Hi all! 

 

So to get right down to business my current car is basically a lemon. Its a fully loaded 2012 Ford Focus and just about everything is going wrong with it. Ill list some of the problems 

  • Transmission Overheating, Grinding, and not driving smooth at all. Apparently this is all normal :smileymad:
  • Navigation System constantly crashing. It does not come back on until after I turn off the car, open my door, shut the door, and then restart the car. 
  • Suspension popping when hitting any bump, this may sound petty but its actually VERY annoying!!!
  • Rain Sensing wipers activating at random times. It can be bright, clear and sunny outside and they will come on :smileyfrustrated:

The main issue I am having is the transmission. Apparently the car uses some new automated manual transmission which works entirely like a manual but is shifted automatically. Yeah confusing...Anyway I had no idea about this when buying as it is listed no where on the window (Just says 6-Speed Auto) and the sales person said nothing about it.  So now the transmission is overheating in traffic and literally tells me to "Wait 8 Minutes" in the drivers info screen. Here's the kicker though, if you don't stop the car it will automatically go into neutral. That's the part that really scares me as I drive in hilly areas which could lead to me rolling back into someone. 

 

Now that I've ranted enough ill get to my real question. Do you think this would be an okay circumstance to roll negative equity into a lease? 

 

The Focus was bought for under MSRP and financed at 0% thanks to my parents, since my history is short, so we only owe about 2000 in negative equity. The reason for this is the INSANE depreciate this car has had! (Part of that could probably be because of the TERRIBLE reliability ratings the model with the automatic transmission received from consumer reports, where was this when I needed it :smileysad:

 

I recently saw a 2012 G25 that a local dealer still had on the lot and was selling for 30K! Which is almost 7000 under msrp! That's where this whole idea came from about leasing. I could probably get a lower payment for a car that I know will be more reliable, since my last car was a Nissan. 

 

So what does everyone think? Good idea or bad?

 

 

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Re: Rolling negative equity into a lease. Is this a way out of this lemon?

[ Edited ]

snowsurf7 wrote:

Hi all! 

 

So to get right down to business my current car is basically a lemon. Its a fully loaded 2012 Ford Focus and just about everything is going wrong with it. Ill list some of the problems 

  • Transmission Overheating, Grinding, and not driving smooth at all. Apparently this is all normal :smileymad:
  • Navigation System constantly crashing. It does not come back on until after I turn off the car, open my door, shut the door, and then restart the car. 
  • Suspension popping when hitting any bump, this may sound petty but its actually VERY annoying!!!
  • Rain Sensing wipers activating at random times. It can be bright, clear and sunny outside and they will come on :smileyfrustrated:

The main issue I am having is the transmission. Apparently the car uses some new automated manual transmission which works entirely like a manual but is shifted automatically. Yeah confusing...Anyway I had no idea about this when buying as it is listed no where on the window (Just says 6-Speed Auto) and the sales person said nothing about it.  So now the transmission is overheating in traffic and literally tells me to "Wait 8 Minutes" in the drivers info screen. Here's the kicker though, if you don't stop the car it will automatically go into neutral. That's the part that really scares me as I drive in hilly areas which could lead to me rolling back into someone. 

 

Now that I've ranted enough ill get to my real question. Do you think this would be an okay circumstance to roll negative equity into a lease? 

 

The Focus was bought for under MSRP and financed at 0% thanks to my parents, since my history is short, so we only owe about 2000 in negative equity. The reason for this is the INSANE depreciate this car has had! (Part of that could probably be because of the TERRIBLE reliability ratings the model with the automatic transmission received from consumer reports, where was this when I needed it :smileysad:

 

I recently saw a 2012 G25 that a local dealer still had on the lot and was selling for 30K! Which is almost 7000 under msrp! That's where this whole idea came from about leasing. I could probably get a lower payment for a car that I know will be more reliable, since my last car was a Nissan. 

 

So what does everyone think? Good idea or bad?

 

 


Have you checked into the applicable Lemon Law for your state?  Seems like with all of these issues you should pursue that route immediately before trying to take on the financial burden for a car that has these flaws and is not usable.

 

Since your parents are co-signer on the note for the Ford, I would ask their opinion on moving forward. 

 

Most states have Lemon Laws that are there to protect someone in your exact situation.


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Re: Rolling negative equity into a lease. Is this a way out of this lemon?

Here is an excerpt from the Oklahoma Lemon Law

 

B. For the purposes of this act, if a new motor vehicle does not conform to all applicable express warranties, and the consumer reports the nonconformity, directly in writing, to the manufacturer, its agent or its authorized dealer during the term of such express warranties or during the period of one (1) year following the date of original delivery of the motor vehicle to a consumer, whichever is the earlier date, the manufacturer, its agent or its authorized dealer shall make such repairs as are necessary to conform the vehicle to such express warranties, notwithstanding the fact that such repairs are made after the expiration of such term or such one-year period.

 

C. If the manufacturer, or its agents or authorized dealers are unable to conform the motor vehicle to any applicable express warranty by repairing or correcting any defect or condition which substantially impairs the use and value of the motor vehicle to the consumer after a reasonable number of attempts, the manufacturer shall replace the motor vehicle with a new motor vehicle or accept return of the vehicle from the consumer and refund to the consumer the full purchase price including all taxes, license, registration fees and all similar governmental fees, excluding interest, less a reasonable allowance for the consumer's use of the vehicle. Refunds shall be made to the consumer, and lien holder if any, as their interests may appear. A reasonable allowance for use shall be that amount directly attributable to use by the consumer prior to his first written report of the nonconformity to the manufacturer, agent or dealer and during any subsequent period when the vehicle is not out of service by reason of repair. It shall be an affirmative defense to any claim under this act


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Registered: ‎09-20-2011
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Re: Rolling negative equity into a lease. Is this a way out of this lemon?

That transmission has had some issues.  Have they flashed the ECU with the latest software?  It made a big difference in the performance of the transmission.  Make sure you do your research when buying a car, there are a lot of different types out there now.  Stick, auto, CVT, single clutch manu-auto, and dual clutch manu-auto.  Have you tried driving it in "manual" to see if it acts any better?  My advise to is keep on the dealer about getting the transmission fixed.  Try different dealers if nessessary, particularly if it's a safety issue.  If they can't get it fixed proceed with lemon law. 

Established Member
Posts: 44
Registered: ‎12-13-2012
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Re: Rolling negative equity into a lease. Is this a way out of this lemon?

I went through the BBB auto line program and was awarded an extended warranty and they were supposed to send out a "Engineer" to look at my car and fix the issue, those were the stipulations of the settlement. Well lets just say that has NOT happened at all yet :smileyfrustrated: They (Ford) really just seem to not care.  The BBB is kind of like a pre lemon law program that works using the BBB as a middle man, judge almost. 

 

As far as taking it to the dealership its has been out of service for 22 days already and every time they "fix" the issue, it just seems to come right back :smileyhappy: The transmission has had numerous updates which has fixed some things and made others worse. For example the car used to shift so much smoother and downshift easily when I needed to get up a hill. Now it simply does not want to shift out of top gear, which makes it a challenge to get up hills smoothly, sometimes I feel like its going to stall. It also has started to make this horrible metal sound when shifting, like rocks in a blender. 

 

I guess I can look into the lemon law and hiring a lawyer but I can venture that this will probably be expensive :smileysad:

 

 

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Registered: ‎10-02-2012
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Re: Rolling negative equity into a lease. Is this a way out of this lemon?


snowsurf7 wrote:

Hi all! 

 

So to get right down to business my current car is basically a lemon. Its a fully loaded 2012 Ford Focus and just about everything is going wrong with it. Ill list some of the problems 

  • Transmission Overheating, Grinding, and not driving smooth at all. Apparently this is all normal :smileymad:
  • Navigation System constantly crashing. It does not come back on until after I turn off the car, open my door, shut the door, and then restart the car. 
  • Suspension popping when hitting any bump, this may sound petty but its actually VERY annoying!!!
  • Rain Sensing wipers activating at random times. It can be bright, clear and sunny outside and they will come on :smileyfrustrated:

The main issue I am having is the transmission. Apparently the car uses some new automated manual transmission which works entirely like a manual but is shifted automatically. Yeah confusing...Anyway I had no idea about this when buying as it is listed no where on the window (Just says 6-Speed Auto) and the sales person said nothing about it.  So now the transmission is overheating in traffic and literally tells me to "Wait 8 Minutes" in the drivers info screen. Here's the kicker though, if you don't stop the car it will automatically go into neutral. That's the part that really scares me as I drive in hilly areas which could lead to me rolling back into someone. 

 

Now that I've ranted enough ill get to my real question. Do you think this would be an okay circumstance to roll negative equity into a lease? 

 

The Focus was bought for under MSRP and financed at 0% thanks to my parents, since my history is short, so we only owe about 2000 in negative equity. The reason for this is the INSANE depreciate this car has had! (Part of that could probably be because of the TERRIBLE reliability ratings the model with the automatic transmission received from consumer reports, where was this when I needed it :smileysad:

 

I recently saw a 2012 G25 that a local dealer still had on the lot and was selling for 30K! Which is almost 7000 under msrp! That's where this whole idea came from about leasing. I could probably get a lower payment for a car that I know will be more reliable, since my last car was a Nissan. 

 

So what does everyone think? Good idea or bad?

 

 


$7,000 off for a current model infiniti isn't anything special. Paying that much for a way outdated infinti is nuts. 

 

You can get a 2013 G37 for $30k. They are deeply discounted for the arrival of the Q50. I'm thinking my next car might be an AWD Hybrid Q50 :smileyhappy:

 

I think you need to put enough down to cover the negative equity and provide a substantial amount down. Then purchase the car (not lease) with a short term loan.

 

The infiniti's are going to take a good hit depreciation wise once the new model is out.

 

Just get a base Versa :smileytongue: 

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Established Member
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Registered: ‎12-13-2012
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Re: Rolling negative equity into a lease. Is this a way out of this lemon?

[ Edited ]

I had no idea they were coming out with a new model :smileysurprised: 

 

Now I definitely am not going to get it lmao unless I get a great deal :smileyvery-happy: That Q50 looks so much nicer.

 

I guess ill wait then :smileysad: or maybe ill give Acura or Lexus a try?. I can definitely say I will NEVER buy another Ford :smileyfrustrated:

 

Either way I guess I need to deal with the negative equity before I even think about trading; look into the lemon law more too and see if that would help

 

Oh and as far as the Versa...eww it looks like a dough ball on wheels :smileyvery-happy:

 

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Re: Rolling negative equity into a lease. Is this a way out of this lemon?


snowsurf7 wrote:

I had no idea they were coming out with a new model :smileysurprised: 

 

Now I definitely am not going to get it lmao unless I get a great deal :smileyvery-happy: That Q50 looks so much nicer.

 

I guess ill wait then :smileysad: or maybe ill give Acura or Lexus a try?. I can definitely say I will NEVER buy another Ford :smileyfrustrated:

 

Either way I guess I need to deal with the negative equity before I even think about trading; look into the lemon law more too and see if that would help

 

Oh and as far as the Versa...eww it looks like a dough ball on wheels :smileyvery-happy:

 


$25k would be a good price on the g25

 

Not only do you need to deal with the negative equity, you need to get a down payment together.

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Established Member
Posts: 44
Registered: ‎12-13-2012
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Re: Rolling negative equity into a lease. Is this a way out of this lemon?

[ Edited ]

Im actually looking at the lemon law stipulations of my state and it seems like I am more than qulified so I am going to contact some lawyers I guess.  

 

I can save up some more for a down payment in the meantime :smileyhappy: 

 

It just doesn't make fincial sense to do anything trading wise right now, especially since this car being a total POS is not my fault :smileysurprised: 

 

-edited to keep it G rated.  -pizzadude, MyFICO moderator

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Re: Rolling negative equity into a lease. Is this a way out of this lemon?

[ Edited ]

snowsurf7 wrote:

Im actually looking at the lemon law stipulations of my state and it seems like I am more than qulified so I am going to contact some lawyers I guess.  

 

I can save up some more for a down payment in the meantime :smileyhappy: 

 

It just doesn't make fincial sense to do anything trading wise right now, especially since this car being a total POS is not my fault :smileysurprised: 

 


My father had a Kia that was a lemon. I don't think he needed a lawyer and was able to get the full MSRP amount back.

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