I originally leased my car. I ended up having to buy out the lease due to the miles being over the limit. Now I want to trade in the car but am upside down with it. Any ideas on how to trade it in without being in the same situation in a few years?
2006-07-20 02:22:09 · 5 answers · asked by dolphin2253 5 in Cars & Transportation ➔ Buying & Selling
There really is no magic answer - you're in a situation that only a large amount of cash can bail you out of. Many people are in this boat, and they have two choices - find a car with a huge rebate, have the dealer dig your out of the one you're in, and re-bury you in the new one, still not a good situation, or if the car runs ok, keep the car until it's paid off or you're no longer upside down.
There's no magic wand - you either hit the situation with cash, do it again, or keep it..
2006-07-20 02:29:39 · answer #1 · answered by valleyautomotive 2 · 2⤊ 0⤋
A lease will bail you out in three years as long as you keep the miles right. Roll the negative equity into a lease, pay for enough miles upfront. In three years, you'll be back to square one, you'll owe nothing on either, but you'll also have nothing. But at least your even.
2006-07-20 04:52:02 · answer #2 · answered by jay 7 · 0⤊ 0⤋
What Scott suggested... And to characteristic, there isn't any such project as a magic broking service who erases detrimental fairness. You both pay it up the front with money, or roll the detrimental fairness right into a sparkling loan (which does not take position to any extent further, as lenders tightened up this custom).
2016-12-10 12:22:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
wait until Sept. when the asking price will be much lower than the msrp then you may be able to cover the balance with the difference.you`ll have pretty high payments that way though
2006-07-20 02:27:54 · answer #4 · answered by ozzyfanjordan 2 · 0⤊ 0⤋
Drive slow and pay fast.
2006-07-20 02:25:44 · answer #5 · answered by broken_spoke 1 · 0⤊ 0⤋