How can i get a new car?

[Chrisbgft]

Well, i have a 2002 SI w/ 27000miles on it. The car is leased and i have a 1 1/2 years left on the lease. I want to go get either a 350Z, S2000, or a RSX-S. Am i able to trade the car into a dealer and have them pay off the remainder of the lease and have it put onto the other car? Just wondering what my options are right now. thanx..chris.

[Zero Three Si]

Dude I'm not trying to be a hater...but why would you do all the mods you have done on a car that you are leasing? You should go to the dealer.....turn your lease into a financed loan.....and then go trade the car in.

[tac379]

call the bank the lease is from (honda financial i guess) and ask them what your buyout price is at this point. that's how much the car can be purchased for. say your buy out is 12 grand right now. maybe a dealer will give you 10 on a trade in. you owe the 2 grand difference and can finance that into the loan on the next car. maybe you owe 9 and they'll give you 10, so you end up coming out on top. all depends at what point in the lease you are at.

i have one friend who traded in her vw lease early on another vw, and they paid off the last two months for her. i have another freind who sold his leased audi privately and one friend who traded a truck he owned in on a truck he leased a year later, then traded the leased truck in for an A4 after a year, then traded the leased A4 in for a used tahoe. so it can definitely go either way. first step though is just to call whoever the lease is with and ask what the buyout is.

[Chrisbgft]

Well, my dealership said i could modify my car as long as it was returned to stock when its returned. I want to get out of it so i can BUY a car, and modd it and not have to worry about miles and other bs.

[BlackNRedSi]

Originally posted by Chrisbgft
Well, my dealership said i could modify my car as long as it was returned to stock when its returned. I want to get out of it so i can BUY a car, and modd it and not have to worry about miles and other bs.

well if you dont want your EP anymore thats one thing, but if u just want to finance now.....

when your lease is up, tell them you want to do a buy thu, so you can keep your car...and there u go...the EP will be yours (with some more payments of course)

Eric

[blueiedgod]

I would say that lease buy out is not going to be pretty. Chances are when you leased the car your residual was 55% or $10,725 (with $19500 as cap cost or selling price). Since you are a year and a half into a 3 year lease, you are looking at $14,000-16,000 buy out. Call your lease holder and find out exactly what it is. With 27,000 miles half way thorugh your lease, you are looking at 54000 miles by the end of lease. If you had 36 months 36,000 miles lease you are looking at 18,000 miles over, at $0.15/mile your mileage peanlty will be $2700.

Once you find out what your buy out is, you can make an educated descision.

[SIxtasy]

You should start by selling me your Carbon Fiber hood. :eek: :eek: :eek:

[Kirei]

Originally posted by Chrisbgft
Well, i have a 2002 SI w/ 27000miles on it. The car is leased and i have a 1 1/2 years left on the lease. I want to go get either a 350Z, S2000, or a RSX-S. Am i able to trade the car into a dealer and have them pay off the remainder of the lease and have it put onto the other car? Just wondering what my options are right now. thanx..chris.


1 1/2 years into your lease you are way the shit upside down meaning you have negative equity. Trying to convince a dealership to pay the remaining 18 payments of your lease? hahaha its simple math - not in anyway possible. You have 3 options.

1. Add an extra $40-$60 into your current monthly payment to help offset your total negative equity at the end of your lease. That way if you end up owing for example 5g'z at the end of your lease, the extra money you put in per month would help downsize what you would owe at the end of the term.

2. Trade it in. It doesnt matter what you owe at this point and this is the reason why. Reguardless of what your payoff amount is, you will be hella upside down. It doesnt matter what your car books out to on a trade in value, you are looking at about 9g /3 grand back the book for your car. Reason: Dealers are blowing out brand new si's just to get rid of them. It wouldnt make sense for a dealer to tag a 02 Si with 27k miles for $14,000 if you can get a brand new one for a little over a thousand more. They'd have to tag it around 12-13, meaning they wont bring it in for no more than 9,500 just to be on the safe side for them. So if it doesnt sell, they can still wholesale it and not lose any money. Chances are, you're atleast 5 grand upside down. Unless you got the $$ to pay off your upside down and more $$ as down payment for your next car, forget about it.

3. The smartest way - Buy your car out.

[bobdobbs]

Originally posted by Kirei


3. The smartest way - Buy your car out.

Actually, the smartest thing to do would be ride out the lease.

If I *had* to have another car (say, a 350Z) and had too many miles on my lease car, I'd prolly buy the 350Z and have two cars, splitting my driving time between them. Either way you're going to pay the lease, so you might as well get some use out of the car.