Re: Upside Down Like crazy - Saab NG900 & OG9-3 Bulletin Board - Saabnet.com
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Re: Upside Down Like crazy
Posted by Mike D [Email] (more from Mike D) on Sun, 7 Jul 2002 15:56:52
In Reply to: Upside Down Like crazy, PH, Sat, 6 Jul 2002 22:45:28
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Leases are a dual-edged sword -- lower payments, but you really need to stick with them to the end.
Over the years, we've had to get out on four leases: a Lexus RX300, a BMW Z3, a Subaru Forester, and a BMW 328i. For each car except the 328i, we had to pay anywhere from $2K-4K. The Subaru Forester we made a few hundred bucks, inexplicably.
You may also want to call up Saab Financial, if that is who your lease is through, and see what the early buy out figure is. Then use this figure as a "number to get to" when buying your new car, on the trade-in. Usually when you're underwater, the car dealer that you're purchasing from will be able to put the negative equity into the new car loan or lease. Kinda sucks -- we did this for one of the new cars we bought -- bought at least you're out of the old lease.
Example: the early buy-out on your lease is $21K. The "Chevy" dealer (where you want to buy a new Malibu) will offer you $18K for the car, and will sell the Malibu to you for $22K. You may be able to add the $3K negative equity in your Saab to the $22K when financing the Malibu.
- Mike.
posted by 209.189.22...
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