Should I do it? - Page 3

suzook · 02-13-2016, 03:49 PM

Quote:

Originally Posted by TripleB

Check the terms of your Malibu lease. Mine says no penalty for turning the lease in early (early termination). Which means I can go down there and turn the car in and pay nothing. Granted I won't have a car, but that would allow me to get a Camaro without any negative equity.

I'm in almost the same boat as you. I leased my Malibu back in July, but really want a Camaro now. Reading issues people are having and now seeing the 1LE it's making it easier to wait.

No penalty means you don't pay anything ON TOP of what you owe....which is all the remaining payments of the lease. It doesn't mean you can just turn it in, and walk away free.

Brad009 · 02-13-2016, 03:50 PM

Quote:

Originally Posted by Corona

2016 Camaro 2SS - 8SPD Auto, NPP, NAV, Sunroof, 20" Split Spoke wheels -- MSRP $46450

--Discounted to $44,950. After $1000 private offer, $1000 dealer offer. Purchase price of $42,950.

--Here is the nut kicker. Buyout for my 2015 Malibu lease is 20,800. Dealer trade-in $16,800. (4k negative equity boooooo).

--48 month lease. 12k miles per year. Residual Value $21,xxx. (51% residual)

---- Taxes of approximately 2k rolled into lease. $900 out of pocket at signing to cover 1st month and registration. Total monthly payment...... $600.

Sleeping on it tonight and going into the dealership again tomorrow. Thoughts?

Don't do it. I know you want the car but you are close to a fully financed purchase payment on that lease. If you have to have the car, get a second job or wait for a 2017. You could wait and get a low milage 2016 as used vehicle in 2017. Buy one from someone off this forum (arguably better than new... depending). Someone will unload a nice SS for a 1LE or other high performance version (or they have job issues, kid goes off to college or the wife gets knocked up again). Bottom line; wait and make a better deal when you have more leverage.

Brad009 · 02-13-2016, 04:00 PM

Quote:

Originally Posted by Curr

Agreed. Wait it out. The 17's are already going to have the 1LE, who knows what else is up Chevy's sleeve... PDR maybe?

Suck it up for a year. I know it sucks, trust me, I took an extra year to save up for a car, and a couple of lucky breaks happened to me, and I ended up in '16 C7! It killed me reading about all the new cars people were ordering / getting, but in the end, I'm *really* happy.

Agreed. Don't get sucked into a forum induced frenzy and make decisions you regret. I waited longer than I wanted to to buy my 2016 SS. Waiting sucks but it is a reality for most of us. If we all had tons of $ we would be on the Ferrari and 400 foot yacht forum.

1968ss350 · 02-13-2016, 04:38 PM

Quote:

Originally Posted by TripleB

Check the terms of your Malibu lease. Mine says no penalty for turning the lease in early (early termination). Which means I can go down there and turn the car in and pay nothing. Granted I won't have a car, but that would allow me to get a Camaro without any negative equity.

I'm in almost the same boat as you. I leased my Malibu back in July, but really want a Camaro now. Reading issues people are having and now seeing the 1LE it's making it easier to wait.

HAHAHAHA in your dreams! SO go drive your 36k mile lease which is supposed to last 36 months and give it back after 1 year with 36k miles.... see how that works out for you ...

If this were the case everyone would do it. I maxed out my mileage and only paid 1/3 of the payment and turned it in with nothing else owed.

Trust me i'm in the car business and this would never happen

Sev · 02-13-2016, 05:16 PM

Quote:

Originally Posted by suzook

For you? Obviously not. For me? Absolutely! I never keep a car more than 3 yrs. Leases are perfect for someone like me. No $ out of pocket....pay a monthly rent fee, turn it in, drive out with new vehicle 3 yrs later. It's great having options.

True, depends on the person

.

DDustiNN · 02-13-2016, 05:45 PM

Quote:

Originally Posted by Corona

That's the part that kills me. Lease isn't up until December 2017 though :(

Can you keep both? I mean with the amount of money wasted, you might as well, lol.

With my 2010 SS, I kept a second car for winter (and for taking my dog places). I plan to do the same with my 2016 this year.

DDustiNN · 02-13-2016, 05:56 PM

Quote:

Originally Posted by TripleB

Check the terms of your Malibu lease. Mine says no penalty for turning the lease in early (early termination). Which means I can go down there and turn the car in and pay nothing. Granted I won't have a car, but that would allow me to get a Camaro without any negative equity.

I'm in almost the same boat as you. I leased my Malibu back in July, but really want a Camaro now. Reading issues people are having and now seeing the 1LE it's making it easier to wait.

Yeahhhhhhhh... That's not gonna happen... lol. A lease is a contract. You're gonna pay for the full term one way or another. If you turn it in early, there may be no penalty, but you still have to pay what you owe. Either rolled into your next car payment, or by them buying the car as used and you paying the difference.

Trust me, you can't just bring a 3-year lease back after 1 year and walk away Scott free. Not a chance.

TheVENOMZ · 02-13-2016, 06:17 PM

Did the OP try Carmax yet? Carmax gave me 3k higher than the dealer offered me on my 2011 1LT. Worth a shot

bybcous · 02-13-2016, 06:25 PM

Quote:

Originally Posted by DDustiNN

Wiggle wiggle wiggle wiggle wiggle, yeah!

$600 is pretty steep for a lease. That's pretty close to a purchase payment.

Work up that trade-in value, or just wait until your lease is up. Losing $4,000 on a lease is not worth it. You're just giving that money away for absolutely nothing.

Well its more than what my payment would have been if i didnt get gap insurance

MikeyCamaro · 02-13-2016, 07:07 PM

Well, you definitely don't want to ask me. If I see something I want, I buy it whether I have the money or not. You only live once... and I've come to grips with the fact that I'm gonna die in debt.

Mike

Corona · 02-13-2016, 07:39 PM

Quote:

Originally Posted by TheVENOMZ

Did the OP try Carmax yet? Carmax gave me 3k higher than the dealer offered me on my 2011 1LT. Worth a shot

15k from Carmax. Normally I agree Carmax gives good deals. Not so in this case.

Corona · 02-13-2016, 09:49 PM

So weirdly enough I went to a different dealership to look at a 1SS. It was a 6k cheaper car and they were willing to give me 18k for my car. Yet the monthly ended up being $600 also. Only difference was one was 39 months and the other was 48 months. I dont get it.

suzook · 02-14-2016, 07:15 AM

Quote:

Originally Posted by Corona

So weirdly enough I went to a different dealership to look at a 1SS. It was a 6k cheaper car and they were willing to give me 18k for my car. Yet the monthly ended up being $600 also. Only difference was one was 39 months and the other was 48 months. I dont get it.

The deal from the original dealership was an awesome deal. That's why I said run back there and do it.

02-13-2016, 09:49 PM	#40
Corona Drives: 2015 Malibu Join Date: Jan 2016 Location: Chicago, IL Posts: 34	So weirdly enough I went to a different dealership to look at a 1SS. It was a 6k cheaper car and they were willing to give me 18k for my car. Yet the monthly ended up being $600 also. Only difference was one was 39 months and the other was 48 months. I dont get it. __________________ 2000 Acura Integra 2008 Nissan 350z 2010 Lexus IS 2015 Chevrolet Malibu

02-13-2016, 06:17 PM	#36
TheVENOMZ Drives: 2016 Black SS M6 Join Date: Dec 2015 Location: florida Posts: 60	Did the OP try Carmax yet? Carmax gave me 3k higher than the dealer offered me on my 2011 1LT. Worth a shot

02-13-2016, 07:07 PM	#38
MikeyCamaro Drives: 2015 Challenger SRT Join Date: Jan 2016 Location: West Florida Posts: 147	Well, you definitely don't want to ask me. If I see something I want, I buy it whether I have the money or not. You only live once... and I've come to grips with the fact that I'm gonna die in debt. Mike

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