I leased the s2k brand new last year for $508.11 per month because of an impulse and being stupid at 18.

I realized a few months after, after reading a few investment books what a dumbass move that was. Spending 80% of my net take-home on a car. Granted, it was my only expense, a HUGE expense at that.

I have been talking to UnkieT about how to go about getting rid of the car to lower my expenses. But when I went to the dealerships, I found out the car is only worth $21k at best. I owe $28k on the principle.

So now I am looking at used element SC's and it's at $18k right now--started at $22k at the beginning of may. I'm hoping to go back into the dealership at the end of may and say "I will let you roll over $8k to the E-SC, and let me have the w/the roll over for $23k OTD"

Problem is, I still have no down payment. Because I have no steady job. (detailing has gonna from sky high, to hell, in a month).

That's pretty much it

 

2 years. Only had the car a year.

I mean at lease's end, I turn the car in and walk away, instead of keeping it.

At the end of the lease my pay-off will be about $17ish thousand. I got 0% APR because of the lease deal they had going on, and my uncles +++ credit.

 

If you take the $8k loss on the S, and roll that over into the used Element (at $15k, plus the $8k for a total of $23K), I doubt you'll find a bank willing to finance that.

Stick with the lease for the next 30 or so months.

 

Thanks Dave. . . I know nothing about leases, because I have no reason to get one. . .

I had forgotten about access to financing. However, if you can pull that shit off, knock yourself out.

 

AHFC will. I, and my Uncle (who cosigned on the s2k), have good enough credit.

 

I take that back, I don't know IF they will or not, but the dealerships didn't really shrug at it.

 

Wait, so you didn't know I could walk away at the end of the lease, or you did know and were being sarcastic?

 

They're willing to do anything. . . at a cost.

However, think about it:

$8K at ?!?!?!? APR vs. (30mos. x $512/month)

That's how you balance the formula. See what APR is on the table.

 

[QUOTE=espelirS2K,May 19 2009, 08:22 PM] AHFC will.

 

That's the other (perfectly valid) way to look at it.

My (sick sad) opinion is that if EZ-8's uncle is willing to finance this, then it's his (the uncle's) funeral.

Don't freakin' lease a car again, unless it's against your business ledger.