Heres the situation, I have an 01' worth $19.5 trade in, I owe $12 on it, I would do a $1k downpayment.

Okay.. so in NYS there are no LEASES anymore.. so they have some Leadership Owning program they want me to try on for size.. With the above statement, I would pay $244 a month for 4 years.. at the end of the 4 years I could:

a) pay a balloon payment of $19.5
b) refinance the $19.5
c) trade in for something else
d) walk away

I know leasing is BAD.. but I guess this isnt a lease?

Please help..

I dont want to make a huuuuge mistake..

oh yeah.. fyi.. I bought my car last year for $25,6 with a 7 year extended warranty from honda with the trade in of my 99' Civic Si.. with a 5 year payment plan @ 4.9%.. I have 4 years left, I pay $280 a month.. So in 4 years I could walk away with a 01' S fully paid off, or a 04' S with another $19.5 left on it..


I dunno, the salesmen isn't telling me the full story.. they never do..

 

It's a lease.

Kind of like in Washington state, aliminoy is illegal, so now they have spousal maintenance.

Same thing, different name.

My advice, keep your 01.

 

yeah keep your car. The MY04 isn't that much different anyways. Totally not advantage for you to do a trade in. Don't get suckered in on all of this hype about the MY04

 

$244 x 48 months = $11,712. Plus $19,500 = $31212 Plus $7,500 from trading in your car = $38,712 Plus $1000 down payment = 39,712.

So you will be paying $39,712 for a MY04 and $19,500 of that will be refinanced, meaning that you may have to add another $3000 on to that for financing charges. So that comes to a grand total of $42,712.

Keep your MY01.