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Old 03-02-2015, 09:53 AM
 
18,481 posts, read 15,425,162 times
Reputation: 16118

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Quote:
Originally Posted by PPOOZ View Post
Hey forum
i am am looking to ditch my 500 month finance terms on a 2010 volvo xc60 and trade it in for a current inexpensive honda accord lease to cut my monthly bills down on car payments, is this the right thing to do?
I still owe on the volvo obviously but the value seems to be dropping more than what I owe. I understand i will be under water on this loan but is it best to cut my losses on a high payment vehicle?

Can anyone with experience help with my decision?
You already took one depreciation hit by buying new, why take another one?

You may lower your payments by a little, but at the end of the lease you will not own a car.
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Old 03-02-2015, 10:15 AM
 
Location: Shady Drifter
2,444 posts, read 2,736,329 times
Reputation: 4118
Quote:
Originally Posted by louie0406 View Post
I always thought this as well up until this past Sat. Went with my brother in law to Nissan so that he can lease a 2015 Altima SV. He stated to the salesmen that he wanted to do the lease with no money down. I made him aware that even with $0 down, he would still need to come up with $ for the tax, bank fee, dmv fees, etc. The salesman came back with the numbers assuming he wanted to put down absolutely nothing and told him that he would need only to pay the first months payment. He was able to roll all those fee's into his monthly payments. He drove off the lot with only making his first months payment.
You don't even need the first payment if you negotiate well enough.
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