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Is this a bad idea? My hubby bought an 2007 Infiniti M35 last year and still owes on it...he has since decided he needs something more economical because of the business he is in, and wishes he would have leased something. Is it too stupid to try to trade it in?
If he leased the Infinity then there will be a penalty, if he bought it then the dealer will give him the payoff and you just need to hope that the payoff is either equal to the value or less than its value of what he owes.
If he leased the Infinity then there will be a penalty, if he bought it then the dealer will give him the payoff and you just need to hope that the payoff is either equal to the value or less than its value of what he owes.
Not necessarily. If he leased it through Infiniti financial, probably not.
As far as trading in, all depends on what the payoff versus the value of the car is.
If he bought the car last year and financed it for a traditional 5 year loan, chances are he is upside down and is definitely upside down if he rolled in costs like tax, title and tag with the loan and didn't put anything down.
Best bet is to call the financial company or go on their website and get a payoff quote. You can then compare that to what the dealer is willing to offer you on a trade. Running some rough numbers a 2007 Infiniti M35 with 60k miles (assumed 15k per year) in base trim is worth between $18k and $22k at trade. Add $450 for the Bose stereo, $950 for navigation and $850 for the sport package if it has any of those options. Every 5k miles off from the 60k, add or subtract $400, so for 65k miles, take off $400, for 55k miles, add $400. These are rough estimates based on national pricing.
I sold my 2008 M35 base model with 17K miles to a Lincoln dealer and got a check for $29K back in Sept. 2010. It needed tires!
The car was white w/ beige interior, rear spoiler no nav. etc.
Used car prices are up and he may be surprised at what he gets.
I replaced it with a 2011 Lincoln MKS lease at 0 due and $552. X 36 months on a 10,500 annual miles lease.
I do miss the M35 it was really a great car.
I purchased a 2007 Mercedes E 550 that I owe 22000 dollars on, when I purchased my credit was that good and now my credit it a lot better. I want to trade it in on a lease option. Do you think this is a good idea.
I worked for a dealership that was owned by a guy who specialized in rolling bad leases into loans and bad loans into leases. From that experience, I would never recommend doing this to anyone. I'm sure it can be done in such a way as to not screw the person trading, but after getting several calls a day from people with emotions ranging from intense anger to despair I'm a little gunshy.
So my recommendation would be to sell outright and then lease or buy what you want. But that's just me.
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