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Least painful way.... Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Thu, 20 Jan 2005 14:59:56
In Reply to: Advice on Lease Buyback When Over Miles, 2SaabMark, Wed, 19 Jan 2005 16:10:29 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Your 'rithmetic is slightly off 84-45 = 39, not 29, so that's 39k times .20 a mile = $7,800.
The least painful way by far will be to buy the car $15,500 is still fairly close to wholesale so financing won't be a problem $397 a month for 48 months at around 6%.
Get a hard bid for your car. Tell 'em your moving to Saudi Arabia and the company will be paying off the negative. There's no formula for what your car is worth. It's worth what someone will pay. The magic figure is $7,700. If it's worth more than that than trade it, if it's worth less than that pay the miles.
The good news is you're guaranteed a good deal on your next Saab. There's no way to make a decent profit on someone as upside down as you are. Likely your new lease payments will be almost $700 and likely you'll need $2-3k cash for even that as it's hard to put negative equity into a lease. A purchase might get you a $750-800 ish payment, but might require less cash. Remember there's $1,500 GM Loyalty for puchase and $750 for lease for January.
If you had purchased the car the first time it would have cost you the same as you're required to pay now, you just haven't paid the last $7,800 installment.
Good luck getting Saab to lower the purchase price, it's a case by case basis. The residual would be about right if not for the miles.
posted by 63.197.222...
, Thu, 20 Jan 2005 14:59:56 <-- Viewing This Message, Fri, 21 Jan 2005 15:34:36
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