Should I do it? - Page 2

L&M CAMARO 6 · 02-13-2016, 11:01 AM

WAIT for the 17 they will be here before you know it, why are you leasing. Just pay cash for the 2017 camaro and be payment free.

Corona · 02-13-2016, 11:12 AM

Thanks everyone. I really appreciate and value everyone's opinion on the forums here. I'll be waiting it out until it makes more sense financially.

JDP Sales · 02-13-2016, 11:51 AM

Find a buyer for your Malibu and do an In and Out through the dealer. Then you get retail money for it instead of trade in money. I do it every time I buy a new car, which has been 5 times in the last 2 years.

Jared Royce
801.545.4215

Sev · 02-13-2016, 12:50 PM

Just my 2 cents... Definitely give it some more thought, impulse buying/leasing a car of any kind is never a good idea. Also, is it worth "renting" a car for 3 years at 600 a month? Especially since you'll be limited to the amount of miles you drive a year (and charged a lot for every mile over), have to keep the car in pristine condition, etc. Also, once the lease is up you'll either have to either pay off a ridiculous balance on a 3 year old car, or do a new lease again. Lot's to think about, and a night IMO is not enough time to make that decision.

Curr · 02-13-2016, 01:04 PM

Quote:

Originally Posted by Fraxum

OP do the smart thing, wait. There may well be 2017 Camaro improvements besides losing the $4K.

Agreed. Wait it out. The 17's are already going to have the 1LE, who knows what else is up Chevy's sleeve... PDR maybe?

Suck it up for a year. I know it sucks, trust me, I took an extra year to save up for a car, and a couple of lucky breaks happened to me, and I ended up in '16 C7! It killed me reading about all the new cars people were ordering / getting, but in the end, I'm *really* happy.

63falcondude · 02-13-2016, 01:42 PM

Quote:

Originally Posted by L&M CAMARO 6

WAIT for the 17 they will be here before you know it, why are you leasing. Just pay cash for the 2017 camaro and be payment free.

That would be nice.

Modshack · 02-13-2016, 01:43 PM

Quote:

Originally Posted by Corona

That's the part that kills me. Lease isn't up until December 2017 though :(

Not Having to drive a Malibu for the next year and 10 months would easily be worth $4K to me....

...However, the smart move will be to wait, or try to sell the car yourself at closer to pay-off..

silkrckt · 02-13-2016, 02:14 PM

Quote:

Originally Posted by JDP Sales

Find a buyer for your Malibu and do an In and Out through the dealer. Then you get retail money for it instead of trade in money. I do it every time I buy a new car, which has been 5 times in the last 2 years.

Jared Royce
801.545.4215

Can you explain "in and out". In just leased a cruze for 24 months as winter car. Hope to move to NC mid summer and would be looking for a 2017 when they come out. I wouldn't need the cruze in NC.

suzook · 02-13-2016, 02:22 PM

Quote:

Originally Posted by Corona

2016 Camaro 2SS - 8SPD Auto, NPP, NAV, Sunroof, 20" Split Spoke wheels -- MSRP $46450

--Discounted to $44,950. After $1000 private offer, $1000 dealer offer. Purchase price of $42,950.

--Here is the nut kicker. Buyout for my 2015 Malibu lease is 20,800. Dealer trade-in $16,800. (4k negative equity boooooo).

--48 month lease. 12k miles per year. Residual Value $21,xxx. (51% residual)

---- Taxes of approximately 2k rolled into lease. $900 out of pocket at signing to cover 1st month and registration. Total monthly payment...... $600.

Sleeping on it tonight and going into the dealership again tomorrow. Thoughts?

Is that $4000 neg equity rolled into lease payments? Or you have to eat it? $600 per month is a little high for a 48 mo. lease on that car with taxes rolled in. I am at $575 on a 39 mo, $0 money down, other than 1st payment.

suzook · 02-13-2016, 02:26 PM

Quote:

Originally Posted by Sev

Just my 2 cents... Definitely give it some more thought, impulse buying/leasing a car of any kind is never a good idea. Also, is it worth "renting" a car for 3 years at 600 a month? Especially since you'll be limited to the amount of miles you drive a year (and charged a lot for every mile over), have to keep the car in pristine condition, etc. Also, once the lease is up you'll either have to either pay off a ridiculous balance on a 3 year old car, or do a new lease again. Lot's to think about, and a night IMO is not enough time to make that decision.

For you? Obviously not. For me? Absolutely! I never keep a car more than 3 yrs. Leases are perfect for someone like me. No $ out of pocket....pay a monthly rent fee, turn it in, drive out with new vehicle 3 yrs later. It's great having options.

Corona · 02-13-2016, 03:20 PM

Quote:

Originally Posted by suzook

Is that $4000 neg equity rolled into lease payments?

Correct, the negative equity got rolled into the lease, thus resulting in the $600 payment.

1968ss350 · 02-13-2016, 03:33 PM

the residual is set by the bank, not the dealer. The trade is negotiable but sounds like a good offer they're giving you for the Malibu. They depreciate very very fast!

I wouldn't by out someone's 2015 Malibu lease for $20,800 + fees. If you can find someone who will pay almost $23k (after fees) for a 2015 used Malibu; then more power to you. Wouldn't make sense to me to buy a used malibu when you can lease a new one for $189/month

The manufacture puts these aggressive leases out sell more cars. The Malibu is a core car Chevy car so in order to compete in the market, they come out with really low leases knowing they cars will be upside down up the lease maturity. This causes a problem for the manufacture because the car is literally worth less than the manufacture. GM just started running these cars through a public auction... This is bad for the manufacture. Part of the problem how GM ran into trouble in the recession. Lease a new $40,000+ Tahoe for $350/month 36 months later the customer has paid down $12,600 which includes monthly tax. How is a 3 year old Tahoe supposed to be worth $30000. Doesn't make sense...

Take the deal!

suzook · 02-13-2016, 03:40 PM

Quote:

Originally Posted by Corona

Correct, the negative equity got rolled into the lease, thus resulting in the $600 payment.

So, you turn in Malibu, and pay your 1st payment, your not responsible to pay that $4k out of pocket???? Jump on that deal NOW!

TripleB · 02-13-2016, 03:45 PM

Check the terms of your Malibu lease. Mine says no penalty for turning the lease in early (early termination). Which means I can go down there and turn the car in and pay nothing. Granted I won't have a car, but that would allow me to get a Camaro without any negative equity.

I'm in almost the same boat as you. I leased my Malibu back in July, but really want a Camaro now. Reading issues people are having and now seeing the 1LE it's making it easier to wait.

02-13-2016, 11:12 AM	#16
Corona Drives: 2015 Malibu Join Date: Jan 2016 Location: Chicago, IL Posts: 34	Thanks everyone. I really appreciate and value everyone's opinion on the forums here. I'll be waiting it out until it makes more sense financially. __________________ 2000 Acura Integra 2008 Nissan 350z 2010 Lexus IS 2015 Chevrolet Malibu

02-13-2016, 03:33 PM	#26
1968ss350 Drives: 1968 Camaro SS 350 Join Date: Nov 2015 Location: Long Beach, CA Posts: 243	the residual is set by the bank, not the dealer. The trade is negotiable but sounds like a good offer they're giving you for the Malibu. They depreciate very very fast! I wouldn't by out someone's 2015 Malibu lease for $20,800 + fees. If you can find someone who will pay almost $23k (after fees) for a 2015 used Malibu; then more power to you. Wouldn't make sense to me to buy a used malibu when you can lease a new one for $189/month The manufacture puts these aggressive leases out sell more cars. The Malibu is a core car Chevy car so in order to compete in the market, they come out with really low leases knowing they cars will be upside down up the lease maturity. This causes a problem for the manufacture because the car is literally worth less than the manufacture. GM just started running these cars through a public auction... This is bad for the manufacture. Part of the problem how GM ran into trouble in the recession. Lease a new $40,000+ Tahoe for $350/month 36 months later the customer has paid down $12,600 which includes monthly tax. How is a 3 year old Tahoe supposed to be worth $30000. Doesn't make sense... Take the deal! __________________ 1968 Camaro SS 350 Lemans Blue -350 10.4:1 comp, Edelbrock Etec 200 heads, Comp XR288HR cam,AED750dp worked, Tremec TKO 600, console gauges w/tic toc tach, Moser 12 bolt, 4 wheel Willwoods Hyper Blue 2SS/6 speed, NPP, MRC, Nav, 5LQ 6 piston brakes, Black split spoke, Magnuson 2300 Heartbeat Supercharger, Flowtie upper grill

02-13-2016, 03:45 PM	#28
TripleB SoCal Mayhem Drives: 2017 2LT Hyper Blue Metallic Camaro Join Date: May 2009 Location: Lakewood, California Posts: 5,918 View My Garage	Check the terms of your Malibu lease. Mine says no penalty for turning the lease in early (early termination). Which means I can go down there and turn the car in and pay nothing. Granted I won't have a car, but that would allow me to get a Camaro without any negative equity. I'm in almost the same boat as you. I leased my Malibu back in July, but really want a Camaro now. Reading issues people are having and now seeing the 1LE it's making it easier to wait. __________________

02-13-2016, 11:01 AM	#15
L&M CAMARO 6 Drives: Just a fan for now Join Date: Apr 2014 Location: ROCKPILE, Illinois Posts: 361	WAIT for the 17 they will be here before you know it, why are you leasing. Just pay cash for the 2017 camaro and be payment free.

02-13-2016, 11:51 AM	#17
JDP Sales Drives: Chevys at the limit Join Date: Nov 2010 Location: SLC, UT Posts: 9,621	Find a buyer for your Malibu and do an In and Out through the dealer. Then you get retail money for it instead of trade in money. I do it every time I buy a new car, which has been 5 times in the last 2 years. Jared Royce 801.545.4215

02-13-2016, 12:50 PM	#18
Sev Drives: 2016 2SS / 2004 Tacoma Join Date: Feb 2016 Location: Meadow Vista, CA Posts: 795	Just my 2 cents... Definitely give it some more thought, impulse buying/leasing a car of any kind is never a good idea. Also, is it worth "renting" a car for 3 years at 600 a month? Especially since you'll be limited to the amount of miles you drive a year (and charged a lot for every mile over), have to keep the car in pristine condition, etc. Also, once the lease is up you'll either have to either pay off a ridiculous balance on a 3 year old car, or do a new lease again. Lot's to think about, and a night IMO is not enough time to make that decision.

User Name		Remember Me?
Password