ok here is my horrible situation. i have 2400K still owed on my lease and i am 900$ over on mileage at the moment and its going to get worse. i figured the time is now to get a new car with it being end of year. I really dont want to get back into a lease again so i am here asking for advice. the dealer wont buy the car and will simply pay what i owed off and then roll that into my new car. i want to finance but can only put like 1K down. How much discount should i be looking for? i know invoice on the car i want (Maxima S with limted edition package) is about 31K.

 

Only thing I can help you with is to tell you what mine was after rebates back in October. I got a new 2014 S model with basically no options...just the usual standard stuff I guess, sunroof..power windows locks and seats..and cd changer..etc. Sticker price around $31,800 or so and I got it for $23,061 after around $8,700 worth of rebates/dealer cash/whatever they call it.

 

 

Good grief wouldn't that be like 900 a month car payments for 5 years by rolling old debt into a new car with only $1000 down with modest interest rates?

 

You only have $1k but your "rich" enough to lease a car? SMH.. no one here know your credit/finances etc so no one can help you here. This is not the place to ask... Go to any dealer and you'll find a snake salesman to take advantage of you.

 

Your situation is a perfect example of why I don't like leases. If I am reading your post correctly, you still owe $24,000 on your lease plus $900 in penalty charges (which you say are going to increase) for mileage overage. So even if you pay off the lease amount and penalties, the dealer takes possession of the car and will probably sell the car to someone else as a used vehicle and make a profit.
Meanwhile, you would have paid all this money to "rent" the car for the length of lease and have absolutely nothing to show for it.
I'm sure that you feel bad enough with your situation, and I certainly don't mean to make you feel worse, but I think that you need to realize that you're probably not going to get into a new Maxima.
With the incentives & rebates being offered, dealers have buyers at their doorsteps. I really don't think that any dealer is going to take the hit because you are upside down on your lease. The person that is going to take the hit is YOU...

Whatever you do, don't let the dealer talk you into rolling the amount you're upside down into a deal to buy a new car. As someone mentioned above, the amount you still owe on the lease will wipe out any savings from any rebates/incentives-- you will end up with a HUGE car payment. You need to take a realistic look at your finances-- if you only have a $1,000 down payment, can you really afford a HUGE car payment? Or are you setting yourself up to default on the loan and have the bank repo the car.

Without knowing your credit history, other bills or income, I urge you to stop and ask yourself if you should even be thinking about buying a car. Don't make a bad situation work. Perhaps you would be better off talking to a credit counselor or financial advisor to see how you can get out of this mess.

I just don't think that any of us here can help you...
Good luck.

 

Only lease a vehicle when you can make more than the monthly payment to pay down the principle. Then at lease end you owe less and can haggle to get the car into your name for a lower price. Also: make sure you take all the time before signing the lease to estimate how much you'll be driving and try to get that built into the lease so there's no hidden surprises.

Now a few months ago I got into a 2011 SV but did $2,000 down and a $370 monthly payment. I'm trying to pay 1.5x the payment so I'll be in a good place after a year or two.

The only solution to that problem is take the bus, ask for a ride and pay double the lease payment to owe less on the lease when you turn it in.

Use cargurus.com and find a good deal in the area. *I'm not a financial advisor and this is only my opinion.*

 

You have a pretty good strategy except that most people do the lease because they need the lower monthly payment and CAN'T afford to pay anything extra each month.
Kind of like a mortgage... Read someplace that if you pay just 1 extra payment per year towards your mortgage, you can pay off your 30 year mortgage in like 18 years-- saving yourself a ton of money. Sounds like a great idea, right? But most people can't afford it or don't have the discipline to do it...

 

2400 or 24000?

 

They say get into debt while your young but nowadays when you include monthly bills and expenses going out Friday night or dinner plus a car lease that a person probably does not have the means to afford such payments and thus why our 49% are supporting the 51% unemployed.
God bless You.

Best advice is let her go get into a 4th gen and call it a day lol

 

If you really need a car to get to work and do not live near public transportation, then you will have to finance. However, you don't need a maxima. You have no money to buy a good used car with cash nor do you have the money to make the repairs that are required when you buy a little bucket of a car with 3-4k. That’s a guaranteed headache.
Look around objectively for manufacturers with really deep incentives, factory rebate/dealer cash, etc. and a dealer who will buy the maxima so you don't pay the mileage overage and can roll in the $2400 in remaining payments. It may not be the make/model you ideally want, but your goal here is to keep driving within your budget if you really have no other means to get around in a practical way. If you have $1k to put down, then your credit is likely not the best.
I finance now for myself, but i l have leased 3 times before for my wife. In reality, with all the incentives nissan throws at the max, a loaded maxima can be leased for 350/month if your credit is right and you know what you're doing (sign/drive). If you have 2400 left to pay on a lease, then I am assuming you have at least 5-6 payments ($400 each) to make so you have to get out of it asap. It's not realistic to say you are going to save for a used car, and in the meantime the mileage overage is just going up everyday.
Join a credit union, and get your financing through them if you are at least at a 620 score. Use that prearranged loan as leverage with the dealer to be competitive on APR compared to what they offer you from their captive finance company or competitive bank. Then find the RIGHT manufacturer with deep incentives, dealer cash, etc. and buy a quality base model car (ie: Mazda3). Your maintenance will be less because its new and your gas mileage will be well beyond that of the maxima which sucks premium gas. The incentives etc will help eat up the some of the overage from rolling over 2400 bucks. Then, you need to pay that loan off and drive that thing into the ground. Save save save until you get your finances in order. I am giving you practical advice. You have to bite the pillow when you are under adverse circumstances, but buying a maxima would now would screw you, if you could even qualify for the loan with 1k down.