Hi everybody,

I'm new to the forum. I have a question I hope someone can help me with. I have a base 04 G35 sedan 6mt. I love the car but I leased it and now I regret it. I just refinanced my house and have about 27 grand to play with. My buy-out price is 29,500. What options do I have to get out of this lease without loosing too much money? I would really love to get into a coupe but really want to go the used route. Any suggestions?

2004 G35 sedan. 6mt diamond graphite/graphite

 

Look for "This SUCKS" on the sedan forum, it's about 10 posts below yours. The entire thing was covered in detail.

 

Out of curiosty, why do you hate the sedan?

Maybe its just me, but I wouldnt take the equity out of your house to buy a car. I'd keep the money in your house. Gonna suck when you get old/retired and you still have to make house payments...

2003.5 G35 Sedan White/6MT
Nismo Type S Suspension / Nismo Sway Bars
19" OZ Rims / Stillen Front/Rear Camber Kit / Z Tube
Stillen Big-Airflow Intake / Stillen Catback Exhaust

 

Situations like this just make me shake my head. Why on earth would you pull money out of an appreciable asset to purchase a depreciating "thing"? That right there is why so many Americans are just riddled with debt. If you can't afford payments on a car, you shouldn't have purchased it. Unless you can write off the lease payments for business, a lease is ALWAYS a terrible deal, but it is how so many people get into cars they can't afford to buy. I don't know your situation, but you would be insane to pour home equity into a "new car", especially if you are having trouble making the lease payments.

 

Here's my situation. I did not pull ALL of the equity out of my house just some. The Idea was to pay off all of my bills, refinance my house for 15 years instead of 30 and pay it off even sooner than 15 years by paying more than the monthly mortgage. The problem is after paying all of my bills off I only have around 27K left. I can't totally buy my car because the buy-out is still 29K. By the way I do like the sedan I just love the look of the coupe.

2004 G35 sedan. 6mt diamond graphite/graphite

 

Well from the sounds of it your situation isn't all that bad, but if you are looking to dump a recently leased vehicle, you are gonna take a bath, BIG TIME. There really isn't any way around it unless you can get someone to take over the lease. Then you are only out the payments you have already made. Buying a lease out is gonna kill you. That first year depreciation sucks.

 

Yeah I'm starting to see that based on reading the other posts about this same thing. Oh well it was worth a try. I might just find someone to take over the lease and buy a 2004 Z. With 27 cash I might be able to get a base 04. I really like th G coupe but I like the Idea of no car payments a whole lot more.

2004 G35 sedan. 6mt diamond graphite/graphite

 

Soon as I put my 19" OZ rims, Nismo Body Kit, Nismo Suspenion and the Stillen Exhaust, I've been driving my sedan more then my 350z roadster now I love the way my G35 looks, sounds and handles now. Its like a new car... I'd suggest doing the same for you, but if your leasing I guess its not the best idea to mod the car.

2003.5 G35 Sedan White/6MT
Nismo Type S Suspension / Nismo Sway Bars
19" OZ Rims / Stillen Front/Rear Camber Kit / Z Tube
Stillen Big-Airflow Intake / Stillen Catback Exhaust

 

Glover,

I'm a little confused. Why do you want a coupe? You say you like the look of the coupe and later you say maybe a 350Z. Is this a midlife crisis issue? If so, I say dump whatever money it takes to get through it. If the car is going to make that much difference then you should drive what you want.

Cale

PS Taking money out of home equity to pay for a car is definitely adding monthly payments. There's no free lunch. If you borrow more money from the bank, they're going to want it back in the form of additional payments. You're not seriously considering using a 15-year mortgage refinance to pay for a rapidly depreciating asset like a car? My advise, keep the leased sedan, take up skydiving or bungee jumping (rock climbing?), something and work this out without the car factor.


04 G35X