What does one do?
Thread Starter
Driver School Candidate
Joined: Dec 2013
Posts: 6
Likes: 0
From: IL
What does one do?
Looking for the best advice on an upside-down loan.
2006 Range Rover Sport (We Owe 19,231.00 5.74% Loan) (needs new tires, brake pads, and a $800 compressor)
Lexus Dealership offered me 15,000 for it.
Was looking at Leasing an IS350 AWD F-Sport.
Wasn't sure what the most economical and financially sound decision would be. Any advice would be greatly appreciated.
Thanks,
18Fairways
2006 Range Rover Sport (We Owe 19,231.00 5.74% Loan) (needs new tires, brake pads, and a $800 compressor)
Lexus Dealership offered me 15,000 for it.
Was looking at Leasing an IS350 AWD F-Sport.
Wasn't sure what the most economical and financially sound decision would be. Any advice would be greatly appreciated.
Thanks,
18Fairways
Driver School Candidate
Joined: Dec 2013
Posts: 11
Likes: 0
From: TX
That seems pretty low but I know those things depreciate like crazy. I'd see if they would come up to $16,500 or so and then if you don't have the cash to cover the difference, just roll the negative equity into the lease. I've seen a lot worse of situations. (I work for a car dealer)
Rookie
Joined: Oct 2013
Posts: 79
Likes: 0
From: Toronto, ON
Your best bet would be to sell the Range Rover yourself as you'd probably get more money that way. Trading into the dealer only makes financial sense if you're buying another car due to the tax savings you get from the trade-in value. Check the used market for that vehicle and see what the going rate is. Then just lease the car with the minimum amount of payment upfront. You really don't want to put a down-payment (which a value positive trade-in would be) on a lease because if the car is stolen or wrecked, you lose that money.
Lexus Test Driver
Joined: Aug 2003
Posts: 897
Likes: 11
From: colorado
I have 3 suggestions for you
1. sell yourself on autotrader, cars.com, or craigslist. ive had no luck with ebay but you might try that also.
2. call your local range rover dealership and ask how much they would give you for it, on that note did you ask your lexus dealership to call RR dealer for a buy bid? you might try that.
3. ask car max how much they will give you for it. they are usually a lot more fair than most.
the only other thing you can do is take the 15k offered, talke the dealer into discounting the price of their car as much as possible, and pay up the difference, then move on with the higher car payment.
1. sell yourself on autotrader, cars.com, or craigslist. ive had no luck with ebay but you might try that also.
2. call your local range rover dealership and ask how much they would give you for it, on that note did you ask your lexus dealership to call RR dealer for a buy bid? you might try that.
3. ask car max how much they will give you for it. they are usually a lot more fair than most.
the only other thing you can do is take the 15k offered, talke the dealer into discounting the price of their car as much as possible, and pay up the difference, then move on with the higher car payment.
Instructor
Joined: Sep 2011
Posts: 770
Likes: 108
From: Fl
$15k is about right for it if you look it up on KBB.com (maybe more or less depending on how your car is, the miles, etc) What you can do is go to Carmax, get a quote and if it's higher than what Lexus is offering you, take that to Lexus and more than likely they will match Carmax's quote. You'll have to pay the difference or add it to your payments.
Another thing you can do is just sell it on your own to somebody and you can get a little more, closer to what you owe (maybe a little extra?) depending if you can find the right buyer and get a clean lease with the new car.
Another thing you can do is just sell it on your own to somebody and you can get a little more, closer to what you owe (maybe a little extra?) depending if you can find the right buyer and get a clean lease with the new car.
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Thread Starter
Driver School Candidate
Joined: Dec 2013
Posts: 6
Likes: 0
From: IL
76K
Thanks everyone for the advice and recommendations. I just added it to craigslist and will try to sell it outright first I reckon.
Thanks again!
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Rookie
Joined: Nov 2012
Posts: 52
Likes: 0
From: CA
As long as your range rover has never been messed with
Aka crashed fixed
Modded etctry car max
Belive it or not
On those cars like baller nodels
They offer a lot and sell for a little more
If you however bring a civic si in to carmax
They profit more on those and will lowball you
My experience
Sold my old isf to them they have me 37k and sold in lot for 41k i saw it 3 weeks later
Same carmax
I took my civic si there offered me 9k
Same damn car on lot even same color and same millage and year
They has its ticketed at 18k
*******s lol
You could always private sale!
But yeah lexus dealers usuailly lowball you
When you do a trade in
Its always a fail fail theres NO WINNING
There's never a inning period but
Its usually and epic loss on buyers end with a trade in
They get to double **** you. Lol
Aka crashed fixed
Modded etctry car max
Belive it or not
On those cars like baller nodels
They offer a lot and sell for a little more
If you however bring a civic si in to carmax
They profit more on those and will lowball you
My experience
Sold my old isf to them they have me 37k and sold in lot for 41k i saw it 3 weeks later
Same carmax
I took my civic si there offered me 9k
Same damn car on lot even same color and same millage and year
They has its ticketed at 18k
*******s lol
You could always private sale!
But yeah lexus dealers usuailly lowball you
When you do a trade in
Its always a fail fail theres NO WINNING
There's never a inning period but
Its usually and epic loss on buyers end with a trade in
They get to double **** you. Lol
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