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[jcblack]

I am getting raped. I got my L when I was 19 and my dad "supposedly" handled all of the paper work, and during my lunch break at work, i went and picked it up. Of course i needed him to be a co-signer. Well he put it on a lease. I thought that it was fine because i thought that if you didn't want to trade it in you keep it and pay it off. Im young and dumb. Now I just found out that my dad did no haggling with the sales person and my truck after 60 months will be $38,000. Thats not the worst of it, if i want it after the 60 months i have to pay $11,000 dollars cash out. So what i wanted to ask you guys is if any of you would be willing to go to the dealership with me to give it back and buy another one, i need someone to haggle them down. I see you guys talking about getting your trucks for about, or less than, $30,000.

[L8 APEX]

Call and get your cash payoff from the lender. You are most likely upside down. If payoff is over 25K you are going to have to pay the dealer to take your truck (zero equity). I can help you some with my connections we'll see who else offers. First order is to find payoff to see where you stand. My ex had the same problem first time buyer, bought a used vehicle over priced, high interest, now owes 15K only worth 9K blue book. She kept it because she couldn't afford to roll over 6K. Lessons learned.

[Silver_2000]

Are you making the payments or is he ? Are your payments $700 a month or so ? If he had gotten a GOOD deal and a decent interest rate on a 30K loan for 5 years the payment would be about $700 a month. ANYTIME you borrow that much money you end up paying almost 6-8k more by the end of the loan.... Thats how banks make $$$.
From Carpoint.com
http://carpoint.msn.com/loancalc/content.asp
REGULAR LOAN
Interest Rate: 8%
Downpayment $1000
Purchase Price: $32,000
Term : 60 months - 5 years
Payment: $ 628.57

Total Cost: $ 38,714


If its a lease your options are likely limited.
Here is info on how a lease works
http://carpoint.msn.com/advice/articles/lease.asp

Take the same calculations up top and figure them loosely based on a zero down lease with 11k buyout. ( leases are MUCH more complicated than this - But its a start )

The "purchase price " drops to 23-24 K, the interest rate is same - ( you still pay for the money ), Term is 36 months ( 3 years ) rather than 5 ) and payment is $748 a month. THe total paid at the end would be 27k or so and you would need to pay off the 11k difference between the "purchase price" you paid and the actual cost of the vehicle...

In "giving it back and buying another " you will loose another 3-4k if you are NOT upside down. And you will likely need a cosigner..

Hope this helps

Doug

[L8 APEX]

You could do like my buddy and go from a C5 to a SVT Focus:hammer: He was laid off for 8 months and just got a job. They tried to jack him on the interest since there was only 2 months job history currently. You are in the same boat with no job or very short history, low down payment = high interest.

[jcblack]

No. i pay for my truck. he was just the co-signer. my payments are $579 a month. Can't i just wait until i can trade in and just give it back

[Todd]

My payments are only $20 more a month with 0 down. That sucks you pay all that and don't own it!

[jcblack]

i know. I will never let my parents decide anymore.

[jcblack]

My pay off is $29,542.71. What should I do?
sell my truck privately in auto trader and pay the difference in payoff.

[Silver_2000]

Originally posted by jcblack
My pay off is $29,542.71. What should I do?
sell my truck privately in auto trader and pay the difference in payoff.

You dont have the title so you cant sell it.
The leasing co may not give you the title.

You need to talk to the leasing company... Depending on the TYPE of lease you MAY NOT have any options...

Some leases are REALLY bad about locking you in....

Doug

[OneRedTXBolt]

Agree with Doug here.

You need to study your lease contract. It shouldn't be that difficult to understand, because there are actually laws on the books that define how a lease contract has to be laid out - it should be pretty clear about what your options are.

Your best bet as far as not taking too much of a beating will probably be to just hand it back in when the lease is over.

Good luck!!!

James