Hey guys. I need some advice.

I've been researching the following and considering as maybe an option to a) lower my monthly payment and b) be loan free by 2010:

"If refinancing your car loan doesn't get you the payment reduction you need, you could consider converting your current loan to a lease. Here's how it works: You find a lease company to buy your car by paying off your existing loan, and then leasing your car back to you. Your payments can be lower by as much as 50%-60%. At the end of your lease you can either return your car to the lease company, or purchase it.

Where to find a lease company that handles these kind of lease-back deals? A good company we know that has done auto lease-backs is PrimeLease. Contact them and tell them you are interested. They'll tell you if you qualify and if they can set it up. It costs nothing to ask."

taken from http://www.leaseguide.com/Articles/a...-refinance.htm

Any advice will be helpful.

 

Sounds like a waste of money. See if maybe you can't just refinance. Loan rates are low now

 

Could be but it just may fit in with my long term goals

 

what is the point in being loan free if you still have to pay a lease?

When the lease is done the car goes back.. then you either have to lease again (payment) or buy (payment) or walk (no payment)

Really doesn't sound like a good deal to me. Assuming you bought it new, you have already taken the big hit for depreciation and the lease most likely will not factor that in. It should be they take the car's current value and then to the lease from there.

 

Bought used. The point of being loan free is for the time I go to grad school. That right is there is going to be a major loan in itself.

 

sell your Z,
buy a hooptie for grad school,
graduate,
get good job, went to grad school after-all right?
buy brand new 400Z in 2014

Leasing is only feasible on brand new cars IMHO, and cars like the Z are less so.

 

 

You sell a car that you don't own. Then you rent the same car that you could not afford to buy. What's wrong with this picture?

 

won't work because they can't lease anything under an '05.

 

+1 to what Sargent said. Sell your car and pay for grad school. Roll in a pimp 1991 civic hatchback with crazy good gas mileage while in grad school. Then get out, make the big bucks, and buy a sweet car.