nmt6789

I bought a 2012 JK in April brand new with a balloon finance. Love the Jeep, but I drive a lot. My payments are low ($375) / month with a optional buyout at the 60th month. From what I've seen from appraisals, I am upside down which is not surprising. Would it be possible for someone to take over the payments?

Bubba Jeep

I think your upside down and going to have to get it refinanced and make bigger payments.If you drive a lot like I do the max you can finance is 60 months even then you are gonna be a little upside down. Nobody is gonna take over payments on something and be upside down unless they can't get qualified for a loan, which would make you the financier . Bad Idea

Rule18

Do you mean you leased, or something else? I live in NY too, and I've only seen/had leases or purchases.

nmt6789

a balloon is like a lease but you are able to drive as much as you want.

Rule18

If that's the case, then you really aren't upside if it's a lease. What's your end of term buyout?

nmt6789

around 10k

Rule18

So I guess if you keep it for a few years you def won't be upside down particularly if there's no mileage restrictions. Do you plan to keep it? 10k for a 5 year old JK is pretty good, but will they give you more than that if you trade it in after 60 months?

nmt6789

Thats what I'm not sure about. I figure I could sell it after 2 years and still get a decent number for it...

Rule18

So the real question is are you allowed to pay it off after two years or do you have to wait out the 5 years per the agreement? If you sell it on the street after two years I guess you'll probably get between 20k - 26k (depending on which model you have). If you're not permitted to break the agreement, then it doesn't matter.

nmt6789

I can pay it as quickly as I want.