Looking for a cheap lease. Under $700 including my $10-12k negative equity (~$270/mo for 3 years). Want an SUV/Crossover w/ AWD. Pickup will work too as long as the rear seats have some sort of rake and aren’t bolt upright. 300hp minimum, more is better. Must have topview cameras, NAV and blind spot monitor. Forced induction, Paddle shifters, HUD and LED headlights a huge positive. MUST, MUST, MUST have good seats. Like BMW or Audi Comfort seat good, not Nissan Zero gravity or Volvo good, which to me feels bad. I have back problems and can’t have garbage seats. Need to be able to fit a 6’4" 340lb sasquatch in front and a 6’2" old man in the back seat, so no mini-utes.
$10-12k negative adds $277 - $333 per month. Add in some MF interest on that money adds around $20/month depending on rate. So half your $700 payment is just to cover your negative.
If you can find a vehicle like you describe for ~$350/month net then you are good to go provided someone will do it for a reasonable price with all your negative equity.
Maybe you should keep what you have and go from there. Refinance if need be.
Check the marketplace section there are brokers who can help you. Otherwise go do some actual leg work, test drive cars that interest you and work for your needs. Then when it comes to the financials this forum can help give your thoughts on the kinds of leases you are being offered.
With that negative equity, the car budget is around $400/month and you won’t find any BMW/Audi that will meet your requirements.
Would a leasing bank even allow you to roll in that much negative equity? It’s almost half of the total monthly payment.
What is the difference between the current trade-in value of the car and your payoff? This may be a more cost-effective way of dealing with the situation. Then you will just see the exact amount of your negative “trade-in” at the time when you will go to lease the new car. But negotiate the new lease without mentioning of your current vehicle to be traded in (i.e. sold to the dealer)
Not an SUV, but something to think about on XC90
Did the S90 momentum satisfy the below criteria lol?
Loaded XC90 R might. But nothing will satisfy rolling in huge negative equity AND all these demands
This reads like a Christmas wish list…
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It’s a BMW, so no can dosville on keeping it out of warranty. Besides, the current trend is every payment, I lose $50-$75, so the neg eq will only grow
Was looking for some popular lease deals that are being blown out as to offset the neg eq.
Yes, looks like around $400. Found one that might fit the bill; Explorer Sport $51K MSRP - $410/36/10k/$2.5k
Which bank will finance this? The capitalized amount will be way higher than the car’s value.
Honestly, you should not be leasing car if you have that much negative equity. You are just throwing 10-12k out the window. That’s crazy!
What was the point of making a second thread on the same subject?
You thought the feedback was going to magically change?
Just finished the same deal. Much of what you want for around 433 with taxes (10k miles per year)
By now, you should already know whether this is a lemon or a good car. These cars are expensive to repair but if maintained properly, they last a long time.
The engine, transmission etc are pretty solid.
Also, neg equity does not grow - after a while, you own the car, so no more negative equity …
If negative equity kept growing, no one would ever be able to pay their car off
There are only a few ways to have so much negative equity in a short period:
a) You paid MSRP, extravagant fees and bought additional after market warranties etc
b) Your interest rate is awful
c) You rolled in negative equity from the previous trade/deal
d) You took a 72 or 84 month term, thereby making little in terms of principal payments in first few years
Negative equity is always highest the first few years, when you pay most of the interest and less of the capital. Eventually, negative equity evens out as even BMWs tend to keep their year 5 to 8 value quite well. eg 2017 BMW X5 = 60 k, 2015 BMW X5 = 40k, 2010 BMW X5 = 20k. So you can see it depreciated 33% off MSRP in 2 years but only a further 30% off MSRP after next 5 years.
In any case, the problem here is not the car but the approach to trying to keep going on the negative equity “rolling over”. Guess what happens 1 year after you have rolled in 11k negative equity in the deal? Well you have the original 11k negative and then some …
Not doing a CPO lease, numbers don’t work as the dealer is “market price based” and won’t lower it a couple thousand to make it work.
Will give that a second look, the one I saw with similar lease numbers was stripped.