LH Community - thank you in advance for your help here.
Long story short: I’m paying $600/mo on my fully loaded 2016 Jeep Cherokee Trailhawk and due to some life changes, really need to cut those payments in half (or more). I’m exploring a lease pull ahead options, but want to avoid making a major mistake. Details regarding my situation are below.
2016 Jeep Cherokee Trailhawk - Fully Loaded
- 8 payments remaining (48 month term) @ $600/mo = $4,800 remaining
- Financed through Ally Auto
- Payoff quote = $3,588
- Gross Capitalized Cost = $42k
- Residual Cost = $19,102
- 40,000 miles remaining
- KBB Estimated Value at “Very Good” = $23k
A. What is your advice?
B. Is my goal of < $300/mo payments feasible with the situation above? My credit is “fair-good”.
Note: I totally understand and will embrace the significant “downgrade” in my next leased car. Happy to do a base level package in order to meet payment requirements. I was naive when I leased this car and I am well aware that I should never ever do a 48 month lease again.
Any help that the community can provide would be much appreciated. Please let me know if I can provide further info to help with the advice.