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.
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.
Thanks for the response. I did read that article and while it was helpful, I still feel like there’s grey area which is why I asked. As for the payoff quote, I go to Ally and click “Payoff Quote”…is that the wrong place? What “doesn’t look right”?
If there’s nothing else online you might need to call Ally and ask how much a dealer would pay to buy the car from them.
In the meantime how much of this estimated 3,600-4K negative equity can you pay off in cash and how much are you planning to roll into your next lease?
Will give them a call and work on getting that figure for you, thanks!
As for the negative equity, likely all of it rolled into next lease. At most it would be ~$500. In which case that would be ~$133/mo + the new lease…which based on what I know, means I’m screwed/no way to get to the $300/mo goal?
With fair to good credit and value in mind, Hyundai Elantra might be a good bet.
Someone here helped their friend with Tier 6 credit get into one for 197 and with a better tier you could probably hit your target of $170 ish.
It’s not anything remotely close to a penalty box like a Nissan Versa, lot of standard features plus a value package which is very reasonably priced. JMO
Awesome. That’s really helpful. Appreciate the time/input. FYI - just called Ally and said they cannot give me a dealership buyout quote without calling a separate number WITH the dealer present. They were the least bit helpful, so that was a dead end…
Dude you shouldn’t get a downgrade at all for 300. I pay 277 a month for my Cherokee trial hawk. And 460 for a 2019 bmw 440i gran coupe. You can get a pretty great car for 300 dollars. Good luck in your search. Maybe look into a Tacoma?