Looking to lease a 2025 Tiguan SEL R-Line, located in downtown Chicago. Have a 24 Tiguan with $5500 of negative equity, wanting to get out of being upside down. Received this offer; it seems completely off base, even with Chicago’s 18.5% tax.
I have a loan currently, not a lease. The interest rate is 8.5% with maturity in 2031. I want to get out of that, and I’m ok paying a bit more monthly to do so, but this lease seems quite off.
Can you post a direct link? I don’t understand how you’re getting an effective monthly that’s less than the pre-tax or taxed monthly, esp if you have negative equity on a trade in.
It’s a combination, I want to be out of the negative equity and get into a car that I can swap in 3 years. It’s worth it to me to pay a bit more to lease with the flexibility. I just want to make sure the dealer is not hosing me. I knew going into this process that I would have to take a bit of a hit for the negative equity.
I understand but have you considered maybe something that is a bit easier to swallow, perhaps an ID4? My understanding is with negative equity the best practice to find a lease with obviously a low overall payment (without negative equity) but also a low MF which helps a little bit when you add that into the lease.
Your calc doesn’t have the same numbers you posted above (unless I’m wrong). You don’t have dealer fees or tag/gov fees; and your trade looks to have different numbers as well. I doubt you are getting the buy rate either (base MF); so all these things add up.
Long ago I targeted a Tiguan SEL R-Line when they had a very low MF to bury $5k or so. I was under $480 at the time with it; but that was a long time ago.
Did you ask the dealer or did you run the numbers and said you want to be at X a month with a trade value of X?
I will be speaking with them tomorrow. This was created today, so any advice on specifics to ask would be beneficial.
This is before any negotiation; it’s just computer generated based on what I entered for my desired car and current loan/payoff. I know what I’m comfortable with, but dealers are known to manipulate terms if you provide your desired payment.
I’m also not sold on going EV, even though they are heavily discounted.
Totally understandable but you have to look at the big picture and goals. If your goal is to get out of this loan; targeting something that has a low payment/MF is the preferred way even if it sucks for three years or heck even two with a 24 month lease.
You really should structure the deal that you want and that you’ve seen thus far in research but you have to have the right numbers. Dealers are there to make a profit and it’s on you to do your due diligence first. This is one dealer I’m assuming? Not sure how many VW dealers there are in Chicago but you surely you aren’t limited to one.
Looking at the dealer’s numbers, you’re paying nearly $36k over 3 years to get rid of your current $6400 neg equity. That doesn’t sound like a smart move.
THIS is the ONLY answer…you are putting big neg egg into a lease with high MF and you will pay near 20% taxes on the payment and the neg egg…UGH! Wait your car out and refi when rates dip.
There are some discrepancies btw what’s in your calc and what you’ve listed elsewhere (like the selling price and negative equity), but the biggest difference seems to be the depreciation you’ve listed in the first post vs. the figure in the calculator.
