25,000 miles over Ford lease in Maine - any ideas?

Ask the Hackrs
1

I signed a cmax energi 3-year lease and then my son got sick and we spent the next couple of years driving to boston children’s hospital. lease is up may 14th and I’m going to be 25,000 miles over at 20 cents a mile. I do not have $5000. the out of pocket medical bills are crushing and I can only work part time between now and September while he has two surgeries. we travel with a wheelchair now and have to leave the backseats down and wrestle it in. ideally, would like to land in something/anything that doesn’t require me to disassemble the chair to get it in and still fit my son and his girlfriend:) sitting next to each other in back seat. would prefer suv, maybe minivan. but…i’ll take anything that moves. thank you for any and all ideas

2

I am not sure if ford allows you to pre-buy miles a couple of months (3-6 ?) before your lease ends at a cheaper rate. It may be half of the $0.20 but you have to check. If you are at the end of your lease, this is not an option

What you have is basically negative equity and rolling that into your next lease is possible BUT expensive (depending on the interest rate you get).

Your situation is unfortunate but at least for car leases, they should not have to check your employment (income) and I am hoping that you tried to keep up your credit score (pretty sure you had bigger things to worry about) as that is the only thing dealers check.

3

my thought is if I can get one of these sub-$100 leases, it is my best chance of survival. do you know if any of the sub-100’s exist in maine? I could drive to nh or ma. my credit score is 677

4

What is the buyout on the car?

5

What can you afford for a monthly? You probably shouldn’t lease another car if you will still be driving that many miles? Probably best to buy out your current Ford and keep driving it or roll the negative equity into another vehicle that you purchase not lease.

6

$17,000 buyout on the car

7

all done driving to boston. just regular driving now. the last lease I had 12,000 miles per year and had thousands unused
if it had the overage rolled into it I could do 350 month.
other thought is just to get the best lease I can that fits a wheelchair and refi mortgage (need to make some wheelchair adjustments to house) and pull out cash to pay off ford miles

8
  1. Have you tried trading it in as the trade in might give you less of a negative equity.
  2. Call Ford financial and explain your situation see if they could be somewhat forgiving. Again, a long shot but why not try.
  3. Buyout the car maybe but i see you need a better car.
  4. Refinance but with your score i am not sure how much you will pay in extra interest.
9

thank you so much,
tracy

10

I think a heartfelt letter explaining your situation will go a long way.

11

I would set up a crowdfunding page explain the situation and ask people to consider contributing.