Any ideas to get a new lease without taking a bath on current?

Ask the Hackrs
1

I’ll try and be brief and throw some numbers at you!

  • New York state
  • 800 credit score
  • 2015 Avalon XLE Hybrid with 3 year 30k lease ($.15/mile overage) terminating Nov/18
  • 48,000 miles currently, on track to hit 57k by lease end = $4k penalty @ turn-in
  • current payoff is $23,000, and best-case trade-in would be $18,000

I got a great price (maybe not by forum standards!) on this car, $0 out of pocket, just 36 X $365 when I leased it in 2015 so I’m not sour to leasing; I am just hiding the total cost by being stupid with miles when I bought it.

I’d love a 2019 Avalon, but the early numbers I’m seeing for the lease are disgusting, due to combination of strict MSRP for this new vehicle and low residual. Otherwise, I’d like a heavily optioned standard brand vehicle or an entry level luxury, in the $35-40k type range.

$4k out of pocket and $400/month total payments on a car I could do, or $500/month rolling in the negative equity…?

I’m thinking I’ll probably just buy the thing out in the fall at residual $21k because I’m not sure I can get much lease pull ahead; a local dealer will do up to 3 months, which only saves me about $1k.

Yes, I should have prepaid some extra miles :slight_smile: Thanks!

2

Unless you can sell it private and get a few more bucks than a trade, you’re going to have to pay the piper one way or another.

3

If you search the forums you will find many many threads with this same issue. You seem to generally be in better shape than some since you don’t appear to have real financial hardship.

Only thought would be that you now know you are over miles, presumably are being careful not to drive more than needed and still are going to put 9k miles on the car in less than six months. If that is normal leasing might not be for you.

4

HNNyt5X

3 Likes
5

I did that briefly last year and then I decided if I am unwilling to pay $.15/mile I have no right to be driving the thing anyway, so now I’m just putting on miles because I still like the car and, in the grand scheme of things, it’s really not terribly expensive at $.15/mile because it’s still under warranty and everything. Thing is at this point I pay down $400/month but I end up driving over $200/month just in overage penalties :joy:

Short of finding somewhere to give me a 6 month lease pull I think I am going to get rolled on it unless I buy it out, which I am leaning to. I do like the car, but I hate how few options it has (cheaped on those, too).

At least it’s only $.15/mile, which is the same as overage on a corolla!

6

You are at 19k per year. I don’t think you can get a $35-$40k car at 19k miles for $400 per month.

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7

You are right, those numbers would have been at 10k/year again with me underwater 36 months later.