Without loyalty he’s 300+ and with the neg eq he’s 600+ so who would take it over?
You could probably get a personal loan with a similar interest rate to many leases and not have to tie the two in negotiation. It would suck if you had hard credit pulls hurt your score if the leasing banks reject a deal for so much above sales price.
If he scores one in the $200s, he’d be very close to 1% with the negative equity. I’m sure someone on SAL would pick up a 1% deal on a BMW. Even if it’s a diesel.
Current car is a 2017. No need to replace it. Refi as suggested earlier. I’ve done well with lightstream.com
If you can afford massive lease payments, then make massive payments to this new loan instead. You could be out of negative in no time. I’d much rather make large payments for one year and then start fresh than get tied down with large payments for the next 3 years with no way out.
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He will not score one in the 200s. All these deals have tax + good amount DAS + MSDs upfront and require loyalty. Like Max said, it will be 300s. But even low $600s may work for a swap on a 50k+ car
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How many banks will even allow $10k negative rolled into a lease?
Wouldn’t it need to be a much more expensive car to support the loan to value ?
If there are a ton of rebate dollars available to help offset the negative, it would be the equivalent of selling at MSRP (or at least closer), so you wouldn’t be “rolling in” 10k in the Captive’s eyes.
every manufacturer will be different on the allowed LTV on a lease. GMF is 115% on tier 1 credit, so in your case you’d still need 2200 down to get out of it.
And every bank bases “value” on msrp?
value is typically done by invoice.
If your score is 700+ why not just refinance it without her as a co signer? You are throwing away 2-300/month with this plan
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Exactly! Just refinance without her name on it.