Any thoughts on trading in with $15k negative equity towards a lease?
Long story on how this happened but the vehicle is depreciating more and more each day. Looking to jump ship…
Need all the details
$15k neg equity is $416/mo for a 36mo term by itself, not counting interest or tax. Doubtful you’ll have much luck burying that much into a new lease, unless it’s a really high-end car.
So I have a 2018 F150 SC 4x4 base XLT with 27000 miles and owe 39k. It was a bad deal to begin with as I’ve received offers from $22k-$24k. Now I’m in a situation where I need more room in a vehicle and I’m just unhappy. If that means living with the mistake for a bit longer than I’ll bite that bullet. If there’s a way out I may take it if it makes sense. If anything makes sense.
Keep driving it, rolling $15000 into another vehicle doesn’t make much sense. If you can afford it, double up on the payments to reduce the negative. What’s your payment now? What’s the interest rate on this one?
Unless it’s the car seat dilemma, why does a super crew not have enough room?
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You probably have a better chance on getting hit by lightning than burying 15k into a new lease, especially in today’s market, with banks tightening up. I seriously doubt anything out there has even close to that in rebates you could use to help offset it on a buy, let alone a lease.
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It’s a super cab; another mistake. Good advice. The only positive is the 1.9% interest rate at $705 per month.
Yeah that makes allot more sense, I was wondering why it wasn’t worth much. The super cab vs crew kills the resale. I’d revisit in year. You could probably do something with a Tundra in the right region with the TSS model
Looks like I’ll bite the bullet and hang on a little longer. Thanks for the advice and time!
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It’s the right move. I’d also suggest, mapping out a simple curve to see when your remaining debt on the vehicle might hit the value. The amount owed is pretty straightforward and you can make some educated guesses on the value in 1, 2, 3 years, etc. That’ll give you a good target of when to get out of it with minimal financial bruising. The good news is that you’re at 1.9% so you not under the gun of crazy high interest rate.
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You aren’t the first F150 owner to come to that conclusion.
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That’s the only part that was not a thumbs down was the finance rate. I plan on mapping this puppy out and developing an exit strategy.
I know how that guy feels! That’s not a bad deal there but he had a whole lot less negative equity