Currently upside down in mileage on a 2021 430 by about 20k miles.
Came in to local dealer and got an offer for 1135/ month 36 months ( see attached)
The other option is to buy out the car 32k+ taxes / fees and would buy a warranty.
Haven’t submitted for credit but effective apr should be in the 4 percentage range
Thoughts appreciated
Update if anyone cares. Dealer dropped monthly to 1045.
I’m still not interested but that’s their " best offer "
I’m going to buy the car. Oh well
Is there an enormous positive surprise after the ~$3k in worthless add-ons?
That’s as far as I could get.
Buy out current car rather than $5000 in overage. Looks like almost $7K in the hole if traded?
I wouldnt buy a 430 with 20k miles let alone 20k in OVERmiles
I added above…either he gets shafted on trade or pays huge overage.
He drove the miles, got the use. Just pay the bill and move on. Don’t chase bad money with good money
Yup. I didn’t negotiate anything because… Why. They probably won’t take off the Bs add ons
Was it a 36m/15k lease? How much do you drive per year?
Yep he will pay for the miles either way. It’s scary though as most people who come to this forum can’t write checks for their negative equity so they look to bury elsewhere.
36/ 12k
About 53 k now. Lease up in March.
Relocated… shouldn’t have to drive as much
I can write the check. I just don’t wanna lol
Then buy it. In 2-3 years it will have normal miles on the odo for its year.
You have no choice…have you valued the car elsewhere? Carmax, Carvana, Vroom, etc.
Same story. I’m 5 k min in the hole. I didn’t address the add ons with the dealer except once which they brushed off with sales pitch
Better to pay off that debt than finance it with the high MF rates today. Then go get a better deal with no anchor trade as part of it.
Part of the issue is you are trying to lease a vehicle without a huge discount to offset the negative equity in your current ride. You would be better off paying for the miles on the leased car instead of adding it as negative equity in a new lease. Why pay interest on the negative equity?
Find something with some incentives like an i4 to help offset the negative equity.
The language the industry uses re: NE needs to be eradicated. Incentives don’t offset any negative equity. They just make it easier to sneak under the LTV cap.
All the negative equity is re-borrowed regardless of incentives, and is paid back with interest and taxes.
iX is still a pretty good negative equity buster
That being said, not many better leases right now to use to “finance” negative equity than an iX with MSD’s at the current rates.
Forgetting that it’s not a good idea regardless, if you’re insistent, it’s a good candidate.
