So I think I’m going to divorce soon and want to reduce my car payment.
I pay 484/mo for 36mo/12k (MSRP 54k) (payment will drop to 400 when lease is up if I want to buy) and have less than 3000 miles on the car. I put down 3500 and also have 3500 in MSDs what do I do ? I was thinking of a payment closer to 300 on a different car… maybe an Acura. Is there another luxury truck I can get for closer to 300?
Can I at least get my MDS back? What scam should I look for in interms of a trade.
Ouch. Sounds like you got a bad deal. I doubt you can get out of the RX350 without losing quite a bit of money. Also, you won’t be able to get an MDX for anywhere near $300/month. It’d actually probably cost close to or even more than what you are paying now.
If you need to offload the car your best bet will be to transfer the lease. Call the finance co. to understand what they require. You can recoup your MSD money from the new leaser but likely not your cash down payment though.
Realistically speaking based on whats currently available for lease assumption on swapalease, for someone to assume your lease and give you the MSDs back, you’d have to be in the lower to mid $400s payment and you can forget about the $3500 downpayment.
With that being said, you don’t state how many months are left on the car. Lets say there are 30 months left, you’d have to probably offer an incentive of a minimum of $1000 to get the effective payment in the mid $400s. In addition you’d have to let go of the $3500 down payment. So to get out of your car would cost you about $4500.
You could try and not offer an incentive at first and then see how much traction you’re getting, but based on cars like the below, if you want to move the cars sooner rather than later, you’d prob need to offer incentive.
Some of the above ones don’t require MSDs layout on the assuming party, others come with wear and tear protection (not sure if you have that as well) but in order to be competitive you need to be in the above range.
With that being said, when you sign a bad lease deal your paying for it one way or the other, there’s no way to just “get out of it” without taking some sort of hit. Also, you’re likely not going to be driving the type of car you want at a $300 payment, more like a $400+ payment which brings you closer to your current payment and then you might as well just stay in the car.