Hyundai lease 2022-sticky situation help needed

Help needed.

I’m upside down currently on a car by 5k. I want to lease a car to save money on the car note per month. What should I look to pay for a 2022 Hyundai Sonata lease? Should I buy or lease? So confused on the best option for me considering I’m currently upside down in my current loan. Car Max is offering me 25,400 for my car but my car loan is 30,600. How do I get out of this situation with the best possible solution refinancing isn’t an option, right now. I don’t have any father figures to help me figure this out. Please help. I don’t want to get screwed.

Looking for this car on a lease term. What’s a good deal?

It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!! While you’re at it, be sure to watch the LH video to brush up on how to most efficiently use the resources here.
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from the LH Calculator - Lease Program Lookup or Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

Threads combined

Be sure to get buy out quotes from a lot more places than just carmax.

1 Like

Why is refinance not an option?

If it’s credit history, then you’re going to get denied or screwed on a lease too.

What’s the make, model, year and miles of your current ride?

What’s the APR on your loan? What’s the monthly payment?


Refinacing the Mercedes’- insurance is expensive + car note I’m paying a lot plus I don’t want the responsibility of something breaking. I just paid for something small almost $1,000. Credit isn’t the problem.

Mercedes GLC 300 2017 58,000 miles

Apr is 15% Current loan with insurance (brace yourself) 1,080 loan itself $800 insurance is $280 never got in an accident. I’m 26 years old. F.

Refinance deal was $580 4% apr. I’m aware it’s a lot cheaper but I’m scared about something else messing up in the car and having to be responsible and I’m still paying super high insurance bc it’s a Mercedes.

Who do you recommend?

Kelly blue book value is around 24

Leasing is just going to throw good money after bad. Right now, leasing in general is horrible much less with $6k in negative equity chasing after it.

Do you have the money available to pay off the negative equity or are you trying to roll it in?


So you paying 15% interest on a loan for an out of warranty Mercedes? I don’t even why you are thinking so long about refinancing to 4%


Your insurance premiums are going to be based on a multitude of factors, the big one probably in your case is age. The car being a Mercedes is only a small factor, and that’s only because parts might cost more than a 2017 vehicle from a mainstream manufacturer. Otherwise your insurer is calculating that paying out, say, $25000 in a total loss is the same regardless of what brand your car is.

That being said, you’d likely benefit from shopping around your insurance and maybe even speaking to an insurance broker to shop it around too.

You may also see a reduction in your premiums if you bought a new car because they have so many more active and passive safety aids.

Leasing just doesn’t make sense in your case due to the way taxes work in Texas. If the taxes on your next car are, say, $3,000 then you’ll pay $3,000 whether you buy or whether you lease for 18-, 24- or 36-months. So just imagine paying the full tax on every lease and how frequently you’ll do that in your lifetime. Owning a car for 5 years means your “monthly” tax payment ($3,000/60) is almost half of what it would be on a 36m lease ($3,000/36)

Stepping over dollars to pick up dimes.

Even at a 0 MF, the negative is $139/mo on a 36 month or $105/mo on 48 months.

Including credit score. If your loan rate is that high, either a poor credit score or a huge error.

Refinance this loan TOMORROW (you could have earlier this year at an even lower rate), get your credit score sorted, don’t worry about another repair until you have another repair. Shop for cheaper insurance with the same coverage.

The math on this isn’t going to pencil-out.


Sell the Mercedes and pay off the loss. Take public trans get an ebike or borrow a car from Mom/Dad until you can really afford a used car and even then get something way less than you can supposedly afford. Spend time on really learning how budgets and financing/leasing/insurance really work. Thank me later. :slight_smile:

No offense, but how does any of that help the OP?


Do you have the cash to pay off the negative equity?

1 Like

? I’m being serious. Dump car she can’t afford for a lot of reasons including crazy payment and insurance and find an alternate solution until financial situation is better. Study big purchase/financial math and don’t do again.

$1080 a month for a 6 year old car and insurance at 26 years old sounds to me a situation requiring serious action.

public transit? e-bike? they’re not really solutions to transportation requirements in Texas.

The solution has already been suggested - refinance to the lower rate and stash some of the saved money aside for repairs. Consider this problem again in 18months - 2 years when the market maaaaaybe slightly better.

1 Like

Ouch. What is your highest 3-bureau credit score?

It’s a no brainer to me to refinance the current loan.

1 Like

I’ve lived in plenty of states all over where public trans Ebikes borrowing a car could work depending on situation.