I have two leased vehicles but my new employer is giving me a vehicle to use.So I would prefer to get rid of the leases. I have a Pacifica (through Ally) and a Jeep GC 4xe Summit Reserve (Chrysler Financial). The van has 6k negative equity and the Jeep has 9k negative equity due to ending the leases potentially after 1.5 years. Besides writing a check for 9k or 6k to get rid of one the vehicles any other unique options? Like leasing a heavily incentivized vehicle and turning in both the Jeep and Van? Any thoughts would be greatly appreciated!
All this is going to do is take your $15k in negative equity and add tax and rent charge to it… and the cost of a vehicle you don’t need.
Your options are pay a lot of money or carry the leases to term.
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That just gets your deal funded debt to loan wise, doesn’t mean it’s gonna be any cheaper in the grand schema
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I applaud your thinking but first don’t get ahead of yourself, get a couooe months in this job before you rearrange your financial life only to discover you then need a second car. while you wait, get more buyout quotes on both vehicles
it would help on both to know lease term, months remaining, total payoff, and what state you’re in (tax)
my guess, you do/will get more utility from the van, and should target the Jeep (if not then flip the example). what is monthly payment and monthly insurance cost on just it? if you owe 9k, how many months of payments/utility are you forgoing to get out early, and to what benefit?
You can take a personal loan from someone like lightstream to pay the negative, but you still have to pay it.
I would NOT transact just to bury all this negative in a mass grave of EV incentives, additional rent charge, and tax.
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Turo. 202020
Thanks! I’m gonna hold onto the cars. Appreciate the advice!
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