Interested in getting this deal review.
2021 Kia Seltos SX turbo fully loaded
15,000 miles a year
and taking my jeep Cherokee lease trade in with about 2400 negative equity (have 11 months left on lease but about to hit my mile limit)
MSRP: 30,0XX
Selling price: same
No incentives
5.75% tax rate
Monthly payment equals 368
Due at signing first month payment
You’re going to need a lot more information than that:
MSRP
Selling price
MF
Residual
Incentives
Tax rate
Registration
Doc Fees
Etc.
If you seemingly have that long (over 6 months?) left on your Jeep lease, why are you jumping to a brand new model that just debuted? That’s usually not a great idea for many reasons.
Wait it out.
Only 4000 miles left before I hit my mileage limit 
Yeah wait, deals are only going to get better at this point. 4000 miles is allot, wait until that’s spent.
1 Like
Too new of a car. Not a good deal.
Haven’t done the math, but the residual must be sky high if you’re getting $368/month on a $30k car with no discount, incentives, 15k miles, $2400 in negative equity, and only first due at signing
What is cherokee payoff and what did carvana/vroom offer?
As others said, 4k is a lot. Since you are shopping a 15k lease, then the remaining 4k will last you more than 3 mos. what is cherokee payment? Could be cheaper to wait 3 mos and just pay remaining 3 payments and give it back early.
So many better options than what you are trying to do. Seems like you probably WANT to do the deal, in which case no advice is going to help you.
2 Likes
I second this. Looking at Edmunds though it’s got 63% residual and $1,300 in lease cash. They must be offering a pretty hefty discount to get to that payment if you truly have that kind of negative equity in your Jeep.
Something seems off. More information is needed to make any sort of judgement on this.
Blockquote
No way a 63% residual is getting you $368 with you are already rolling in $2400 negative equity. If you really wanted to get out of a car, find something that is heavily discounted, has a lot of incentives, or has a great residual value (just look through the forums, but the Tacoma deals do come to mind if you could make a truck work).
On another note, @ddemar: Have you looked at offers from Carvana, VROOM, etc.?
Bare minimum, wait until you’re at your limit