Back in 2022, we leased a Kia EV6. We genuinely love the vehicle, but unfortunately, the lease payments are quite high, we’re currently over our mileage allowance, and due to depreciation, the car has accumulated substantial negative equity.
We’re now exploring options to either trade out or roll the negative equity into a new lease—ideally into something that can absorb the hit while bringing our monthly payments down to a more manageable level.
Does anyone have suggestions on current lease deals or vehicles that might be well-suited to burying this kind of negative equity? We’re open to different brands/types, as long as it makes financial sense and helps stabilize our monthly costs.
Appreciate any advice, experiences, or leads you can share!
How high are these high payments? And how much negative equity does it have based on offers from the 5-10 usual suspects?
This has been discussed ad nauseam but, in short, if you want to exit your lease early, you’re going to be paying for the negative equity one way or another. Your choices are either to ride the lease out (and pay mileage overage and disposition at the end) or roll the negative equity into something else and pay significantly more for said car.
What’s the numbers you are looking at for negative equity? It’s not gonna disappear. You’re gonna pay interest on it. I’ll guess at least $15k+? That will add almost $500 to a 36 month lease.
There is no easy way out of this.
Better start looking for a snowy off ramp or park in an area prone to flooding. (/sarcasm don’t do it)
Sorry to say, there is a 99% chance that there’s no good way out of this. Try to drive more conservatively between now and the end of the lease term, and put some $ aside for mileage overage.
As expressed earlier in this post, at this point, if you can, save up money each month for your expected mileage overage charges. It would be much more beneficial to you in the long run than getting into another bad lease.
