Hi everyone - looking for suggestions on best course of action. Currently have around $10k-$12k neg equity in my current car (it’s financed) and I’d like to bury it in a lease with minimal money down. My issue is I drive a ton (I’ve put 68k miles on my car in 35 months) and would need a lease with higher than normal mileage allowances. I do have good credit and plenty of auto history, so not concerned as far as getting approved goes.
Basically, my questions/considerations would be:
Do any manufacturers offer high mileage leases? I know Ford goes up to 19.5k miles, but not sure if there are any others.
I would ideally like an EV - any high mileage lease options for EV’s?
Any other creative ideas to bury negative equity (legal ones, lol) are welcome (i.e: some special financing offer I’m not thinking of for a certain manufacturer, etc.)
I still owe, hence the negative equity of $10k-$12k (just depends on whoever takes it in trade puts on it).
It’s a Tesla so I have the charging situation sorted. In a perfect world, I’d need a manufacturer that will let me lease an EV for 20k-25k miles per year (or as close to those numbers as possible)
I have seen manufacturers offer 15k miles/year leases. So in your case, you might just have to prepay for additional miles (at a discount) if you want to drive 24k miles/year. I would suggest runnuing numbers on your end to see how much “extra” you will be prepaying for mileage.
I get that, but you didn’t answer some of my other questions.
What year and model? Have you gotten quotes from 3rd party car buying sites like Carmax?
The way I see it, the car is going to be worth effectively $0 by the time the end of the loan rolls around with the mileage I drive. If I can reduce my payment for the next three years (and in a perfect world, reduce the insane insurance premium) I will.
Ultimately, I’m just thinking out loud here. Worst case, I continue to ride out the loan I have which has good terms for what it is.
Every manufacturer offers 15k/yr leases; I wanted to see if anyone knew of manufacturers that had standard offerings of higher mileage terms that weren’t just pre-paying miles up front.
2.49%/72mos. Halfway done with it at the moment. Car is a '21 Tesla M3P, 68k miles. I have gotten quotes from dealerships and Carvana; the $10k-$12k neg equity number is reflective of these valuations relative to what’s owed on the car.
