currently leasing 2017 crv ex-l, lease term left 1 year 9 months. Still owe around 14k on the lease, paying $700 a month. Wanted to know if there’s anyway I can get out of this deal earlier. If possible getting into another SUV awd with all safety features that all new cars have now.
Nobody can help you with the little info you provided. You need to provide your retail payoff number along with the current blue book value. On the surface, outside of a little encore you’re rolling negative equity in, your goal doesn’t seem feasible. Until knowing payoff and value though, it’s all speculation.
Seems like this isn’t your first negative equity rodeo? How much did you roll into this lease? You are paying over $25K for a car that likely MSRPs for $30K so dealer couldn’t have screwed you that bad.
Wanting a new similar SUV doesn’t seem mandatory rather a desire so the smart thing would be to stick with this one and start over in 21 months.
That’s almost impossible as the RV is set by the bank and there is max increase to the money factor allowed. If your credit didn’t qualify, they could have used a subprime lender with an outrageous rate. How is your credit (honestly)?
As other mentioned, post the lease contract with your personal information removed and we can tell you what happened. If it is an outrageous MF, it may make sense to buy it out no matter what if you can borrow at a reasonable rate and if the captive will credit you for the unused interest per the contract.
BTW - You want a $500/month payment, but willing to eat $5K. The different between your current payment and that is only $4,200 so ride it out.