Mistakes were made please help(neg equity)

Ask the Hackrs
1

Good evening,

First I am typing on my phone I apologize.
Second I am buried to death in a financed purchase long story how it happened almost as long as the term on my super stretch loan.

16 Kia Optima lx the cheap one. Low miles good shape guaranteed at the very least 15k buried but could probably cancel gap and warranty to lower that to 11k buried though dragging my feet until I find out if I’m going to have to go full term.

I can afford my payment of 550😳 I know I’m embarrassed. But want to know if there is any lease I can roll this crazy storm of negative equity into to eat it in 3 years as opposed to my current predicament?

Please don’t tell me I am an idiot I know that part.

Credit is low 600s like 630ish? About a year or from chap 7 with a voluntary repo discharged from a failed business. Currently cosigner on the car with mother as main.

Hoping to trade for a lease almost any lease so I can crawl my way out from under this negative equity somehow faster.

Thanks for your help and eventual ridicule for my admittedly voluntarily created situation.

Also I have read it a million times I will get Carmax to evaluate my kia but let’s be honest I have no way to make up that gap without rolling. Just figured I’d show I’ve read every other negative equity thread I could find.

2

Also forgot important info I am in florida zip code 34668 if it matters and I may have so cash down for security or something depending on the deal.

I also drive between 10-12k miles a year thought might want like 15k to be safe you know just to make this situation more impossible

3

Didn’t understand much, but you won’t get a good lease with your credit history and negative equity.

4

You’re not going to find a vehicle you can roll 11k into.

The LTV would be astronomical.

Honestly - I’ve seen worse.

It’s not the end of the world, since you need a car.

Try and find a secondary stream of income and just start putting cash away.

Save for a down payment against that negative.

5

Perfect easy enough just wanted the experts to tell me what I had pretty much guessed. If buying is my only option then I’ll just try and pay extra on my optima and drive it until the wheels fall off.

6

I went upside down in a BMW many years ago and it was a miserable mistake. I ended up getting it down to a reasonable amount and rolled it right into a bone stock Civic. It was a massive downgrade but it was my only option and they were willing to do it.

7

Yea I got here by rolling negative equity from a bad deal on a challenger before the Takata airbag recall. Then my wife got pregnant and couldn’t work and we had the one car and dodge went 5 months without the parts to complete the recall and I couldn’t keep borrowing cars when I needed to drive with my wife so I traded on the only dealership that would touch me and I tried almost every brand. So that’s how I got my kia that I’m paying a fortune for.