Mustang Mach-E GT Negative Equity Options

[IAC]

Prob just wishful thinking

[boozinix]

You know, I just realized I don’t have Gap on my car….

Anyways 9k negative is the best option I have

[hashone]

Ride it out and spend the $ on a home charging setup.

[KEVIN88GT]

“GTPE” is a terrible acronym to describe a mach E GT this day and age…just saying

[IAC]

Makes it sound like a telephone company

[voxel]

There’s GT and GT Performance Edition.

I’d rather not write out “GT with Magneride” lol.

[Compass]

One more request if you don’t mind: can you please share the MMR or auction data on the 2021 Mach-E RWD with 8000 miles in Detroit area? Really appreciate it!

[ktnsvm]

Also curious on auction data for 2022 Mach-E AWD ER. Trying to get out this car soon, offers have been brutal.

[Bumboola]

Become a supporter, super supporter, or signed! contributee and ask in the MMR thread in the hackr’s lounge

[boozinix]

How do you get signed?

[drdvrgs]

SHARE | LEASEHACKR

[boozinix]

Oh, I shared the deal that I did but didn’t do this… thanks

[boozinix]

Follow-up on this thread:

Mustang Mach-E GT Negative Equity Options

Hi folks Have a classic negative equity question here. Picked up a Mustang Mach-E GT last summer, MSRP 65k. No point in overthinking sunk costs but goal was always to have a bit of fun for a bit, and not keep it all 3 years of the lease (actually Ford Options Balloon loan). Payment is $1100/month. Not that I can’t afford, I just didn’t want to afford it. The current residual, at 43% at end of lease, was I considered it artificially low and there was tiny bit of hope that there maybe some equit…

(If Admins can re-open it, I don’t need to create another thread).
I decided to ride it out but now Im in process of getting a home and bank is absolutely needing me to get rid of this car payment.

Current Payoff is 55k.
Most offers I got were in the mid-30s, with a few in the 25-30k as well. Highest I have is 38k.

I know Im screwed here but any other ideas?

[harrydogyo]

Looking at the kbb it’s a lot higher than your current offers and on actual trades dealers will honor book value.

I think you have an opportunity to target something else you want that dealers aggressively went to move.

For example when I got my 22 Wrx the dealer wanted them gone and was offering 5k off and was willing to stretch to top of the KBB range on the trade.

Trading one turd for another increases your chances of this working but a lot of volume dealers will just want to move a new car. It may actually help you to not deal w a Ford dealer and even better a dealer that doesn’t have one in their network. When I’ve flipped 4xes nothing kills a deal more than “let me call my Jeep Store” and we can imagine the store with a bunch languishing has to say.

But if you can hone in on what you want to replace it, work a great deal, often the dealer won’t blow it up and will just give you book value.

[boozinix]

I cannot get another cash (unless I pay cash) until closing unfortunately. So this is a sell transaction, not a trade+buy

[harrydogyo]

I mean part of the recommendation is to get a lower payment too so it’s a lower number for dti on the mortgage.

I know the mortgage people say no new credit but these things can be explained to underwriting. Or your mortgage broker can explain the number you need to get to.

But nobody will pay book for this lot anchor on its own I’m guessing.

Best of luck!

[jeisensc]

@boozinix

Current Payoff is 55k.
Most offers I got were in the mid-30s, with a few in the 25-30k as well. Highest I have is 38k.

I know Im screwed here but any other ideas?

Assuming you took wam’s advice in other thread and this includes Ford dealers.

You were roughly 12k flipped in March, you’ve made $5500-$6600 in payments since and you’re at best $15k flipped (guessing you aren’t including the tax credit, because you took a ballon to claim that right? — if so that’s $7500). You can see where this is going…

You can list it for sale and hope a private party wants it bad enough and sees more value that $38k, you can sell it and write a check for the negative, you can refinance and lose the option to dump it at the end of the balloon (own the downside), or wait on buying a place and ride it out until disposition.

There isn’t a “roll the negative” option here with ~ $450/mo in negative and rent over 36 months.

[boozinix]

@jeisensc

Assuming you took wam’s advice in other thread and this includes Ford dealers.

Yes, I have checked with 5 different Ford dealers this week. All quotes are in the $35-38k range.

@jeisensc

You were roughly 12k flipped in March, you’ve made $5500-$6600 in payments since and you’re at best $15k flipped (guessing you aren’t including the tax credit, because you took a ballon to claim that right? — if so that’s $7500). You can see where this is going…

I have made 5k in payments since March (5*1100). From the day I got the keys, I have made a total of 17k in payments (including down) and gotten 7.5k in rebates. So technically, I have made 10k in payments and I am aprox 16k under water further.

@jeisensc

There isn’t a “roll the negative” option here with ~ $450/mo in negative and rent over 36 months.

Absolutely not. I am not rolling this anywhere. Just considering whats the cheapest or least painful method to sell it.

If I do the payoff of 54k, it significantly impacts my reserves and taking a bet that private party would find better value. That may be my last option