Need advice for my current lease

Hi LH,

I have been reading posts on LH, but it is my first time posting it.

I wanted to ask for your advices / suggestions on my current lease.

Right now, I have 7 payments left on my 2019 Alfa Romeo Stelvio, which I leased back in Oct. 2019. (It was a 2 year lease)

I made a difficult choice to sell my BMW X6 with negative equity (-$12K) and I am paying $1150/mo (w. negative equity) for 15K miles/Year.

After Covid, I started to work from home and I am not driving that much as I expected. Obviously, I do not want to pay $1150 a month that I don’t drive and I am looking for an option to see what would be the best solution for me.

What would you do if you were in my situation? Wait until the lease ends? Look for a brand that does lease pull ahead program? (Is there a brand for 7 mos?) Or sell the car?

I really appreciate your help on this!

Thanks.

With only very rare exceptions, no one does pull ahead on a different brand’s lease. You would need alfa to be doing pull ahead.

Unfortunately, I don’t see a good way out of this that doesn’t involve rolling more negative forward and continuing this painful cycle.

How many miles are you actually putting on, and do you enjoy the Stelvio?

In normal times I average about 300 miles a month, so I just look at an affordable lease payment as the cost of transportation, which is a necessity (even if the size of the payment is not).

Yea, right now you’re not only paying for one car you’re not using but 2 cars, the X6 and Alfa.

Unless you want to be paying for 3 cars, with only 7 payments left there is nothing to do but eat it and drive the Alfa till lease end then start over.

You can of course do the cursory checks with Carvana and Vroom to see what you could sell it for compared to your payoff, but on an Alfa with that much negative rolled in its highly unlikely you’ll be anywhere close to breakeven.

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On the bright side, you have a fun car and down to owing just $8k.

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True, it’s going to be a painful cycle! Thanks

I have approx. 12,000 miles left with 7 months to go. I do enjoy the car, but the payment is hard to justify when I think about the other cars at this payment. I asked Ally about my payoff and the amount was $37K. But, Vroom offered me at $32K, not sure if makes sense to get rid of it as I need to get a new car anyway.

That is true! It is so hard to wait 7 months.

Just remember, you’re not paying for one car, you’re paying for two cars. If you were driving a $1200/mo car, you’d be paying $1800+/mo to do it.

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You just need to decide if it’s worth throwing away $5,000-$8,000 to get out early and into something else.

I once ditched a car after less than a year because I got tired of the shade of silver. Was it worth $9,000? At the time I apparently thought so.

See if “Welcome to Porsche” is applicable here. That could potentially take care of 3 x $1,150 if your vehicle qualifies. You didn’t mention wanting a Porsche, though.

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I don’t understand this thinking. Your payment is not on the car. Your payment is like a third the car and the rest for a financial grave you dug for yourself. No magic wand is making your negative vanish. Stop the cycle. 7 mos is nothing. Besides, it is not like there are a lot of great deals right now.

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Can you explain what exactly means “Welcome to Porsche”, is that some kind of payments waiver if I get Porsche? I have read many posts saying brands will never make a payment. Or are they paying 3 x $1,150 on top of what they are willing to pay my car? For example, if they are buying my car at $32K, are they adding $3,450? I do see my local brands like Porsche / Maserati / LR doing this, but I don’t really understand 100%. Thanks.

You are correct. I was thinking if there was a brand willing to do a lot of discounts or waiving some payments. Of course, I won’t make any moves if I am going to have any financial impact. Another option is to look for lower MSRP cars to lower my payments, but I know I will want to change cars. (cycles…) Yes, hopefully October time, we will have more inventory and better programs.

Porsche occasionally does very targeted other brand conquest incentives. It appears they’re currently offering it on taycans and panameras:

Lease or Finance an eligible New 2020 Panamera or 2020/2021 Taycan through Porsche Financial Services and you are eligible to receive a “Welcome to Porsche” credit. The amount of your credit is equal to your existing competitive lease payment not to exceed $1,500. A maximum of three (3) payments can be credited to you not to exceed $4,500 in total.

Competitive lease agreement must be within 180 days of maturity date OR proof of competitive lease payoff must be remitted by your Porsche dealer.

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Unless there are discounts and Welcome to Porsche on the base Taycan, the payment is still going to be just as much as that Stelvio :laughing:. Then again, no Porsche dealer is purchasing a Taycan without a single option.

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