Need advice negative equity rollover on lease

Hello!
I just joined this forum and needed some advice.
I have a 2017 BMW 530i xDrive and KBB is $24,xxx and still owe approximately $33,xxx. My current car has 60k miles and I would like to get out of the car and into a new lease. I am heavily aware that there is a ton of rollover, but I am currently paying $700 monthly for the car and I do know that the negative equity will add an additional $300 to the monthly payment. I would like to get into a lease that would be close to what I’m paying now, and if possible, less. I was wondering, what kind of cars that I could get the best deal with.
I am also looking into getting a broker as I have read I can get the best deal through that as well. I am located in Michigan near Detroit.
Thank you for reading :slight_smile:

Correct me if I read this wrong. You make 20k miles a year? If this is the case You shouldn’t lease the car.

I’ll give you the typical first:

Is there a reason why you’re willing to take a 9k hit? If it’s just because you don’t want the car anymore, I’d seriously reconsider.

To answer your question besides saying don’t do it:

Get the cheapest car you possibly can and not another BMW. An EV might be a good car to bury negative in give the amount in rebates.

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If you’re thinking about another BMW or similar, that’s not gonna be pretty. There is no magic bullet with Negativity Equitivity.

Can we make a rule to never utter that term again. My God it makes me cringe LOL.

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Fine. Negativity Equitivity. :stuck_out_tongue:

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I’ll take it if you promise to never say the other one again :joy:

I promise. Честное пионерское

image

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My vote is to make that the official terminology

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I took the car on a few road trips that put a lot of miles on it. Due to covid I’m not driving much anymore so my mileage usage has gone down

So people stop doing it?

You can possibly get into a BMW 330 if you are really wanting luxury. But I would look for an EV to eat up that negative equity.

Only 3500 on the 330e xdrive, 2k loyalty, 1500 lease credit.

:point_up_2::point_up_2: What they said.

Covid will not be forever…

I just wanted to get out of the car while there is still less than 100k miles on it and would like to get a lease

But my employer’s willingness to finally succumb to the idea that quality IT work can be done 100% remote might. I’m sure as hell banking on it with mileage allotment idea on my next lease lol

I hear you, but that is a lot of negative equity to roll into a new lease.

So then why not hold onto the car for another year?

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If there are no major issues with your car and you can afford to keep making payments, then I would not recommend getting into a new lease right now. My $0.02.

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There are hundreds of threads on this. Please search. Your situation is no different from any of the others.

If you really want to lease, you need to find something that has a very low MF whilst staying under 120% LTV.

If you don’t have cash to pay the negative off, you will need to find something far less expense to own and operate than a 5 series. But it’s going to be far less car than a 5 series. Owning a used BMW is not a cheap decision…

If you need advice on dealers to target I am also in SE MI and have worked with most of them at some point. Good luck.

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