I’m new here, I have a 20-5 Porsche Cayenne Diesel that I purchased a year or so ago. I have almost 15k in negative equity in it. 78k miles. Looking to lease a wrangler. What is my best option
Get a value from Carvana, Vroom, Carmax and see just how bad your negative equity is. If it is in fact 15k, you’re going to just have to suck it up and pay it off at some point - either by keeping the car for the duration of the loan or trading it and ponying up a substantial amount that you owe before rolling the remainder into the next car.
I don’t know many cars, if any, that can tolerate 15k of negative equity…
quite! and certainly not a Wrangler
OP what is prompting the need to change? Does the Porsche have mechanical issues?
Major mechanical issues
wait you have a 2005 Cayenne bought a year ago, and you have 15k negative equity in it?
Does it even worth more than that to begin with?
I think it is probably a 2015 Cayenne Diesel…there wasn’t a 2005 Cayenne Diesel.
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2015 Cayenne my mistake. Just trying to find the best lease option
that make sense, he typed 20-5 so I assume it a 0 since it close to the - lol
My bad.
Does your vehicle not have a warranty from Porsche still? After the diesel fix, I thought they extended the warranty on most of these cars. You’re certainly not going to get top dollar if it has mechanical issues.
Sounds like you bought it with low-ish miles and then drove a crap ton and took it out of warranty?
Did you do any market research on the Cayenne before purchase? There is plenty of information out there regarding the 2015 Cayenne Diesels… especially after dieselgate.
Either way, 15k in negative equity is a huge hit. You’ll need to come to the table with money. Don’t really see any way out of it unless you hold on to it for a while.
I think rolling 15k negative equity into a new lease it’s a bad idea…
I think more realistic solution might be asking where to find good shop fix whatever mechanical issue you are having for a good price.
But I am afraid this forum may not be a good place to ask such question.
How much did you pay for the Cayenne and what’s the loan balance now?
Urgent
I have a 2018 Honda Civic LX which I leased in May 2018. I am in the process of upgrading to a brand new 2019 Honda Civic Si also leased… The sales rep said I have $6869 in negative equity. He informed me that someone will be taking over my lease on the LX. Can they still carry over the negative equity from the LX to the new Si even if someone is taking over the lease? Seems odd that the negative equity is being transferred over to me since another client will be taking over the lease. Sales rep told me they already have a new client to take over my current lease.
Please let me know.
Much appreciated!
Joe
Oh by the way I live in Toronto Canada.
It sounds like they’re simply buying out the lease, rolling in the negative equity into your new lease and then selling the car to someone else.
I have no idea how it works in Canada, but in the uS you can’t lease a used car like that unless that specific financial company supports it. I don’t think Honda financial supports used car leasing.
With so much negative equity; what’s the reason you’re going to an Si? Got the new car itch already?
They have a customer ready to take over the my lease. Just curious how negative equity works. Is it common in the US to rollover any negative equity to the new lease even if someone else is taking over the lease? This whole leasing thing is new to me.
Thanks again!!
No it’s not common and is nearly always inadvisable. My understanding was that Honda (at least in the US) does not even allow lease transfers anyway.
This whole scenario sounds very weird.
I’m 99% sure that you’re in the process of being completely screwed. Post more details about what the dealer is proposing to do. Honda leases are not transferable.
Also, it is not possible to be that upside down on a base Civic you leased a year ago unless you’ve crashed it into a tree and not fixed it or put 100k on it in a year. Or rolled a massive amount of negative into it to begin with.
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Yeah, this is completely weird. Highly advise against what you’re about to do.
It just seems like the dealer is pulling a fast one.
I normally would never recommend this, but I would post over on reddit AskCarSales as they have folks from Canada that post.
I’m wonder if transfers of liability are different in Canada.