Hello, First timer hear and here’s my situation. I currently have a 2014 Cadillac CTS w/ 40,000 miles on it. I still owe 19,500 on it and I believe I will be under water on it because I was in an accident with around 11k of damage done. The car has been fully repaired by Cadillac collision and aside from the accident, the car is in immaculate condition. I have not taken it to CarMax yet, but I believe once the car fax is pulled, the trade in value will take a nice hit. I can afford to pay any negative equity up to around 3k, but I’ d like to know if that is a good idea or should I roll into a lease? I’ve read different posts stating the virtues of both, but I’d like some advice on my personal situation .Ultimately, I’d like to jump into a used car lease for a Cadillac CT6 or MB E300 with no deposit. Thx!
Was the accident your fault? If it wasn’t, I’d look into filing a diminished value claim with the other drivers insurance. That will help get you sideways hopefully.
I was not at fault. Just had to google that term and I’ll definitely go ahead and get in contact with the insurance company to inquire about it. Thank you for your response.
No problem, I’m in a similar situation. Just sold my 2015 Durango R/T to CarMax (20 of 42 payments remaining) and with the check I’m getting from GEICO I’ll be up a couple hundred.