New lease? Negative equity

What’s up everybody glad I found this forum
Really found it through (mayn motor group) on YouTube go ahead an check them out. So…… I have a 2022 gmc canyon owe 32k on it paying 617 monthly trying to get out of it
Would it be smart to lease a new car for the 3 years and then start fresh was looking into a basic trim Corolla found one for 23k
Scared Falling Down GIF by Sam Jack Gilmore

Looking for a Corolla if any broker can help in the Texas area or if Camry would have better deals

You’ll need to share all the numbers if you want an eval: current payoff and ACV (what buyers are willing to pay, not just KBB).

If you search this question has been asked multiple times recently, in each case the overwhelming response was “don’t”.

Texas taxes are one of the biggest challenges to leasing there. Target makes/models offering tax credits.

@jeisensc Awsome thanks, more or less I owe 32k. the car value is 24k let’s say I get 20k for it I’m 12k in the hole I only want to trade it in because I feel I’m having transmission problems… and warranty should be done.

But thanks for the link I tried google voice and a couple of websites waiting for a offer :+1:t3:

that deep in the hole? just keep making payments.

Depending how bad the negative equity is, your payment may very well be higher on a Corolla.

It may seem counterproductive but you probably need a more expensive car but with high discount, high rebates and a low rate or high residual to soak up the negative equity.

Even if your payment isn’t materially lower at the end of the day, The money has to come from somewhere.

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Maybe extending the Original warranty is your best bet. Revisit in a year.

You just have way too much negative to roll into another deal.

Awsome thanks for the advice everyone! Will check back in here and lyk what happens