Yeah, I guess I assumed being that this is on leasehackr that it was a lease.
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Thank you! Everyone else is so fixated on my housing and personal finances that not a single person actually tried to answer my real question of if there’s any lease deals available with a low initial payment that I can roll my negative equity into and pay less than $750/month? Yes, I am financing my current car and I want to go to a lease to wash the negative equity.
A few ideas were given. A ZDX, specific Mercedes leases. Max gave some sites to look at how deep your negative equity was. Tapping your 401k, etc etc. See what CarMax and Carvana will let you roll into a used car. No one here is going to do all the work for you.
Look at some ZDX brokers and Mercedes electric brokers in the market place is a good start if you do want to pay someone to do the work for you.
I don’t think you can find anything for less than $750/mo at this time, on average with $3K DAS you’re looking at $300-$400 per month plus your NE added on top… and you don’t even know what your ACTUAL NE is-you’re going off of what “they” said.
Unless you can swing a personal loan (or friends/family borrow) to cover that NE you won’t move forward, or just keep things the way they are and try to at least get a part time job of any, any kind to cover the expense… other than that-sorry to say but NE won’t wash, the tub is plugged already
I think I did, but you seem to set on leasing anything to just dump your negative equity.
Others did too…
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They can’t tell you something exists when it doesn’t. I don’t really have any useful advice either. This is about all that I can do.
EDIT:
I think someone just signed a deal on a $100/mo, $100 DAS Charger Daytona. Could be an option.
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He will not save money paying the insurance on that car vs the chayenne.
My only advice is to do what’s best for you. You mentioned that you are in the process of building a house. I can’t imagine navigating building/mortgage paperwork while also job searching in this current market.
Good luck.
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The situation is tricky. Can you provide any more detail on your car? If you can provide the VIN (or more details on the car, model/year/amount remaining on loan, etc), then someone can look up the MMR and tell you realistically how much negative equity you have. There might be a scenario where trying to sell the car privately would net you more than a trade in to a dealer to absorb the negative equity. Then, once the car is sold you can get into a $0 down monthly lease, or buy a used junker for a few months until you get a new job.
This could take months. OP will also come across tire kickers looking for a “test drive” in a Porsche.
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Hey Hackrs,
Looking for guidance on getting out of my current lease and into something more family-friendly. Timing-wise, I’d love to make a move by end of month/quarter (March 31) if possible, especially with market volatility and potential tariff concerns on the horizon.
Current Lease:
- Vehicle: 2023 Hyundai Santa Fe Calligraphy
- Lease Term: 36 months / 12k miles per year
- Current Mileage: ~42,000 miles
- Time Left: 8–9 months
- Location: New York
- Payoff Info: Still waiting on an exact number from Hyundai Motor Finance, but can update once I have it
My Goal:
I need to get into a more spacious vehicle (growing family), ideally a Honda Odyssey, Toyota Sienna, or possibly a 3-row SUV like a Telluride, Palisade, CX-90, etc.
Concerns:
- I’m over mileage and worried about negative equity growing the longer I wait
- Hearing about potential tariffs that could impact new car pricing soon
- Wondering if the end of quarter timing means dealers might be more flexible
What I’m Asking:
- Has anyone had luck with Hyundai lease pull-ahead programs lately?
- Would a third-party buyout make more sense than going through a Hyundai dealer?
- Any leads on current strong lease deals for minivans or 3-row SUVs in NY?
- What’s the best way to evaluate my equity position, if any, in the lease?
- Is it smarter to wait it out or try to move now while the market’s more fluid?
Appreciate any help! I’ll circle back with updates and will post in the SIGNED! thread if I pull the trigger soon.
Thanks!
Possibly. AutoTrader private sales can go pretty fast if priced right.
That’s tomorrow! Have you checked out broker deals in the Marketplace ?
There is no negative equity unless you plan to sell the car or trade it in. You can prepay for miles before the end of your lease. That might be your best option.
It depends - if a dealer is looking to hit an end of month or end of quarter sales quota, they might be more inclined in making a deal. However, there are no guarantees.
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This sounds improbable in one business day.
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You’re looking at around $24-$26K+/- for a trade in/3rd party buyout on this. BTW is it FWD or AWD??
You’ll be much better off purchasing the Sienna or Odyssey vs leasing, or lease the CX-90, KIA EV9 is also large enough if ya wanna EV lease
I’ve sold high end cars privately. You can sniff out tire kickers easily. Within a 2 minute conversation you can tell if someone is serious or not. Never do anything over text either. Phone calls weed out the bullshitters.
Is there a bit of a pain in the ass component? Sure. To get $10,15k more vs a trade in, it’s sure as hell worth the hassle.
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AWD Hyundai
I think you should review your mileage before you lease again or you will end up back here in 27 months.
Looks like you drive ~18K a year so keep that in mind.
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Just a note that leasing doesn’t dump negative equity.
You can absorb negative equity for the purposes of loan to value on a car with heavy rebates, but it doesn’t go away. You just overpay for the new car and still have negative equity to pay off.
The less expensive the new car, the less negative equity it can absorb, which is why this is a compounding issue. To bury $9k of negative equity you are looking at a car with at least 9k of discounts which is either a $90k msrp, or an EV and still MSRP north of $50k.
This means you add your $9k to immediate depreciation and make your situation $18k negative instead of 9k.
You might look into a refi on the current car with a co-signer to recast the term of your loan and lower the payment, because either way you are costing yourself more money.
Don’t bother the guy deleted his account (hence the anon prefix).
He actually got answers to his questions, he just didn’t like the answers. He wanted someone to waive a magic fairy wand at his negative equity and make it go away. The options provided to him were like water off a duck’s back since it seems he ignored those recommendations and kept complaining people weren’t helping him.
TheVolvoGuy used to provide people with those low money factor leases where the person could roll in some negative then try to pull the lease ahead early (term in month 18 of 24). This would wipe out 25% worth of the negative. But nobody’s wiping out 50% or 75% of the negative in a way that would have cured the guy’s Cayenne problem.
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