Please help-stuck in lease

Ask the Hackrs Buy/Finance
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1

I hope this is allowed. I need help!

I lease a Jeep GC 23’ through a credit union (probably first mistake) for about $600/month (full loan amount $46,000). It is an indirect lease that I got from the dealership. The full loan amount is still $37,000. I am 24 months in with 12 to go, but have already hit my 36,000 miles (probably another 18,000 at $.25/mile). Am I completely out of luck and money? Do I have any options? Don’t love the car, but will buy it if that’s the only option at the end. I got a Carvana quote for $25,000. Thank you!!!

2

You are out of warranty now already.

18,000 x 0.25 = $4,500 overage next year. $375 per month

So your real monthly from now on will be $975. Plus tires maintenance etc.

Does your CU allow lease transfers? You would need to give a big incentive. Maybe run those scenarios first.

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4

Get a cheap daily for $5k-$6k drive that and sell it after and take a hit on that for $2-$3k.
Park this bad boy in the garage or on the street, praying someone crashes in to it.
Minimize miles on this and just grind out the year in a beater.

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5

Leasing or leasing through a CU wasn’t your mistake. It was agreeing to pay $600 for a JGC.

Start saving up to pay the excess mileage fees in 12 months. It’s better than massively overpaying to buy it at the end.