I currently have an Evoque lease that I want to trade in for something else because I am over miles. I am 14 months in on a 33 month lease, but my local LR/Jaguar store said they can pull me out 6 months before the lease expires. Currently it has 30K miles and am going to be over miles by 20K and LR charges $0.30 per mile.
I went to my LR/Jaguar store and can get into an XF diesel with a $72K msrp for $998 including my negative equity. So I know I am rolling in about $300 a month basically into whatever next car I get.
Thing is I want to lower my payment - I read about $300~ lease deals here from Infiniti, MB, BMW, Lexus and Jaguar but the thing is the Seattle isn’t competitive so the price of leases are higher. Here are a few examples:
Infinti Q50 base lease: $47K msrp car for $369 a month 10K 36 months but all of a sudden with my trade in it becomes $1100 a month.
BMW X3 base lease: $48K msrp car for $339 a month 10k 36 months but all of a sudden with my trade it becomes $1300 a month.
Lexus CT base lease: $48K msrp car for $484 a month 10k 48 months but all of a sudden with my trade it becomes $956 a month.
MB E300 loaner lease: don’t know msrp but they were asking $369 10K 36 months but all of sudden with my trade it becomes $1080 a month.
So far the Jaguar XF is the best deal but I wasn’t too fond of it and I don’t need another $1K a month payment. I want to stay around the $600-700 range.
Those quotes with the neg trade-in don’t make any sense at all. They range from being $22560-$34560 in neg equity. What is your current payoff and estimate of it’s current value?
LR/Jaguar has my payoff at $46,500 and offered me $31K flat. I went to Carmax and they offered me $29K plus $3K in tax credit so they said that brings up their offer to $32K. Negative equity is around $15K. It would be a higher offer but there was an accident. The other dealerships had similar offers but you know how dealerships are - always trying to ripe someone a new one.
Rolling $15k of neg equity into a new 36 month lease adds at least $416/month. It might be tough to roll all that, especially into a lower MSRPed vehicle, because the LTV would be super high.
Coming back to this. Now since all dealers are trying to push out cars, been shopping around. So far Volvo is giving amazing deals.
Spoke to a few Volvo stores and average I am getting off MSRP is $10K, off of a 2017 XC60, if I can get a couple thousand more off I’m happy because basically that absorbs all my negative equity.
$51K MSRP, discounted to $42K for 36 months 10K miles $648 including tax. If I can get this dealer to knock off another $2K, I will be under my $1k goal. Residual is 48%, MF 0.00089.
$54K MSRP, didn’t tell me the cap cost but its 36 months 15K miles for $550 a month before taxes, this deal is cheaper than the first dealership, and he told me to come in person so I am hoping I can hit my goal of $500 a month for this. Residual is 48%, MF 0.00089.
My payoff is less now, but I am still getting the same offers of around $33-34K. From the offers I got from other dealers, I’m calculating my negative equity at $11-12K now, so should be rolling in another $400~ on top of that.
Can I get anymore off the two Volvo dealers? One manager from the third store got very offended by my offer - told me to go to a Honda store if I wanted a bargain.
Reached out to my close friend at BMW about the X3’s he has, he hasn’t given me any numbers but I know the discount will be about the same.
Haven’t tried any Mercedes dealer yet, but looked at some loaner cars they have, especially the GLE.
Wouldn’t it be better to just pay the overage? It sounds like you’ve got 15 months left at ~$1000/mo and you’re going to be over by 20,000 miles (@0.30 is $6000). So that’s a total of $21,000. If you sign a new lease at $600/mo, then in 15 months you’ll have paid $9000 plus absorbed $11,000-$12,000 in negative equity. Since you’re currently on pace to put <25,000 miles you’ll be over on the new lease as well.
$1k/month for a old $51k XC60? Would a bank even approve such a deal? If you must trade it in, you should just buy a used reliable car with a decent APR and stretch the loan to 60 months.
My current payment is $750. I haven’t drove the Evoque much since making this thread, its at 35K miles. If I keep it, just means I can’t drive it much since I have to try to stay under 50K miles by June 2019.
New lease I won’t be driving as much, but this time I am going to 15K miles a year vs 10K.
Either way I look at it - I will be paying the $12K I still owe on the Evoque through the new lease, but if I keep it I will still pay the $12K I owe plus another $6K in overage.
Don’t mean this to come off as condescending, but if you drove 30,000 miles in 14 months, I’m hoping something has drastically changed if you’re looking at only 10K miles per year for this lease.
I don’t have 15K miles left. I am over my miles by 5K already. I only said 15K because thats when the warranty expires and I would only pay the $6K in overages.
Would a bank even approve such a deal? If you must trade it in, you should just buy a used reliable car with a decent APR and stretch the loan to 60 months.