Upside down considering leasing to lower payments

So I live in Albuquerque and currently own a 2013 volt tlz and have about 30,000 miles it. I owe about $18,000 and most dealerships have offered me between $11,000 and $12,000 as trade in value.
Some have suggested I consider leasing in order to lower my payments (currently $630/month) and get a new car. Any of you have any suggestions? What may be the best deal for a lease if I decide to go that way? I’m assuming I may have to put some money down and I’d be open to that. Would like to see my payments below $400/month.

You understand they will take the difference and apply it to your monthly lease payment? Never talk payments with the dealers. First do your own research on what kindof car you want and what monthly lease payments should be by using the calculator on the site and reading the forums. As of now, you are 6k underwater, which means $30 a month for a 36 month lease per each $1000. So whatever lease you get your are adding $180 just to pay off your 6k. Based on some deals in the forums you can do under 400 with everything rolled in. However, i am not sure your payment terms but refinancing your 18k could be considered instead of leasing.

I’m new to this site and I’m trying to understand how it all works - I’ve also never leased before. What would you say are some of the best deals for leasing in the Albuquerque area?

Maybe another moderator can answer that better but look at jetta, corolla, cruze maybe?

How many years left on your loan amd what is the apr? Unless there is something wrong with your car, consider driving it for the remainder of the term. A 30 k miles volt ltz is a much nicer car than a corolla lol. Have you considered refinancing the loan to lower the payment?

I have 0% Apr and about 30 payments left.

No offense, but how did you end up with a $600/month lease?? Even a fully loaded Volt should not have been that much…on a $0 down purchase, let a lone a lease. And how are you already at 30k miles, but you have over 30 months left on the lease? Trying to understand your situation better so we can give appropriate advice.

I have a loan right now, not a lease.

OK, I see.

Looks like you are in a pretty tough spot. Do you need to lower the payment because it’s causing strain on your finances? Honestly, there isn’t a way you can really get out of your Volt at the moment without taking a significant hit out of pocket, especially on a dealer trade in. Even a private sale would still probably leave you 3-4k upside down.

I think the best bet is to just keep making payments and ride it out, as long as your financial situation allows it. Trying to get out now will be messy.

Man i would just refinance. 18k loan for 5 years at 3 percent gives you a payment of 323. If you make it 4 years its 398 a month. That is right around the payment you are looking for. I think some credit unions will give you 3 percent apr no problem.

That spreads out the loan, but ends up costing more $$$ in the long run.

If OP needs to lower the payment due to financial strain, I guess that is an option though.

Very true regarding spreading the loan but a better deal in my opinion. Plus 3 percent interest is not bad at all. In addition, if he is willing to put money for the lease I would just put that towards the loan and lower the payment even further. I am just saying that in my opinion it is the best bet instead of trading the car to lease and have no equity after the lease is over. At least after 4 years there will be at least 4k to 5k in equity from the car once he pays it off.

Yeah, agreed that a new longer term loan at a low interest % is still waaaay better than dealing the car for a loss and rolling it into a new lease. Plus the new car will surely have higher operating costs than the Volt.

Very true the maintenance cost for the 4 years on an older car are a factor. Well that is a decision he/she has to make.

That is definitely a factor b/c right now I have very little operating expenses on the car - barely any fuel costs and it has yet to break down.