I have a 2015 Escalade ESV Premium 2WD. Currently has 103K miles. We owe $31K on auto loan with 2.65% interest. Normally I would not be a fan of trading in the vehicle with negative equity but it’s starting to have mechanical issues and I’m afraid we’re just going to keep sinking money into an already sinking ship. Purchase the vehicle in 2021 at the height of the used car market craziness.
The highest offer I’ve received for trade in value has been $18K but all have ranged between $16.5-18K. I’d like to avoid eating up as much cash as possible. We have excellent credit
Based on what I’ve read on different threads here it seems that maybe a loaner or demo vehicle might be an option to offset but not entirely sure how to find those vehicles.
I would like to get another large SUV although I’m open to something mid-size as well if the deal will get me out of my nightmare vehicle. Vehicles I’m interested (prefer 3 rows for kids): Yukon, Tahoe, Infiniti QX80, Land Rover Defender 7 Seat, Nissan Armada, Lexus GX, Kia Telluride, open for other suggestions that might offer up a deal that makes sense. NO CARS
What you can do is take a 24 month volvo lease. Lets say you have 12k negative just to keep the math easy. The 12k is spread evenly over the 24 months. Volvo has a 6month pull ahead program. That means you get out after 18 months and the last 6 months is waived, not rolled into your new lease, but waived entirely.
This allows you to discharge 25% of your negative equity. Hell you can even use pull ahead to get into a care by volvo lease that can be terminated in 5 months
I’m interested in learning more about what this might look like. So I would need to do the initial lease and then role into the care by volvo or this would be in addition to?
I’d consider looking at high priced EVs. You need a quality discount and the rebate can help. Higher MSRP will help with a decent discount. If you can’t do an EV, still some solid options out there.
