Yeah I have cash to get out of it but like I said was hoping to not eat up the cash but if that’s my only option it is what it is. Was just hoping someone here might have a solution somewhere in the middle.
Having an Escalade, hard to go smaller. No good deals on bigger cars. If you can downgrade to smaller vehicle, you will have better chance to come out of the negative equity
Can you roll negative into a 24 month CARE by Volvo lease, but then cancel the lease in 5 months?
Only lease that’s a good value in here is the Telluride.
CX90 is a little smaller FYI if that’s important.
With your budget you should be able to finance a Grand Highlander or Lexus TX if you need something larger
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EDIT: Looks like Polestar doesn’t do trade ins on short leases (or maybe at all). Not sure about Care by Volvo
Still has to pass the LTV check
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Which is ?
Even if it’s 100% of MSRP, any EV or consumer rebates could become negative equity to wipe out at month 5 instead of taking to term to month 24.
You said two things that sorta contradict each other: willing to put down 10-12K (understood as a distant second choice) vs being 13K in the hole. Just bite the bullet on your truck and get a killer deal with zero due on the replacement lease. Don’t hamstring yourself with a trade-in!
You’ll even out soon enough without worrying about sinking money into a bottomless money pit. Alternatively, get a zero percent credit card for about a year and see if you can lower the payments further going this route. Put DAS on that card for bonus. Look into Chase Ink for business if you got a business.
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Apologize for the confusion. I am roughly $13K upside down and have $10-12k in cash that I could use to cover the upside down. I’m trying to find a solution to offset some of the upside down so that I don’t have to use up that amount of cash. Hope that makes sense.
What’s the best way to search for zero due on leases?
All leases can be zero due, just depends on your credit.
Zero DAS doesn’t necessarily make a good lease. Even a bad lease can be made zero DAS.
I also don’t understand why @LAK1ngs appears to be suggesting keeping your current vehicle. Yes, superficially it makes the new lease look better without any NE. But your wallet still suffers from those monthly payments, continued depreciation and major repair bills.
He didn’t say to keep the Escalade.
What I understood he meant was to use the $10-12k for paying down the Escalade loan, get rid of it (for hopefully more than the $18k offered for a trade) and then get a smokin’ deal on a new lease.
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@max_g ,Yeah, not keeping the money pit for sure! Zero or low DAS strictly for cash flow purposes unless using a CC and getting a nice bonus.
Another option is to see whether this card offers checks (Ink supposedly does) that are treated as purchases instead of cash advances. If yes, write a check to the current bank if it makes sense and get points in the process. Stick tap to @djrabbi for suggesting that and he happens to be in OP’s relative neck of the woods. How about an EQS hack?
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FYI
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That’s exactly my concern… continuing to pay on already severely depreciated vehicle that now has mechanical issues as well. Just want to get out of my current vehicle and not financially screw myself in the process.
He can also possibly Plastiq that $12k if the new card has no checks, and if the new card spend bonus is big/good enough it will kill that 2.9% Plastiq fee pretty well also.
Edit: I don’t think most new card bonuses will allow a BT or check to be used for the spend. Plastiq might be tricky on that as well.
My eqs deals are from out of state
She is TN/KS. Help damsel in distress ;)?