Will try and keep this simple so I am not tackled by you guys.
I have some major life/career changes (same company new role). With that I need a SUV. I have a major issue, that’s a “Me” problem but, I come here asking for advice and input.
Current car:
2019 Lexus ES350
35 months left (48 month lease)
trade valued at $27k (accident on car fax) was at my local dealer today, accurate number.
Payoff: $41k
$14k of negative equity
I have $4000 I can lay out of pocket.
Lexus offered me a $54k RX with 4K out of pocket, $980 a month.
Sales person suggest I shop around for big rebates, customer cash, etc. advised December may be the month.
could have made something work in a NX however, I am just way to tall.
I can’t be the first and won’t be the last with a problem like this. Does anyone know which brands have the best rebates, etc this month?
Get quotes from vroom, carvana, … but a transfer may be you’re only hope. You’ll be taking it in the shorts regardless. There is no magic bullet for a 48 month term and a horrible payment.
Wait for a really bad rain storm and find the biggest puddle you can and say a prayer…
on a serious note, does it need to be a luxury brand vehicle? are you willing to drive a like a Durango or a Traverse for $700 a month. QX60 maybe? Honda Pilot?
I would just do $0 due at signing on the lease and take care of as much of the negative as you can on your own, depends how badly you need to get into an SUV but it can be done.
You should list it on swap a lease with a huge incentive to get that payment more palatable. Because $677 is higher for an ES. Rolling negative equity is just a slippery slope and gets worse with multiple cars. I would make sure you are 100% sure you “need” an SUV especially a $54,000 Lexus RX SUV. Long story short burying $14,000 is going to be a problem. Selling it probably won’t work. Swapping it could work if someone has to have a $550-$600 a month used ES. Then you can shop.
LOL funny. No does not need to be luxury. Totally open to a Durango. Actually spoke to a friend who said go to Infiniti… apparently they are blowing out the qx60’s. Im just not to fond of that CVT. Otherwise I would give it a shot.
You’re going to run into a massive problem trying to bury that much negative equity. Generally the maximum LTV is 120% from most leasing banks, captive or otherwise. So that’s going to require a lot of cash up front to pay it down, an SUV with a high MSRP (which will generally be more costly) or both.
very good incentives, good discount to be had, high enough msrp to give you decent advance to allow rolling some in but the discount should be more then enough to cover it.
Assuming you threw all 4k at the negative you’d still need a vehicle with about a 58k msrp to even come close to pulling this off, putting aside the question of whether it is prudent to do so.
