Location: FL
This has been a whirlwind, and I want out, to be honest.
I was originally on a lease and was interested in buying it out for around $30k. I took it back to the dealership that originally gave it to me. They wouldn’t allow me to finance the leased car and said I was in negative equity. The only resolution they offered was to roll it over into a new car. I ended up getting a ~$40k car.
First Contract:
They said they’d give me $17k for the lease and roll over $13k in negative equity onto the new car, making the total financed amount about $53k.
Two weeks later, I got a call from the dealership saying the application didn’t go through. When I asked why, they couldn’t give me a clear answer. Unbeknownst to them, I called the bank myself, and all that was missing was work verification (since I get paid by check).
I met with the dealership representative, and she tried to renegotiate by increasing my monthly payment. I refused. Eventually, they matched my “original” payment but with a different bank.
While refusing to budge, I called the bank again. They faxed me the paperwork they needed, which had to be signed by my employer, that was all.
Second Contract:
I went home with a new contract. This one stated they’d give me $20k for the lease and roll over $10k in negative equity onto the new car. So now, I was financing around $52k (she also added ~$2k worth of GAP and tire insurance). At this point, I was just like—whatever.
Then, I get another call from them, urging me to contact the bank. When I did, the bank told me they needed a statement from the leasing bank confirming the lease account was cleared before they could proceed. I initially thought it was my fault, but I realized the dealership hadn’t paid it off yet. The account still showed a $15k negative balance.
I contacted the leasing bank. One rep said it wasn’t updated. Another said I’d get an official letter on Tuesday. A third didn’t know what was going on.
Now the dealership wants me to come back on Monday. I know they’re going to try to renegotiate again and possibly blame me for not contacting the bank in time. They’ll probably say I’ll get a higher interest rate, etc. But even if I had called the bank immediately, the letter wouldn’t have been ready since the lease balance is still showing as negative.
So at this point, I just want out. I’d rather walk away, take the $10k in negative equity as a monthly payment, get a used car, and move on with my life.
I’m highly stressed—working in healthcare administration, running a nonprofit, and preparing for graduate school. I just want to return the car and be done with this.
But I’m asking as a first-generation student, coming from low income family, and I feel completely lost here. Would there be any negative consequences if I do walk away? What are my rights vs. the dealership’s? No contract has been finalized since the bank hasn’t approved it yet. Or am I stuck and forced to accept whatever they offer? Ngl I am kind of scared returning the car, since I’ve put in miles not knowing nor take responsibility of this.
Comments
If you have not signed an Approved contract. RUN
How do you have negative equity on a lease? Over mileage/damage?
Are you trying to end the lease early?
Check the original lease paperwork, is there a buyout amount listed?
The dealership has nothing to do with you being over on miles.
It is not their car, it is not owed to them it is owed to the leasing company.
You do not have negative equity.
The dealership is being beyond shady.
Turn the car in and leave.