Negative Equity Lease Buyout?

We're at our lease end, and after going in with 60 days left, we were told that our mortgage being behind prevented us from getting any financing at all, even though we were in a payment plan with the mortgage company. After busting butt for the next month we completely caught up our mortgage and were ready to

We're at our lease end, and after going in with 60 days left, we were told that our mortgage being behind prevented us from getting any financing at all, even though we were in a payment plan with the mortgage company. After busting butt for the next month we completely caught up our mortgage and were ready to try again.

The dealer has said he can get us into a new vehicle for double the monthly payment we pay now but that we can't buy the vehicle that we leased because it has negative equity.

This is likely because we went over on mileage by a fair amount after an auto accident claimed our second vehicle and this one became our primary. We expect some sort of insurance settlement out of that situation, but likely not for some time yet.

What would you suggest we do to avoid being completely without a car at the end of this next month?

Thanks!

Other answer:

Robert:
Buy something used.

Edit: It does not matter what the value of he leased vehicle currently is — you have a right to buy it for the residual value stated in the lease contract. Unless the FMV is way below the residual value it should not be too difficult to find financing. Instead of trying to finance it through the lease company, try your bank as well as local credit unions and community banks. This way you also avoid any charges for excess miles, damage to the vehicle, etc. You pay the residual value and any settlement fee and walk away as the owner.

Brown:
Am Brown from Ohio USA and i want to say a very big thanks to Helen Kent for helping me get a loan and i will be forever grateful to her and i will like you all who is looking for loan to contact her via email: helenkent71@gmail.com
Casey Y:
Buy a far cheaper used vehicle.
real estate guy:
being in a payment plan doesn't mean you were not late, it just means that you were late and had made arranges to pay it off.
Squall:
.

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