Need Help - Stuck in an Upside Down Lease of 2023 Chevy Silverado 1500 Crew RST

amy83181

In January 2023 I entered a lease for the above vehicle. 39 months 10,000 miles a year. My husband started his own business a little after we leased the truck and used the truck a lot more than we anticipated. We are 20 payments down and 19 to go and already over allowed miles. We pay $808 a month and payoff is about $54K. Trade in value around $37K. It’s .25 cents each mile over allowed mileage. Should we wait until the end of the lease and turn it in and pay the mileage cost or should we take $15K and pay off the remaining lease and lease a cheaper vehicle?

We leased this vehicle at the worst time when inventory was low and now we got ourselves into this mess. I understand we are going to have to pay for it one way or another. I’m just not sure what the best option would be and would love feedback.

Right now the dealer told us if we pay $15K it’s like we are paying off the truck and starting a new lease that would be around $559 a month including tax, nothing down 36/12 for a 2024 Silverado 1500 custom crew. They used .00254 MF and 64% RV, I forgot to ask about incentives (will be shopping around on price around 33326).

Thank you in advance for any advice!

kyfdx

If you’re driving 24Kyr, getting into another low-mileage lease doesn’t make much sense.

If your over mileage fee is going to be $15K or less at lease end, I’d keep driving it until lease end.