Tips on Buying Cars: Upside down on and old truck and what do i do?, bill gates, credit score


Question
I have a 2003 Yukon Denial and still owe $19,000, and its got 100,010 miles on it. I really got duped and it is my own fault. We would really like to get rid of the truck and with gas going up, I don't think anyone would want to but it. Its a beautiful vehicle but too much for me.
Can I lease a vehicle being 10,000 upside down? What are my options?

Answer
You can do almost anything in the 21st century if you have the proper credit score.  But with the onset of the mortgage crisis, rolling $10,000 into a lease would most likely require the credit rating of Bill Gates.  Not to mention what it would do to the monthly payment: on a 3-year lease, $10,000 would ADD $300-$350/ month.  You could probably roll a portion of that into the lease, if you came up with $4,000-6,000 in cash.  Rather than put that kind of money into a lease, why not park the Denali and use the cash to buy a decent, economical used car?  It would be cheaper (in the long run) than having to take such a huge hit on the GMC right now.