Auto Loans

[Andy77]

So, I have a 2010 IS-250 loaded with 21,850 miles.  

The sticker was like 42,500 in May 2010, I put down 4200 and my payments are 329 w/ tax etc per month

It is a 36 month lease with 30k miles limit

It was hit on the right back and repaired and I nor anyone else could tell it was ever in an accident.

When I brought it to the Lexus dealership today to try and get any equity out of it, they said I was upside down.

Buyout 25,949

Appraised today at 22,800

The dealer at Lexus told me to bring it to Carmax and let him know what they said.

My auto vantage score was 626

I would like to get rid of it and into a cheaper car.

I have been previously approved with Capital One, but the interest rate was 16 percent..WAY too high

I know if I pay down my debt my score will go up

Any thoughts??  Has anyone had any luck with carmax?

[OilFieldEngineer]

If you had the vehicle repaired at a larger body shop or through insurance they know the exact dollar figure and type of damage. Most shops and insurance companies enter this information into registries like Carfax so its no secret. I would attempt to sell it outright and hope they dont pull the Carfax or work a good deal for a trade in and take the little bit of negative equity. 

[Andy77]

Well I think they only know about the damage because I stated it had been an accident, maybe I should not have done that, but I was being honest because I thought they would figure it out.  I have not looked at the carfax to see if the accident was on there as I got bumped at the dry cleaner

[OilFieldEngineer]

they can do an ultrasonic check to measure the thickness of the coating that will give away if it has been painted so they can figure it out. Repaints by a shop are thicker coating than factory