High Interest Loan - Dealing with Negative EQ

[Anonymous]

So in 2011, Before I cared enough about my credit...I went and purchased a vehicle at a 21.9% interest rate with Cap One

I financed at 72 months....the payment is 482/mth ...

Now that I know better I see that I have paid for the car TWICE

Short of refinancing I have considered rolling the debt into a lease once I get up over 660 (few things falling off soon should get me there by or before end of year). 

My question is:

Has anyone ever rolled Neg Eq into a Lease? How does this work exactly?

NOTES: The car is only worth 5k at this point , currently 7k upside down 

                I also would like to purchase a house within the next 1- 2 years dont want to disturb DTI or have purchases cause an issue

[Ragelog]

It is possible how much negative equity can be rolled into a lease I am not sure likely depends on the car and your credit as well as other factors.

I will let those with experience chime in.

In the end you will pay for the negative equity whether you do that on your own or you have $200 a month added to a 36 month lease it works out to about the same.

I have been there with a high APR loan and still had about 4k I rolled into a loan on a mildly used car. 

My goal is keep this car at least until I have 0 negative equity and ideally until I own it. However I haven't owned a car for more than 2 years so that will be a challenge.

[Anonymous]

Thank you Ragelog...the more I think on it...the more I'm thinking to ride it out allll the way, or pretty close to the end. 1 1/2  years wont' kill me, sigh, lol. 

I'm in a bit of  a waiting game with credit too, so I'll wait it out until next year when my negatives fall off. 

Plus here in Atlanta EVERYTHING is spread out, so I'd be a bit afraid to go over a set mileage amount as well.