How to get out of a car loan and into a lease?

My mom currently owes $20k on her car and Kelly Blue Book value is $17-18k. She is overpaying for a car that has no options and the amount she is paying a month she could lease a Mercedes BenzI told her she needs to get out of that car loan and she wants to lease. Is there a chance that a dealership will pay

My mom currently owes $20k on her car and Kelly Blue Book value is $17-18k. She is overpaying for a car that has no options and the amount she is paying a month she could lease a Mercedes BenzI told her she needs to get out of that car loan and she wants to lease. Is there a chance that a dealership will pay off her loan in full? or and recommendations
Her car is a 2012 Grand Cherokee laredo. No touchscreen and no options what so ever. Paying 470 a month.

Other answer:

Matthew:
Lesson Learned: Don't Lease A Car!
AlCapone:
Leasing is actually a good way to pay off negative equity, as long as it's not too much for a dealer to roll into a new lease.

My guess, however, is that your Blue Book value is higher than a dealer will give you as trade-in credit toward a new car. This reduces the chance that a dealer can pay off the loan and roll in the negative equity — which means your mom would need extra cash to add to the deal to make it happen.

Gatsby216:
It is quite simple, pay the car off early in full, or pay extra each month. When the loan is paid off, your mom is "out of" that loan.

I am not sure why you think engaging in another auto transaction would make any negative equity go away?

The trade in value is probably at $15,000, so to get the new Merc she would need to pay the dealer the 5,000 negative equity + $3,643 lease costs = $8,643.
Hope this helps.

Here is info on a CLA250.
Cash due at signing includes $2,549 capitalized cost reduction, $795 acquisition fee and first month’s lease payment of $299. No security deposit required. Total payments equal $14,108. At lease end, lessee pays for any amounts due under the lease, any official fees and taxes related to the scheduled termination, excess wear and use plus $0.25/mile over 30,000 miles, and $595 vehicle turn-in fee

TheReal:
You should know that she's not getting $17,000-$18,000 for her car in trade. It's worth between $14,000-$15,000. She's paying $470 per month, but she's lucky to have that. She had to take out an 84-month loan to get it that low. Just six months ago, you said she was two years into the loan, now she has five years left. https://answers.yahoo.com/question/index… If you're worried about these payments, you need to know that she can't afford more car, and chances are, if she bought this car used, her credit may not qualify her for a Mercedes.

"The Jeep dealership" doesn't accept payoffs, the lender does, and believe me when I say that they have NO reason to accept less than what she owes. They don't care if she buys another one or not, as she's already on the hook for every penny that she owes. She can pay that in full, and she'll STILL buy another. They will NOT settle for less.

Your mom overpaid because she wasn't smart enough to get a better deal. She overpaid, her interest rate was too high, and she financed for too long. She did all this to get a lower payment on a used car. She did this to herself. Let her deal with the consequences of her own mistakes.

Stupid Flanders:
Yes – if your Mom has good credit and you are really within 10% of value to loan amount, then the dealership will pay off her car and roll the negative equity into the lease contract.
It's a pretty awful financial decision, but if you really want to rent an upgraded car with more options and pay more for it, then to each their own.
Dan B:
There is a small chance that the dealership will pay off her car loan – if mom comes up with about $5000-$7000 to bring the debt down to the trade-in value of the car. I presume the KBB value you quote is the retail value, not the trade-in value.

Most times you buy a car, you're upside down (you owe more than it's worth) the moment you take possession of the car unless you put a sizeable down payment on the car.

Andy:
You have been worrying about your mom's car for months. She isn't as far underwater on her loan as many people are. She might be better off paying off that car if it runs good. Don't be in such a hurry to talk your mom into going deeper in debt.You think she can drive a Mercedes, but my guess is you want to drive it. It's possible your mom can't afford the increased insurance cost.
Never:
A lease is way worse. She needs to do nothing for about 5+ years.
Mr.357:
Probably the only option would be to sell the vehicle and pay the difference. Or she could pay the loan off in full. A dealer will not help her out with her stupidity. The most they would give her if she traded in the vehicle, would be about $10,000,
Scott H:
No way. A dealer will offer her wholesale value, so more like $13,000-$14,000. She would have to make up the difference.