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There are several decisions you should make. First, do you want to keep the car? If so, refinance the balance for another few years through your local bank or credit union as Paul suggests. If you are of a mind to get rid of the car, try to sell it yourself. Just because it is a lease, you don't have to turn it back in at lease end. Chances are you can sell it for more than the residual balance, and the excess will pay the milage overage. Or, you can go to a dealer who sells the car you really want, and lease a new one. That presumes your credit is not too badly damaged (you never know until you try) and you are willing to take something of a hit. The dealer will want to take your car in trade for wholesale value, less the miles deduction...but because of the profit on a new car, they probably can hide the negative and get you financed. But you will pay a price to do that. The question is, do you want to pay that price now? While not a smart practice, people sometimes go ahead and knowingly make a foolish decision because it solves a problem. The only way out of this is to acquire a good car (or refinance and keep the one you currently drive) and keep it until completely paid off. This time try to work with a car that does not depreciate rapidly...it will help.
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