Just purchased first home, have two children. Wife and I both work full time. Payments on House (variable double mtg: big mistake); payments on wife's car, my car, etc., etc.
Question: Should I give my car back which is leased with $12,00 left on lease? Just can't afford it. Mistake to sign a lease. Now I know. Need my credit to refinance the variable double mtg next year.!! We have no cc debt, just two cars, new purchase of 1st house, car insurance, health ins., and all that goes along with it, but barely have enough to pay bills. Need to get rid of the lease on car. Is that the smartest move?
2007-09-20 11:57:00 · 6 answers · asked by classicfiftys 1 in Business & Finance ➔ Personal Finance
Call the Finance company and ask, "What is the payoff amount for the lease?" Sell the car on your own for the retail price from blue book.com. If the money you get from the sale of the lease is not enough (It probably won't be), go to your local s&l or credit union to get the cash to make up the difference. You may want to ask for a little extra so you can buy a hooptie car in the mean time. You then take the money you got from the sale of the car, plus what you got from the bamk, and pay off the car. Or, deliver pizzas for a while to pay off the car. Oh, and NEVER LEASE or finance a vehicle again. Good luck...
2007-09-28 11:42:34 · answer #1 · answered by Phillyfan 3 · 0⤊ 0⤋
I would say, it depends on the actual value of the car. If the car is worth more than $12,000 you should try selling it, buying out the lease and keeping the difference. If the car is worth less than the $12000 you owe on it then definitely give it back when the lease is up.
2007-09-20 12:15:30 · answer #2 · answered by athom8779 2 · 0⤊ 1⤋
Even if the car is only worth $8,000, your BEST option is to SELL it YOURSELF and finance any deficiency. If you turn the car in, they will sell it for LESS than you can an you will owe the difference PLUS the cost of taking the car back and selling it.
2007-09-20 12:34:11 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
Congrats on no CC debt and knowing your problem now, but worse it can be later on!
YES, get rid of this car, or any car you can get rid of if you can afford to. In fact, make a short sale if you can.
2007-09-20 13:59:33 · answer #4 · answered by Smartass 4 · 0⤊ 1⤋
http://www.hsbc.com
or is it http://www.hbsc.com ask for a refinancing on the auto loan.
http://www.capitalone.com can refinance your car loan to.
Good Luck living the American Dream.
2007-09-20 13:47:48 · answer #5 · answered by Anonymous · 0⤊ 1⤋
sounds like you need to sell the home too, you cant afford that either it seems...
2007-09-20 12:46:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋