Lease contract evaluation, how much should i be paying?

Looks to be pretty accurate, must be to buy it outright your payment was going to be around 900. Op you should have just paid the other vehicle down more, it's going to cost a lot of money to get out of lease early and just as much to keep it. In your situation paying 30k plus for something your not going to owe, let it go back.

 

Whatcha mean with this statement?

 

Haha yeah seriously

 

Leasing you mean fleecing...i listen to dave ramsey way to much lol

 

Yes, yes you do.

 

For a 5 year loan at 3% it would have been $760.52, negative equity included.

 

He is on a 4 year lease...

 

OP - There should be terms and conditions about breaking the lease. You need to figure out if the penalty exceeds the cost of riding out the lease. Alot of the time it's in fine print.

 

Dang, that is awhile ago. They need to advertise more because it worked well for me.

By the way, BB&T told me that they are now in the insurance game. How crazy is that, insurance companies doing banking and banks doing insurance...

I'd still keep SF on a short list of options though if you need a loan in the future.

 

I’ve got USAA, and they fucking rock.

 

Depending on the state he's stuck with it unless he wants to trade or sell it. Or "let it go back" haha

 

My biggest financial mistake was to buy a 2004 VOLVO S80. This thing is the "Road Queen" of depreciation. The sticker MSRP was $44k and I haggled it down to $33k...and now it's worth roughly $0. It just hit the 200,000 mile mark on the odometer.

I will say that I was able to make lemonade out of this sour lemon situation by holding onto the car as a commuter car. I paid it off in three years, so it has given me over 10 years of non-car payments and relatively trouble free service. I've saved $70k over the course of this time period of not having a car payment.

So to me it can make sense to buy a car and hold onto it. The equity can be measured in terms of length of time with no car payment.

The "We buy any car.com" people offered me $50 for the car as an e-mail quote. I quickly said "no thanks." I told this story to my 70 year old parents and my mom said "I'll give you $75..." LOL!!!

Sometimes a car is worth more than it's monetary value.

OP - you will find a way to minimize the "sour taste" of this batch of lemons you found yourself in.

 

just ride it out the 4 years, and trade or sell it at the end (it has a good chance of having equity). and then start fresh

 

I vote "let it go back"

 

voluntary repo ftw fwiw imho btw

 

There is an industry called "time-shares" that makes billions per year by selling kool-aid. Leases are similar... Reasonable for a very narrow segment of society. Find your quickest exit strategy. My ex-wife leased a car in 94 for 36 months, when we went to turn in the PERFECT car with way less miles than were allowed, they tried to ding us for about $3500 in "touch-ups" and this was a lease through the manufacturer - Nissan - not a 3rd party Guido. Find a way out.

 

Heres whats crazy about my lease, on the coontract it has a 25k buyout but on the financial website the buyout is 20k

 

depending on what you're using your car for, what the lease terms are, and what the car is, leasing is a very smart option. it's silly to have a lot of money tied up in a depreciating asset. and it's even more silly to finance an expensive car with little to no money down for an extended term. you can't compare leasing to a time share

 

This chick gets it

 

What kind of hit would that be on a credit score? If it would be only a couple of years then it might not be a bad option.

Depends on what OP has the stomach for...