Lease contract evaluation, how much should i be paying?

If someone wants to give me 0% for 60 months, im taking it. You'd be foolish not too.

 

It’s a good thing the taco holds its value. Stay with it and get out of the lease after 4 yrs. ur credit will shoot up. And buy the taco. It’s gonna be tough. Don’t buy brand new again.

 

Stare Farm was a bank long before they were an insurance provider.

 

Now my mind is officially blown...

 

Damn, you are correct, I was lied to. To a degree anyway. It is limited to 100k of indebtedness or the FMV minus acquisition debt (which can't be used for anything other than house, which is must have been what they were talking to me about), whichever is smaller. Page 10 under "Home Equity Debt" if anyone is interested.

https://www.irs.gov/pub/irs-pdf/p936.pdf

 

That's what I was thinking. My agent tried getting me to refi everything with them in 2006, they weren't even remotely competitive.

 

You people are silly. State Farm was started as a monoline insurance company owned by it's policy owners. Banks, insurance companies and securities companies were officially kept separate until the repeal of Glass Steagall in 1999. That's when State Farm obtained a banking charter. Just before the act was repealed, Travelers Insurance bought Citi Group the bank. I remember it well. The company I worked for was bought by a bank that had bought several insurance companies from 1999 - 2007.

 

Mind a little less un-blown now...

 

OP - FWIW this is what I found online:

http://www.realcartips.com/leasing/0437-how-to-get-out-of-lease-early.shtml

 

Here's what the Wikipedia web says about State Farm Banking history:

https://en.wikipedia.org/wiki/State_Farm

It appears it started in 1999. That's longer than I knew.

Anyhoo I really like their banking service and they made it easy to refinance. It's virtual banking for the most part and so far it has been seamless.

 

Ive been thinking the exact route out.... and i think thats what im keeping my mind on

 

It’s a solid plan. Just enjoy this truck while you have it

 

That's the best plan proposed. You're going to be OK with this and you'll shed that negative equity.

Good luck bro

 

Ive been back and forth for 2 days now on what i wanna do driving myself insane on how dumb i was rushing into this, but looking at it is truly not as bad as i have thought it was, yea ill bite the bullet for 2-3 years but then i should sit about even so i can start over and probably lease another car for 24-36 months because i just like to be in a new car all the time, this was just the start to my leasing experience but ill be much smarter on my next lease, thanks everyone for input it made my path i was looking for

 

Now you are headed in the right direction. Just keep to the plan and you will come out fresh in a few years

 

Keep the truck until the lease is up. Then walk away with zero negative equity. Start fresh and smart with another vehicle in 4 years

 

My wife use to be in the car business, some people go out to buy a pack of gum and drive home in a $35k car and 5 years of payments. Many of them already upside-down on their trade in.

 

Usually true but in my case the interest rate was the same for 48-72 mo so I went with 72 months and pay monthly payment for 48 mo in case I ever got into a bind.

 

The Tundra can often time be deal with 0%. Brother has a 2014 SR5 TSS 4x4 37k out the door with 0%. I believe he took a lower deal on the trade in but over all came out really good.