OT: Getting Out Of A Car Lease

[Behshad]

Good old Renault. Those cars are great on gas. And very dependable in snow.

[Blueskies]

... My wife bought her first car brand new in 87' with $18K cash. Still has it to this day and it looks and rides like it's brand new. Though now it's strictly a car she only drives maybe three times a summer just to get it out of the garage. Bottom line is it's always been paid off, so she's appreciated it since it was new, and so have I.

You're a lucky man.
Btw, I haven't had a car payment in years. I rather enjoy that.


later~

Me too. I always have purchased used cars and paid in full....but in the latter half of '98 I got stupid and decided I wanted to buy a brand new vehicle at least once in my life and went for one I had always wanted..a '99 Jeep Wrangler. I had it paid off in 3 years though, and I'm still driving it today. Even with it being a Chrysler product I have had little of anything to replace on it..very little in fact and not until this year was there really anything at all....and then it was just a couple of minor sensors and the thermostat. The only thing I did over the years,... other then to keep it clean, including the engine...was to get an oil change every 3500 to 4000 miles for some time..then I got wiser on that too and switched to synthetic oil and just change it once or twice a year now. ( still rotate the tires every 4 ) Not having a car payment for years has been great. I've maintained my Jeep well enough that it still looks good and I'm going to drive it as long as it keeps going without any major expense to get it to. After it goes I'll get a used Japanese make.

[The Sushi Hunter]

... My wife bought her first car brand new in 87' with $18K cash. Still has it to this day and it looks and rides like it's brand new. Though now it's strictly a car she only drives maybe three times a summer just to get it out of the garage. Bottom line is it's always been paid off, so she's appreciated it since it was new, and so have I.

You're a lucky man.
Btw, I haven't had a car payment in years. I rather enjoy that.


later~

Why am I a lucky man? As for car payments, I've never had a car payment through my bank or a dealership. When I purchased my BMW, I paid cash, half from selling my old BMW combined with a little cash I had on hand along with taking out a loan from my 401K, which after I paid it back after a few years, it was in essence being paid directly back to myself. I thought that was a good deal, sort of like borrowing money from myself with a very low interest rate and that interest paid is going back into my 401K. But I tell you, that monthly payment to my 401K got really old after a year. Glad it's over now. I don't think a new car is worth that financial commitement, cause it's a headache.

Also, my wife bought her car in 87' for $18K. Had it been me instead of her, it would have been more wise to put that $18K into a cd. Just imagine the amount of interest that would have earned after 22 years. So yes, a car isn't an investment at all.

[Rick]

... My wife bought her first car brand new in 87' with $18K cash. Still has it to this day and it looks and rides like it's brand new. Though now it's strictly a car she only drives maybe three times a summer just to get it out of the garage. Bottom line is it's always been paid off, so she's appreciated it since it was new, and so have I.

You're a lucky man.
Btw, I haven't had a car payment in years. I rather enjoy that.


later~

Why am I a lucky man? As for car payments, I've never had a car payment through my bank or a dealership. When I purchased my BMW, I paid cash, half from selling my old BMW combined with a little cash I had on hand along with taking out a loan from my 401K, which after I paid it back after a few years, it was in essence being paid directly back to myself. I thought that was a good deal, sort of like borrowing money from myself with a very low interest rate and that interest paid is going back into my 401K. But I tell you, that monthly payment to my 401K got really old after a year. Glad it's over now. I don't think a new car is worth that financial commitement, cause it's a headache.

Also, my wife bought her car in 87' for $18K. Had it been me instead of her, it would have been more wise to put that $18K into a cd. Just imagine the amount of interest that would have earned after 22 years. So yes, a car isn't an investment at all.

Yeah, that interest you're paying yourself through your 401K loan may be the best you'll get out of it for a while. Not a bad idea, right now.

[The Sushi Hunter]

... My wife bought her first car brand new in 87' with $18K cash. Still has it to this day and it looks and rides like it's brand new. Though now it's strictly a car she only drives maybe three times a summer just to get it out of the garage. Bottom line is it's always been paid off, so she's appreciated it since it was new, and so have I.

You're a lucky man.
Btw, I haven't had a car payment in years. I rather enjoy that.


later~

Why am I a lucky man? As for car payments, I've never had a car payment through my bank or a dealership. When I purchased my BMW, I paid cash, half from selling my old BMW combined with a little cash I had on hand along with taking out a loan from my 401K, which after I paid it back after a few years, it was in essence being paid directly back to myself. I thought that was a good deal, sort of like borrowing money from myself with a very low interest rate and that interest paid is going back into my 401K. But I tell you, that monthly payment to my 401K got really old after a year. Glad it's over now. I don't think a new car is worth that financial commitement, cause it's a headache.

Also, my wife bought her car in 87' for $18K. Had it been me instead of her, it would have been more wise to put that $18K into a cd. Just imagine the amount of interest that would have earned after 22 years. So yes, a car isn't an investment at all.

Yeah, that interest you're paying yourself through your 401K loan may be the best you'll get out of it for a while. Not a bad idea, right now.

Depends on where you have your money invested through the 401K. I saw things going south about two years ago so I did modifications and actually made money over the last few quarters, as where some of my friends have lost money.

[Rick]

... My wife bought her first car brand new in 87' with $18K cash. Still has it to this day and it looks and rides like it's brand new. Though now it's strictly a car she only drives maybe three times a summer just to get it out of the garage. Bottom line is it's always been paid off, so she's appreciated it since it was new, and so have I.

You're a lucky man.
Btw, I haven't had a car payment in years. I rather enjoy that.


later~

Why am I a lucky man? As for car payments, I've never had a car payment through my bank or a dealership. When I purchased my BMW, I paid cash, half from selling my old BMW combined with a little cash I had on hand along with taking out a loan from my 401K, which after I paid it back after a few years, it was in essence being paid directly back to myself. I thought that was a good deal, sort of like borrowing money from myself with a very low interest rate and that interest paid is going back into my 401K. But I tell you, that monthly payment to my 401K got really old after a year. Glad it's over now. I don't think a new car is worth that financial commitement, cause it's a headache.

Also, my wife bought her car in 87' for $18K. Had it been me instead of her, it would have been more wise to put that $18K into a cd. Just imagine the amount of interest that would have earned after 22 years. So yes, a car isn't an investment at all.

Yeah, that interest you're paying yourself through your 401K loan may be the best you'll get out of it for a while. Not a bad idea, right now.

Depends on where you have your money invested through the 401K. I saw things going south about two years ago so I did modifications and actually made money over the last few quarters, as where some of my friends have lost money.

I put my 401k investments in the Credit Union last August. The market is too volatile for my blood right now. I'm not getting much in return, but I'm not losing, either. I'm a bad loser.

[The Sushi Hunter]

... My wife bought her first car brand new in 87' with $18K cash. Still has it to this day and it looks and rides like it's brand new. Though now it's strictly a car she only drives maybe three times a summer just to get it out of the garage. Bottom line is it's always been paid off, so she's appreciated it since it was new, and so have I.

You're a lucky man.
Btw, I haven't had a car payment in years. I rather enjoy that.


later~

Why am I a lucky man? As for car payments, I've never had a car payment through my bank or a dealership. When I purchased my BMW, I paid cash, half from selling my old BMW combined with a little cash I had on hand along with taking out a loan from my 401K, which after I paid it back after a few years, it was in essence being paid directly back to myself. I thought that was a good deal, sort of like borrowing money from myself with a very low interest rate and that interest paid is going back into my 401K. But I tell you, that monthly payment to my 401K got really old after a year. Glad it's over now. I don't think a new car is worth that financial commitement, cause it's a headache.

Also, my wife bought her car in 87' for $18K. Had it been me instead of her, it would have been more wise to put that $18K into a cd. Just imagine the amount of interest that would have earned after 22 years. So yes, a car isn't an investment at all.

Yeah, that interest you're paying yourself through your 401K loan may be the best you'll get out of it for a while. Not a bad idea, right now.

Depends on where you have your money invested through the 401K. I saw things going south about two years ago so I did modifications and actually made money over the last few quarters, as where some of my friends have lost money.

I put my 401k investments in the Credit Union last August. The market is too volatile for my blood right now. I'm not getting much in return, but I'm not losing, either. I'm a bad loser.

These days in this economy, if your not loosing, your doing great....better then most people.

So what's the verdict in the best way to get out of an auto lease?

[Behshad]

So what's the verdict in the best way to get out of an auto lease?

What kind of car...what were your terms...how much was your downpayment..what's todays NADA/KBB Value..??

If you're good with the money gods you may give it back and walk away...if you're terribly upsidedown you will need cash and a good negotiater.

You can never just turn in your lease and walk away without paying a good chunk of $.
Dealership doesn't decide what you owe on it , the lessor does.
When youvturn a lease early , you always , always have negative equity.
Factbuddy , things have changed since 1990, mate

[The Sushi Hunter]

So what's the verdict in the best way to get out of an auto lease?

What kind of car...what were your terms...how much was your downpayment..what's todays NADA/KBB Value..??

If you're good with the money gods you may give it back and walk away...if you're terribly upsidedown you will need cash and a good negotiater.

I'm not in a lease. Use T-Bone's situation as the source for the variables.

[Behshad]

So what's the verdict in the best way to get out of an auto lease?

What kind of car...what were your terms...how much was your downpayment..what's todays NADA/KBB Value..??

If you're good with the money gods you may give it back and walk away...if you're terribly upsidedown you will need cash and a good negotiater.

I'm not in a lease. Use T-Bone's situation as the source for the variables.

T-bone's not in a lease either. Lisa is. LISA ! Pay attention, damnit

[T-Bone]

Easy... You post your Lease Takeover on a website like I did and get a shitload of responses the next day Now to sort through them....