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Which Car Stays & Which Car Goes?

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ROSS



Joined: 03 Oct 2009
ROSS's page
Posts: 21



22 Magic Points

Subject: Which Car Stays & Which Car Goes?
 
Posted on Sun Nov 22, 2009 7:58 am  

We have a baby due Sept 3, and need a four-door car because of back problems. We have two two-door vehicles. One is a Ford truck with back seat that's difficult to climb into. It has a monthly payment of $380, and we owe $12,000 until we own it outright. The other is a leased Honda Accord with more than two years to go, and a monthly payment of $355. It needs about $1,000 in repair before turning it back in and if turned in early we must pay an adjusted lease balance which exceeds realized value. What's that? Which vehicle do we keep?
debranewell2008



Joined: 10 Oct 2009
debranewell2008's page
Posts: 591



109 Magic Points

 
Posted on Sun Nov 22, 2009 12:36 pm  

I have never had any dealings with the leasing a car deal . But if was my choice I would keep the truck. At least when it's paid for it is your. Not to mention the payments are not much more than the lease payment.
Archie



Joined: 09 Nov 2009
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Posts: 57



37 Magic Points

 
Posted on Sun Nov 22, 2009 6:13 pm  

You mentioned having a bad back and an interest in buying a four-door car. Nothing beats the sliding rear doors of a minivan for ease-of-use when getting infants in and out of car seats, and schlepping all of the life-support gear parents haul when toting a child about town.
Archie



Joined: 09 Nov 2009
Archie's page
Posts: 57



37 Magic Points

 
Posted on Sun Nov 22, 2009 6:13 pm  

My guess is that if you return the Accord now you would owe at least $5,000, plus $1,000 for the repairs. Check with the lease company to learn the "lease balance," which is exactly how much you would need to pay if you would terminate the lease early.

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