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?
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.
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.
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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