Re: Turning in a lease early - Saab NG900 & OG9-3 Bulletin Board - Saabnet.com
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Re: Turning in a lease early
Posted by asdf (more from asdf) on Mon, 15 Mar 2004 13:42:28
In Reply to: Turning in a lease early, Mike in RI, Mon, 15 Mar 2004 04:52:09
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I expect it will be expensive as you will need to take all the risk of the car not being leased again. If I were you, I would look for a relative that trusts you and whom you trust. Borrow from them the amount still outstanding on the lease period. Payoff the remaining lease amount. You won't show any more cash flow requirements on this lease. Get your house with a lower downpayment and pay back your relative. You're essentially going to take from your equity/down payment, but this allows you to use the lease payment amount to get a bigger mortgage. If you only have a year left, it should be only $4K to $5K to pay this bugger off on the lease. This is a common issue, and many people get bummed out when they realize the $500 car payment and the $500 house payment are not interchangeable. Given the interest rates on housing and the longer amortization period, $500 on a house payment buys a lot more.
You can also go talk to a smart mortgage broker, and they should be able to craft something for you.
Just out of curiosity, what are you going to drive if you turn in your saab? Don't compound the issue by losing money on this car, and then getting back into a bad position of a bad lease or purchase.
Good Luck
posted by 152.135.235...
Posts in this Thread:
- Turning in a lease early, Mike in RI, Mon, 15 Mar 2004 04:52:09
- SWAPALEASE.COM, ckpaden, Tue, 16 Mar 2004 19:21:50
- Re: Turning in a lease early, Nick (in RI as well), Mon, 15 Mar 2004 18:54:40
- Re: Turning in a lease early, asdf, Mon, 15 Mar 2004 13:42:28 <-- Viewing This Message
- all depends, nickR, Mon, 15 Mar 2004 08:43:21
- It's Going To Be Costly, Jetplate, Mon, 15 Mar 2004 07:45:07
- Not at easy as you'd think, Ryan in CT, Mon, 15 Mar 2004 06:52:09
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