Hello friends,
I need help. Here's the quick background, I had a great little car all paid off and everything and then in July 2017 I got in a car wreck and totaled it. I received no insurance money and at the time I was just starting a new job and had barely enough to pay my bills so Craigslist, cash or even financing the vehicle were not options. Leasing was the cheapest way at the time and I couldn't afford not to drive. I am now at a point where I live close enough to bike to work and could pay cash for a small, used vehicle.
However, I have no idea how or if I should end my lease? I still have another 2.5 yrs in the lease. The buy out amount is $26K plus taxes. If I terminate the lease I am required to finish making the all the payments $305 per month and 30 months left in the lease = $9150 plus a termination fee of $3k.
Does anyone have any ideas? I was thinking about swapping the lease and financing the car to avoid penalties and at least that way I would end up purchasing the vehicle and could pay it off faster. Rather than ending up with no car in 3 yrs. Right now I don't have $26k to buy it out.
