Is it worth it to refinance once a lease is up?
tuckersmom asked:
My husband and I leased a new truck last year. The lease is up in 2008. We were thinking of refinancing the amouint left into a new loan as we planned on keeping the truck? Is this a good idea or should we just start over with another vehicle? (preferably not leased). Please…I know not everyone egrees with leases and I’m not so sure I do anymore but we are in it this far.
Randall
My husband and I leased a new truck last year. The lease is up in 2008. We were thinking of refinancing the amouint left into a new loan as we planned on keeping the truck? Is this a good idea or should we just start over with another vehicle? (preferably not leased). Please…I know not everyone egrees with leases and I’m not so sure I do anymore but we are in it this far.
Randall
July 28th, 2009 at 3:37 pm
Larry
I know a guy who worked at a car dealer ship that leased a car, he said it was a big mistake. It is better to buy an new vehicle or one a vehicle with low miles because at the end it’s yours.
July 30th, 2009 at 11:02 am
Pearl
July 30th, 2009 at 9:51 pm
Brandon
It’s really a matter of simple math. About the time your lease is up check out the prices for similar vehicles of the same year as yours in your area. Make sure they have similar mileage and options. If they can be purchased for less then the buy-out of your lease, give your keys back to the dealer and say “See Ya!!” If you find that your truck’s value is MORE then your lease buy-out, refinance it and keep it. That is, if you still like the truck.
August 2nd, 2009 at 6:53 pm
Sylvia
Well, here is one question back for you… are you going to be well over your lease milage guidelines? If so, then the fees added on will be a killer if you just end the lease. It is actually often an option to lease, and then purchase. If you really like the vehicle, and its doing well for you, AND if you still have warrenty left, then buying can be a good thing.
Good luck.