Leasing and foreclosure

**disneysteve** · 07-24-2009, 03:28 PM

He is about to lose his home and he's worried about whether or not he'll get to buy his car? Your friend needs to get his priorities in order.

How exactly can he end the lease now anyway? Perhaps he could buy his way out of it by paying the remaining payments upfront. If he's got enough money sitting around to make 8 months worth of car payments and then still be able to buy the car after that, why can't he afford to make his house payments? Something's wrong with this picture.

**graceful** · 07-24-2009, 03:49 PM

Steve - Reading between the lines, her friend doesn't have the money to pay for either the house or the car outright. He wants to FINANCE the car buyout amount when his lease is up and is afraid he won't be able to since his credit will be bad.

Radiance - His income has been reduced. His house is going to be foreclosed on. He shouldn't be trying to hold onto a car he can't truly afford. He needs to get a gently used car that is in his new price range when his lease is up while he reduces any other debt he has and tries to rebuild his credit.

**GREENBACK** · 07-24-2009, 07:04 PM

Originally posted by disneysteve View Post

He is about to lose his home and he's worried about whether or not he'll get to buy his car?

Before I ever read your reply these were my exact thoughts to the letter...lol.

Yes, he's not focused properly on things right now. He not only should get rid of the car but get something that handles his basic needs and nothing else. I think a house and decent credit might be a little more "precious" than a car.

**disneysteve** · 07-24-2009, 07:31 PM

Originally posted by graceful View Post

Steve - Reading between the lines, her friend doesn't have the money to pay for either the house or the car outright. He wants to FINANCE the car buyout amount when his lease is up and is afraid he won't be able to since his credit will be bad.

I understood that. That was my point. He's losing his house and is worried about how he is going to finance the car. The answer is he shouldn't be financing a car at all if he can't afford his house.

**Radiance** · 07-27-2009, 07:17 AM

Well, it does that to you, or at least it did it to me. Denial, I guess.
Remember I was having trouble with cutting cable?

I mentioned to him he might need to let the lease end and then buy a transportation (In Florida you must have a car). He looked at me as if I had insulted him and his family.

But then again, he reminded me that I am not letting go of my own car... Mine is cheaper, but still.

I thing that given the circumtances, he might be able to buy it, car companies are really trying to sell, and just as rental places here in my area, they might omit foreclosure when evaluating credit.

**creditcardfree** · 07-27-2009, 07:52 AM

How much would he be buying this car for? Is it a reasonable amount?Because, like you said, he needs transportation. If this car, is more than $8-10K, in my opinion, it is probably more than he can afford.

Cars, are just that, transportation. Not a hobby or status symbol. A person is not the car they drive.

Ending the lease and buying a different less expensive vehicle, might be a better option.

**Radiance** · 07-27-2009, 08:36 AM

I am not sure about the amounts, it is a jeep wrangler with 8 months left on the lease. He has not wanted to talk much about it anymore... He'll figure it out.

**boosami** · 07-27-2009, 09:23 AM

Originally posted by Radiance View Post

I am not sure about the amounts, it is a jeep wrangler with 8 months left on the lease. He has not wanted to talk much about it anymore... He'll figure it out.

Oh it's a Wrangler. I could never give mine up either despite buying another car a couple years ago

But then again I do own it 100%...

**Radiance** · 07-27-2009, 11:34 AM

It's a Jeep think I wouldn't understand?

Leasing and foreclosure