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The car was in an accident. Dealer said can turn the car in early with damage and all. Wondering if I should or not. I have no cash saved up just $1200 received to fix the car from the other driver's insurance. Right now paying $330 a month on my lease. Wondering if a wise move or save up a bit more money till May.
Too many variables to give "the best answer" for your situation. You are in a cash poor situation however, and I would be cautious about turning in your current lease without any cash on hand to begin a new lease with. You may find yourself unable to get another vehicle which would really set you back! My temptation if I was cash poor and knew $1200.00 was more than enough to fix the vehicle to near mint condition is to just repair the vehicle and try to save up money for the end of lease.
The car was in an accident. Dealer said can turn the car in early with damage and all. Wondering if I should or not. I have no cash saved up just $1200 received to fix the car from the other driver's insurance. Right now paying $330 a month on my lease. Wondering if a wise move or save up a bit more money till May.
Nice dealer. Of course you CAN do anything ... even set the car on fire.
You're still on the hook for 8 x $330 ($2640) plus $1200 in repairs (unless you can find some place cheaper).
Nice dealer. Of course you CAN do anything ... even set the car on fire.
You're still on the hook for 8 x $330 ($2640) plus $1200 in repairs (unless you can find some place cheaper).
Well, maybe...Honestly, given the price of body shops $1,200 doesn't sound like much damage, maybe a punched bumper or something. If the dealer figures they can respray the damage for $600, they may be offering to buy him out of the lease.
Also, OP might have trade equity. OP, do some online research and see if you can figure out what either the private sale value or trade in on your car is.
My wife used to do lease analysis and the finance company that owns your lease might have a reason for wanting to bring your car in early. Typically the early returns works out well for you and the finance company.
it could be to manage CPO vehicles, used car values or some other reason. Don't ignore it. Go in and find out more information about what it's going to cost you.
Why are you wanting to turn it in? Do you no longer need a vehicle?
If they are offering to TRADE the vehicle in and you have equity towards something else, then yes keep the 1200. But only if it is a TRADE so the lease company won't back after you for damages.
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