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Leasing question
So I am in a bind and need some advice. My 3-year lease is expiring soon, and I am probably going to owe about $2K in over mileage charges. When I leased the car, I lived very close to work so I thought 12K miles per year would be plenty, but my situation changed and now my commute is much longer. I have never been in financial trouble before but my girlfriend recently had a bunch of medical expenses that I helped her pay (she doesn't have insurance). Now I don't know what to do because I am not even going to have the $2K to pay Ford when I turn the car in. Plus there is still the issue of needing a car. I originally planned to buy the leased car, but now it just doesn't make financial sense. So I plan on buying a cheaper car and hopefully financing it with 0 down (luckily my credit score is still strong). But what do I do about the $2K? Would the leasing company let me pay it off in installments? I don't use a credit card bc I feel like I am less likely to overspend with a debit card, but I was thinking maybe I could apply for a credit card and then charge the $2K to that....or am I supposed to pay in cash? I have never leased before so this will be my first time going through the lease-end process. Thanks for any help you can provide.
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When you are in a bind, family and friends is usually the best place to go for help. They won't love you for it, though. It's great that you don't have any credit card debt, but as the old saying goes, "Cash is King".
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To get a good lease payment, you want a high residual and a low MF. The Toyota Camry fits the bill ... I know of someone who was offered a payment of under $200/mo for a Camry SE a couple of weeks ago in NJ. The Toyota Corolla and Honda Civic also have aggressive lease programs available, even though there isn't much (if any) lease cash.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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