Hot answers tagged

97

The registration (title too, right?) is in your name, the car is yours. You need to decide how to politely tell her this.


90

I feel like they are pressuring me to do something I don't want to. Not to mention they are literally calling my number twice a week leaving a voicemail. Of course they are, they want to make money by selling it themselves and more money by selling you a new lease. What option do I have? If your lease agreement specifies a post-lease purchase price and ...


63

The car is yours, your name is on the title, and you are insuring it based on you being the driver (not her). You are responsible for parking tickets and toll evasion. Any arrangement you might do must account for these facts. Legally, you don't have to give her the car, and can report it stolen if she takes it. Socially, if your family is close enough ...


52

Inquire with the landlord about switching to a month-to-month lease, meaning you wouldn't have to renew for an entire year. It's been a while since I was a renter but I recall most apartment leases I've had in my life being for a one-year term for the first year, then month to month after that. You say you're a good tenant and he's a reasonable landlord, he ...


36

In the United States the security deposit is to cover damages you make to the apartment or common areas. It is not to allow you to skip out of the contract. Frequently you are responsible for finding a person to take over the lease, but they still must be approved by the owner or their representative. If you do terminate the lease early you are generally ...


36

There is a shortage of used cars on the market right now as a result of the pandemic. It's an incredibly hot market for used cars, and the dealer is trying to secure what sounds like a very lightly-used car so they can make a nice profit. I've been regularly hearing of people being bought out of their leases early just so the dealers can have the additional ...


29

The biggest stumbling blocks to these types of questions are when people want a refund, or in the cases where they haven't paid in advance they want to avoid being responsible for the last few months rent payments. As a former landlord there can still be things to consider. If the unit will be empty until the end of the lease: Don't let your renters ...


27

I'm totally unfamiliar with car leasing, which I thought might be a more affordable and suitable option right now Leases aren't an "affordable" way to get a car. They're a way to get an expensive car that you can't afford to buy outright. It's effectively renting a car, so you have nothing to show for it after the lease is up. I would not ...


24

Since you don't mention anything about getting a refund or anything similar I don't see what could be an issue with the scenario presented. There is nothing to prohibit you from having 2 apartments (or any amount of property for that case) rented at the same time. As mentioned in the comments depending on how your contract is worded you may be required to ...


20

Having the money up front mitigates most of the risk. The main lingering piece would be if, as a cosigner, you are on the hook for damages in excess of the deposit (on all leases I've used/seen a cosigner shares full obligation for all amounts owed). So if she trashed the place or ran a meth lab, you could be on the hook for damages/remediation in excess of ...


18

Since $1300/$300 = 4.333, it'll take you a bit over four months to recoup the lost $1,300 deposit. So... all else being equal and you plan on living in the $500/month apartment for five months, it makes mathematical sense to move if you also have enough cash for the deposit on the $500 apartment. HOWEVER "all else" is rarely equal! Why is the $500 ...


18

Be direct. "I would like to purchase the car, and am happy to talk financing options with you. I do not want to return the car." Just say that, every time they call. Then, as Hart said, do some research into financing through banks - either your bank, a local credit union/bank, or a big national bank; each has its advantages, I tend to go in ...


14

some old affordable car, say a 2008-2010 Nissan or Hyundai with at least 100k miles mileage" A Japanese* car of that vintage is not old, and 100K miles is just nicely broken in**. You would do better to look at say 5 years or so either side of 2000. Check out your local Craigslist. * I have no experience with Korean makes, but don't see why they ...


12

From a legal standpoint this is your car and your mother is committing something in the direction of theft. From a human standpoint your mother helped you by cosigning and you owe her a favor. So my advice would be, to make it clear to her that it is your car, but she can borrow it if she asks you first to be sure you don't need it at the moment. (It might ...


12

Read your lease. It may already have a provision that it switches to month to month automatically after the lease term expires. I've had a few leases like that in the (distant) past. If that's the case, then you don't really have to do anything.


9

After seeing the debate in the comments about selling a leased vehicle at Carmax, I checked the CarMax site: Do you buy leased cars? Yes! In most cases, you can sell your leased car in almost the same way as any other financed car. We’ll appraise the car, then contact the leasing company for a payoff quote and process any equity you might have. ...


9

Your discussions with CarMax must have missed an important point. In order to end the lease early, you must buy the car. You need to contact the leasing company (or log into your account, presumably Honda Finance) and view the buyout price. This is not the same as the residual value. You can approximate the buyout with this formula: Buyout = Residual Value ...


8

"and I've now had a beautiful car for three months" The option is to go to the car place and switch the loan to two less beautiful cars in your name with the same total payments --- or even add a few thousand to the loan because your payments would increase by what, $50-$75? And if you do that you want a better rate for the two loans. Ideally they should ...


8

Trying to be polite to a car dealer is the surest way of losing money. Don't don't worry about it, they have the thickest skins of any profession, surpassed only by repo men and tow truck drivers, especially since he's bullshitting you about damages. They DO need to do an inspection, when they transfer ownership, but that's standard for legal reasons and it'...


6

I would work it something like this. You pay the landlord the deposit: Accounts:Checking 1000 Rental:Deposit 1000 Your subleasee pays you his deposit, which you track separately: Accounts:Checking 500 Rental:Sublease:Deposit 500 Your landlord pays you back the deposit, less the cleaning fee: Accounts:Checking ...


6

In most jurisdictions you have quite a bit of latitude in what you and your tenant agree to. Some people like monthly expenses to hit at a time other than the 1st because of the timing of their paychecks and/or other monthly expenses. I take it as a sign they might be living paycheck to paycheck which is not ideal, but up to you to decide if you're ...


6

Your choices are clear: If you like the car and want to keep it, then buy it. The purchase price is in your contract from 3 years ago and they can't charge you more than that. Since you're 26K under mileage, you're very likely to be getting a bargain. (Sounds like you think it's $7K-ish.) Any dealer of your car manufacturer can assist you with the sale, or ...


5

I'm doing this right now. (My lease ends in a couple of months, but I have already gotten a new place.) I usually overlap by a couple of weeks, just because I don't like rushing to move. So yes, I can verify firsthand that it is possible. You'll be paying a little under twice as much in living expenses during that time, but if that's not a financial problem,...


5

Are there any other options I am not realizing exist which I could pursue instead to get a substantial portion of this? There are used car sellers that would allow you to bypass a lot of the hassle. They will do the paperwork and handle buying out your lease and cut you a check. The most well-known is probably CarMax but there are certainly others like ...


5

As others already mentioned, 1300 is quite a lot of money to just walk away from, especially for someone who would consider moving to an appartment that costs 'only' 500. So, consider these scenarios for the next 12 months: Find a new tenant now, then move Total cost: 500*12 = 6000 Find a new tenant in coming month, then move Total cost: 800 + 500*11 = 6300 ...


5

I was in a similar situation a couple of years ago, I was working abroad and didn't know when I would have to leave the country. My landlord made me sign a one-year lease and agreed that I could transfer the lease to a new tenant for the remainder of the lease. This is called a sublease. His only condition was that the new tenant would be approved by the ...


5

A real estate can be divided into two parts, the land and the building. You have permanent and perpetual right on the building of your own. In China, there are two kinds of lands, one of which is called State-owned land (SoL for short), the rest is called Collectively-owned land (CoL for short). SoL is owned by the whole population of China and managed by ...


5

Buy used, from an individual seller not a dealer, aiming for a $1000-3000 price tag, and pay cash up front. The examples you mentioned in your question: some old affordable car, say a 2008-2010 Nissan or Hyundai with at least 100k miles mileage. are perfectly good choices, but you might find a Honda or Toyota better. Nissans tend to be more expensive to ...


4

Your added scenarios simply highlight the core problem here. Ultimately, in a scenario as narrowly defined as yours, it comes down to residual value. When you lease, you lock in to a known residual value - and outside of blatantly damaging the vehicle, going over mileage, or other significant issues, there's basically no way either party can change that ...


Only top voted, non community-wiki answers of a minimum length are eligible