QuestionI am in a rather complicated situation with vehicles and I need a little advice sorting out what would be the best option.
Currently I lease a 2006 Nissan Altima and the lease ends May 1. Since starting the lease, I was laid off and got behind on all of my bills including the lease payments which has affected my credit. In addition the job I have now involves driving my personal vehicle which has caused me to go over my mileage limit.
So I'm wondering what my options are at lease end for getting another vehicle. I'm sure my credit will make financing difficult whether I'm trying to start a new lease or loan, or purchase my current vehicle.
To make things more complicated, we need to get a second vehicle. My wife and I have been sharing the car since she has been a homemaker for the past 2 years. She is about to receive some inheritance money which she plans to put toward a car and start working again.
My ideal result would be to have two fairly new cars but I don't know if thats possible or how to go about getting there.
Should I settle for older used cars?
Should we put her inheritance money toward a lease or loan, or pay cash for an older car?
Will I be walking to work aver May 1?
Any advise will be greatly appreciated.
AnswerHi Jay, You could work with the bank that currently has your Nissan lease and purchase it. You will be hit with over mileage charge if you give it back to them. If your credit has taken some dings, which almost everyone has, this might be a good solution for you a vehicle. Call them to see your options.
If you have credit issues, your wife will probably not be able to lease no matter how much money down. She could help her credit by purchasing a used vehicle with money down.
