I am looking at Leasing a car through work, and my current 10 yo Toyota (with 242k) 7 seater finishes up in Sept 2018 with a final payment of $5.7k. I also have registration due in Sept 2018 as well
I went to a dealer a few months back, looking at some vehicles and they ffered 3k as the trade.
What would be the best option. IE Maxing out my Credit card to pay the 2.7k?, or getting a personal loan for the amount and selling privately?
Avensis.
So as to avoid dipping into credit and since you have a few months until September - Carsales seems to show 06/07 Toyota Avenses with 200k+ kms listed for around $5k - $6k. Listed doesn't mean sold, but it gives you a ballpark figure and I'd try to sell it for around $5k privately, and then make up the balance.
I'm hoping you're talking about using the credit card for points, and not because after 10 years of repaying a car loan you didn't budget to have $5.7k saved up…
Surely no one on ozbargain take loans for cars.
after 10 years of repaying a car loan you didn't budget to have $5.7k saved up…
It might be a lease… 10 years is a really long lease though.
It does sound like OP needs some help in budgeting.
Unfortunately, we had a business which failed. Marriage breakup, homeless on and off, sleeping in my car etc. Things looking up.:-)
Insurance job on the Avensis
you should review your leasing terms as seems too high final payment on a 10 yo car, usually if you buy it new and kept for long time your final payment is less than car worth……try selling privately….dont use credit card……check if you have credit in lease for expenses and pay rego in august for car…..list the car fro sale and be ready with paper work to pay off the lease and do transfer.
I've noticed the car vibrating when I am braking @80km's, so I suspect I will have to have the brake Rotors and pads replaced before selling, as well as the battery ($180).
I purchased it 5 years ago. I was stitched up as a result of my ex, as this was one of the few cars that would accomodate us.
My brother leases new cars for 5 years and then I buy them off him. His lease deal allows him to hand the car back or pay to keep it. I just give him whatever the lease company wants. The last one was a $36,000 car that I paid $8,140 for.
I take it you can't just hand the car back.
No. It just asks for the balloon figure at the end. I thought that I could hand it back, which is what someone at St George said.
I thought that I could hand it back
Not to pile on, but this is also something you should've known when you bought the car. St George is a bank - they're not going to know what the terms of your lease or purchase is.
Toyota what? Tarago?