The Cars

Our two biggest payouts right now are for our two vehicles both 2007 models. We have researched our options and we have decided to do the following:

My daily driver (Honda)- Keep It! it is financed at 2.9% I have had it for 1 1/2 years and intend to drive it for the next 10 years, well past the final payment. When I bought it I was thinking ahead- made sure it was convenient for car seats, reliable, low cost maintenance. All of that plus- we would lose about $12,000 if we tried to get rid of it.

Mr. K's daily driver (Acura)- It's Gotta Go! this was a poor decision on our part, but we have learned out lesson. This is a leased vehicle that was purchased before Mr. K took a job that requires working out of town daily, location changes constantly. He is taking my car because the kilometers are too much to even take his own car. We need to offload asap and get Mr. K an older reliable car he can just rack up the kilometers on for the next few years- at least until my car is paid off, then we can re-evaluate his car needs.

HOW TO??
Well, here in Canada we have a company called Lease Busters which helps you to find someone to take over your lease (for a fee of course)

The monthly saving will be fantastic! initially we will take a hit as we will lose the down payment and have to pay to list and pay for the lease transfer, but in the long run the savings far outweigh the loss. This also serves a secondary purpose- we need a vehicle that we can pay off before we apply for a mortgage otherwise we may not qualify for an amount that will get us into the market.

I'm anxiously waiting for Lease Buster's to call me with our evaluation and steps so we can move forward, more on this later I'm sure.