My husband returned from Iraq in 2004. I had sold his old beater truck to his uncle during his deployment at his request. Upon returning home, my soldier "deserved" a new truck. At that time our logic was just figuring out if we could afford the payment. Being as always engulfed in debt, we could not afford to buy the NEW Tundra, however we could afford (or so we thought) a lease payment.
And here's the real clencher. A lease was also doable for him because he would not use all the miles, since he had a take home vehicle for work, and I had my own vehicle. We could easily keep it under the 60,000 mile limit.
In 2008 this type of money management, or lack thereof, finally brought us to rock bottom. We had over $63,000.00 in debt including the lease payment. Then we found Dave, and began to work his plan.
We called US Bank and asked if we could do a early buy out plan, but they were happy to inform us they did not offer such a plan. Oh well, we only had 12 months left to pay, and then we could turn the truck in at our loss.
Only after working Dave's plan, did I realize how much of a loss we were facing. Every month I wrote out the check for something that was never going to be mine really stung. Also, he really did not need the truck. It only averaged 3,000 miles a year. But, we sucked it up and resigned ourself to paying a $25,000 stupid tax.
We scheduled to turn the truck back in around the end of December 2009. The bank sent an inspector out to my job to record wear and tear. I thought we had nothing to worry about because of the low mileage. So, I signed his paper, and thought a few hundred dollars for scratches would just equal another payment. WRONG...WRONG.
I got the bill last night. We owe $1,500.00 more dollars for a truck I haven't seen in six weeks. There was a $400.00 fee for just turning it in.
In conclusion, listen to Dave. Don't ever lease a vehicle. Leases are for people who can't afford to buy, and therefore shouldn't be at the dealership in the first place.