Marissa
Appearances
The Ramsey Show
There’s Always a Way out of a Financial Spiral
Hi, thank you for taking my call. My husband and I are working on baby step number two and realized that we might be paying some stupid tax. We started at $133,000 in debt about six months ago and have paid off $16,000 already. However, my husband and I disagree about what we should do with our lease vehicle. Our original plan was to finish paying off our lease and then purchase it outright.
The Ramsey Show
There’s Always a Way out of a Financial Spiral
That would be $42,000 in total. My husband thinks it's a good idea to get rid of the car by selling it back to the dealership and paying the difference of about $9,000. Doing this would help us get out of debt eight months sooner, but I'm worried it would leave us in a vulnerable state because we would only have my husband's old truck, which needs about $5,000 in work and has 440,000 miles.
The Ramsey Show
There’s Always a Way out of a Financial Spiral
So my question is, should we get rid of the leased car to get out of debt sooner?
The Ramsey Show
There’s Always a Way out of a Financial Spiral
Yes. So the forty two will be altogether. It'll be twenty six thousand after the lease period.
The Ramsey Show
There’s Always a Way out of a Financial Spiral
So we reached out to the dealership. Originally, we tried to try one of the lease swap options. We've had the car for just a year, but we've already used $2,000 worth of miles because we planned on purchasing it. The dealership did offer us $28,000 to basically get the car back. And again, we would have to pay the $9,000. We do have 9,000 saved. So we're kind of stuck there.
The Ramsey Show
There’s Always a Way out of a Financial Spiral
My husband also works from home and he has a work vehicle as well in the event that he needs to travel or go anywhere.
The Ramsey Show
There’s Always a Way out of a Financial Spiral
Yes, ma'am. And my point of view of it was like, you know, why would we get rid of the car? You know, we're already on plan to get out of debt in two years. The car is already factored into that. But my husband is like, oh, well, Dave would say get out of the car because you're going to, you know, save $42,000. And my kind of question.
The Ramsey Show
There’s Always a Way out of a Financial Spiral
So it's. It's $160,000 yearly. I don't work. I'm a stay-at-home mom. I have three boys. Just had a set of twins a year ago. They're 18 months. So it's only his income. He makes, again, $160,000 yearly, and after tax, it's about $9,500 monthly. You know...