Re: Fw: RE:

Tent,

I have been putting off getting a new car as we attempted to resolve my various bank debts, and now it seems like we are getting close to the end. If you take the cash the 3 joint checking & savings accounts I have with my wife (both names always on the accounts), we have about $293,000.00 on hand. However, I still have to pay our 2011 income tax, so let's assume the figure is less. My question is this: Should I continue to hold off on replacing my car or is it better to get one now? If so, should I lease or buy? (I traditionally have paid cash because I keep a car for a long time).

My current vehicle is a 2001 Lincoln Towncar with 130,000+ miles on it and it is full of problems that will probably cost more to repair that it is worth, but right now it is running OK. Will it have any impact on your ability to settle the $200,000.00 debt with Regions either way? I, of course, have no idea. I don't want to do something that looks bad or puts us in a less advantageous position. If we are close to a deal, I'll certainly hold off.

Steve

I think it would be better to lease and to prepay the entire amount upfront.

You are right

Sorry for all the typos. Sent from my iPhone

Trent's suggestion. My only concern is that if the car is involved in a wreck, because a friend in the car business said then I lose the money prepaid. He advises people to avoid downpayment leases for that same reason. This occurred to me: Why can't my wife and I buy a car from joint money and put it in her name? I could even keep the Lincoln as "my" car.

So, the saying, "Even a blind pig finds an ear of corn every now and then" is true!