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What do I Need to do if My Lease is Expiring during the Pandemic?

12/7/2020

 
With all of the uncertainty in the world during the pandemic, dealing with your car lease expiring may seem like a giant obstacle in your life, but most dealerships are offering several options for your expiring lease.  Car dealerships have taken a huge hit during the corona crisis and are doing whatever they can to keep repeat customers happy.

With so many people being laid off from their jobs, they may be struggling to make their payments each month.  Some financial companies are offering payment deferrals to help their customers.  If you are in this position, contact your leasing company as soon as you realize you may have trouble with your payments.  Do not wait until you have a late payment or have missed one.  Companies are often more likely to offer deals to people who ask before they miss payments.

​If you want to return your leased vehicle when your lease expires, you may be able to do that, even with many dealerships closed.  Call your dealership and let them know you want to return the car.  Many automakers are making this as easy as possible and are offering ways to complete the return online.  They may even offer home pickup of your car so you don’t have to go to the dealership at all.  If the dealership is closed, you may be able to return the car to their service department as those are considered essential.

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Before you return your car, spend time researching your next car and looking for the best lease deals.  Contact dealers directly as you may get a better offer on the phone than you can get on their website.  Ask if the dealer can deliver the vehicle to your home and if the necessary paperwork can be completed online.

You may also have the option of extending your lease.  Again, contact your dealer and explain that you would like to extend your lease but aren’t comfortable going to the dealership.  Many companies are offering online lease extensions so you won’t have to leave your home.  If you do decide to extend your lease, make sure to discuss the mileage cap.  Will it be increased, or do you have to stick to the original limit?

​With some research and a few phone calls, handling an expiring lease during the pandemic shouldn’t be a big issue for you.

The dangers of payday loans

10/15/2019

 
​Payday loans have a strong appeal when you find yourself struggling to make it to the next payday. They’re quick. They’re easy. There is no credit check.  And the money is there instantly. However, they are extremely dangerous and should be approached with caution. 

The first major danger is borrowing against your future self. By using a payday loan, you are giving up part of your future paycheck. Unless you budget carefully you will need another payday loan with your next paycheck to make it through to the third payday and so on. This could set up a series of payday loans that may be impossible to pay off. 

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The biggest hazard is the interest rate. Average interest rates vary from 300% per year to almost 800% per year.  For each $1 you borrow, you could have to pay $8 back with this type of loan.
One last, well-hidden danger is that this loan can affect your credit score.  If you struggle paying back your loan, it can be sold to a collection agency. When your loan is sold, it will show up negatively on your credit score as a non-payment of a loan. Then the collection agency will be merciless in trying to get you to pay your loan back.  This leads to threatening phone calls and nearly continuous mail. 

To avoid this drastic financial step, ask for help from friends and family, go to a bank and ask for a small personal loan, talk to organizations that help you set up a budget, and go to other organizations that will help you financially get back on your feet without the pressure of a payday loan.

Here is a short list of resources to get you started:

The Department of Justice offers a list of Approved Agencies for credit counseling.
https://www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111?op=Go

Here are questions to ask a credit counselor: https://www.consumer.ftc.gov/articles/0153-choosing-credit-counselor

Nerd Wallet can help you set up a budget.
https://www.nerdwallet.com/blog/finance/how-to-build-a-budget/
 
For even more financial advice, Dave Ramsey has free resources.
https://www.daveramsey.com/

 

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