Paying almost 40K for a civic lease, Please help
Last June, I entered a lease-to-buy deal for a 2023 Honda Civic in TX. I co-signed with my brother due to my not-so-great credit at the time. Here are the details:
- Monthly Payments: $388 for 3 years, totaling $13,968
- Down Payment: $8,000
- End of Lease Buyout Option: $17,000
- Total Cost: $38,968 (significantly more than the car's original $28,000 price tag)
After one year, I've already paid $4,656 plus the $8,000 down payment. When I asked the dealer about refinancing, they mentioned the current buyout is $24k, which includes all interests.
However, this doesn't add up because by my calculations:
$38,968 (total) - $8,000 (down payment) - $4,656 (one year of payments) = $26,312 still owed, which is $2,312 more than the $24,000 buyout the dealer quoted.
I'm not just trying to understand this $2k discrepancy; I'm urgently seeking advice on how to possibly exit this contract or renegotiate the terms. Any guidance on how to handle this without having to give up the car would be a big help, thank you