I (23F) am a full-time student currently living at home in the US. I have a leased 2018 Civic coming up on the end of the 36-month term this November. The original amount financed was a little over $15k, 0 down,159/mo. It was originally my responsibility while I was still working, and I paid the initial fees (~2500), monthly lease amount, and maintenance. I got back into college for Fall 2019, at which point my dad started paying half in exchange for shared use of the car. At some point, he generously took over the monthly payments in full. The car, however, is in my name only and on my credit only. I am also on parents' insurance which they pay for, but I'm officially listed as a "policy holder" (this was required).
We're approaching the end of the lease and my dad has approached me to say the car is valued at $19k (I don't know where he got this info yet) and that he wants to buy it out. The payoff amount currently at ~13k and I would prefer not to nuke my savings over this car. I was hoping to wait until closer to the end of the lease to assess my situation. I'm currently working on saving to move with my partner, who goes in-office at a new job sometime in the fall. I don't know if I'll need or want a car, and what my other financial obligations will look like yet.
I'm worried about going into this conversation because I don't have enough knowledge/confidence and feel that in general I'm easily manipulated. I'm seeking insight on if/why the buyout might be beneficial, how it would affect my credit, and what's fair when negotiating the "we" and "us" of this situation.
Possibly important details: My credit history is the best in the household. My parents wouldn't have qualified to lease a new car, at least not 3 years ago when I got it. They have 1 car other than the Civic, purchased from craigslist and they own it outright. My mom takes that one with her to work, so this is why my dad offered to pay and share — the lease is nice, reliable, and I don't use it every day.
tl;dr: We've both put money into this lease, Dad more than me. He wants to buyout and is ready to pay in full. It's legally in my name and on my credit so I don't know how to proceed.
edited to fix an accidental omission
Submitted May 06, 2021 at 04:48PM by shinyaxe https://ift.tt/2Rs0rrk
