“That’s a Genius Scam”: George Kamel on a Caller’s Nightmare Car Lease
Caleb traded in a paid-off car and signed a lease for $240 monthly payments, putting $10,000 down. He drove 4,000 miles over the limit, with 13 months left on the contract. The lease charges for a car's steepest depreciation during the first few years, leaving little equity. Kamel suggests a lease buyout if the residual value drops below market value, allowing the buyer to sell the car for profit.
Caleb's lease buyout could be financially beneficial if the buyout price is lower than the car's actual worth, but he needs to verify this before proceeding.
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