[Chatbrat]

It should be close to the end of the lease, for a 2017

[Raymar99]

Better run this by the Villages trolls

[Pommom91]

Why would you buy out a lease for $20,000 on a car that’s only worth $16,000?

[Dana1963]

https://www.hyundaicfl.com/used-inve...E&gclsrc=aw.ds
No bitting on it many for sale

[Don5154]

Originally Posted by jedalton

79 year old male, looking for $20,000 to buy out my lease on 2017 Hyundai Santa Fe with 16,000 miles. Will make you irrevocable beneficial on my life insurance policy for $40,000 plus you will end up with the car. Car is in excellent condition, has heated seats, dual A/C and heat, tinted windows and much more.
if interested please let me know as I need to make decision by end of July.
jedalton@gmail.com or
PM me on Eddie Dalton | Facebook

I hope you live for a long time.....so car value could be ? The person who suggested to try to cash in the insurance has the best idea. Good luck

[FredJacobs]

Originally Posted by jedalton

.
not if you are the irrevocable beneficial. I have no surviving children. Money automatically goes to you. you re not responsible for my final expenses.

I used to teach life insurance law to insurance agents. Life insurance policies are payable ONLY to the beneficiary. An "irrevocable beneficiary" cannot be changed by the owner of the policy without the approval and knowledge of the beneficiary.

Life insurance proceeds are free of income tax and cannot be attached by any of the decedent's creditors. However, they can be claimed by the beneficiary's creditors.

Things to look for and consider -

A. What kind if policy is this - Whole Life, Universal or Term?
B. If it is Whole Life or Universal, is there any cash value and is the cash value sufficient to pay the premiums?
C. If it is Term, the owner of the policy could stop making premium payments because it is forever increasing and the policy could be cancelled. Also, depending on when the policy was issued and in which state, the policy may expire at age 80, 85 or 99.

2. The life expectancy of a healthy 79 year old male is about 13 years. Should the owner live that long, the car will be 16 years old - if he still owns it. Will you get what ever car he owns at the time?

3. This is like buying a 13 year non-cancellable, no early withdrawal CD. Investing $20,000 and waiting 13 years for payout of $40,000 is an annual rate of return of 5.2%. Not too bad a rate of return. If he lives longer, the rate goes down.

4. Mr. Dalton may be better served if he sells his policy for a cash settlement.

[BostonRich]

You obviously don't need the car. Just give it back. Why are you making this so complicated?

[JulieER]

Life insurance proceeds are not part of an estate. They go directly to the beneficiary.

[jedalton]

Originally Posted by Chatbrat

It should be close to the end of the lease, for a 2017

August is end of lease

[retiredguy123]

I'm confused. I think some people may have misunderstood the offer. You want someone to pay the lease company $20,000, but you keep the car? Is that the deal? When I first read the OP, I thought the person who pays off the lease gets the car.

[jedalton]

Originally Posted by retiredguy123

I'm confused. I think some people may have misunderstood the offer. You want someone to pay the lease company $20,000, but you keep the car? Is that the deal? When I first read the OP, I thought the person who pays off the lease gets the car.

I will pay off the lease with the money. I will keep car until I pass away, then car goes to investor with $40,000 from insurance company

[Don5154]

Originally Posted by jedalton

79 year old male, looking for $20,000 to buy out my lease on 2017 Hyundai Santa Fe with 16,000 miles. Will make you irrevocable beneficial on my life insurance policy for $40,000 plus you will end up with the car. Car is in excellent condition, has heated seats, dual A/C and heat, tinted windows and much more.
if interested please let me know as I need to make decision by end of July.
jedalton@gmail.com or
PM me on Eddie Dalton | Facebook

Why not just go to the bank and take a loan out for the car if you want to keep it. This would not be an investment for others but a headache. Just amazing what I read on this site.

[jedalton]

Originally Posted by Don5154

Why not just go to the bank and take a loan out for the car if you want to keep it. This would not be an investment for others but a headache. Just amazing what I read on this site.

don't want the payments. Already have 10 people that are interested

[bpascani]

I don't think you can sell a leased car????

[village dreamer]

and what did p. t. barnum say...…..