You mentioned some kind of maintenance package that you purchased. Did you keep it? What does it cover and for how long?
I think in this situation I agreed with others to do the simplest strategy in refinancing and repairing. We all know in theory taking out HELOC or cash out refi is a good way to consolidate debts. But most people ending up never paying down anything.
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It’s ended. It only covered 6 oil changes
How many miles are on the car?
Just hit 67k
Oh ok, I was wondering because 6 oil changes should have lasted around 45,000 miles, give or take. Are your driving habits going to be reduced enough to fall within the mileage allowance on a lease given the amount of miles you put on this car?
True. Maybe I’ll put the repair money toward agressively paying it off and just drive my shitty -looking car with no fucks until this is over 
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Yes, I took two coast to coast road trips in this car - living in the moment, just wasn’t thinking about all this adult stuff. My weekly commute now is 40-60 miles
Higher MSRP car doesn’t always imply higher insurance premiums. Take my case as an example. I went from a 2016 Lexus IS at 44K to a 2020 BMW at just over 60K and my insurance went down over 20 bucks monthly.
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40-60 miles total per week? Or round trip total per day?
Per week my work is really close, sometimes work from home
Your maintenance costs should be minimal it’s a reliable car. You should pay it off and drive it an extra year or two. Satisfying the loan, saving some cash, and reducing your monthly obligation will increase your credit score.
Since you only have two years left just pay if off fast since there are no mechanical issues. As for the car, perhaps you could slowly source used parts on eBay or even craigslist ( the latter with caution, like doing transaction at a PD) cheaply and find a reasonable shop to install the essential things. For example, if the side mirror is broken, that is essential and something you could find used online and take it somewhere to install, same for headlights covers etc.
Also body shop prices vary greatly in South Florida, you don’t have to go to a fancy shop for Mazda repair. The key is to find a small shop to do the work, preferably recommended by someone you trust( this is key). SFL has many who will scam you especially being of the opposite sex but there are always honest reasonable people in these trades.
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You guys are awesome! So much valuable info here. Seeing all the options makes me feel more empowered about my situation. Many thanks!
Wishing everyone a happy new year and I’ll post how it turns out.
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You mentioned freeing up cash monthly, this is the best strategy to achieve that. Pay it off and keep driving it till you have more saved up and can afford unexpected expenses like deductibles and repairs.
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Those the greatest! Bank Of America offers them 100% for free, no strings attached (as long as you dont close the account within 3 years). Theyve gotten crazy strict on them though (as your house must be 100% paid off, high FICO, etc etc), but its the easiest access to what could be a large LOC out there. I opened one a few weeks ago just because it was free even without any plans for a draw. LH’ers have taught me too well to take what is offered when it is free 
Hey guys, hope you all had a great New Year.
UPDATE:
What with my payments on auto and me neglecting the situation, I stupidly just realized my loan is actually for 72 mos, meaning I have > 36 mos left. 
I did the #s and here’s where I’m at:
- Paying until term I will have paid gross interest of $7842 and total amount of $34,984.
Pros: Receive title, recoup some $ by selling or driving (no mo payments)
Cons: $2150 - $2750 present costs; future out-of-pocket maintenance; unsure if sale value will offset gross total or if vehicle will serve well in year 7+
- $0 Refinancing, I will save on interest paying $251-$2000 APR until term lowering gross total to $31,319 or above.
Pros: save on mo payments; save on interest; receive title
Cons: same as above
- I did get a quote on the Acura MDX with the high-incentive program.
MSRP: 45,525
Cap Cost: $34,525
Residual: 54%
MF: .00215
Discounts includng rebates: 11k
Mo payment from dealer: $436 $0 DAS including tax
For the deal above, I would be paying total: $36,979 if I drive to term if they give me $12400 on the trade. That won’t work for me.
This will only work if I can get a larger dealer discount and still $12400-$12500 on trade.
Pros: possible lease swap or flip to wash NE fast; save on maintenance, etc; lower LTV better than below.
Cons: +$100 annual premium, premium gas costs, cap cost or mo payment needs to be competitive with added NE (internet trade quotes on MDX are at $33,790) if going with quick wash strategy. Doesn’t get me the most savings on driving to term.
- On the Fusion, still in negotiations and will hear back Sat. On the present deal (contingent on trade), I will pay $536 in interest and total depreciation of $16, 574. Low LTV and not saving much on gross total unless again I get a better pre-incentive discount.
Same pros that come with leasing, with lower APR, but higher LTV. I understand why this strategy works vs others if driving to term (on the right deal) because my gross total could be significantly less.
Been looking for other high-incentive leases. Genesis has close to 10k in rebates, fun ride if driving to term, but worse LTV than Fusion. Low APR; would work if gross total knocks out all the above.
This is how I’m doing the #s. If I’m missing something let me know.
My plan of action now is to go after an aggressive lease - either on a low LTV (including NE) for a quick wash (flip/swap), or driving to term and see which one wins out. Looks like a lease will still save me more & IMO the lower risk of refinancing, not knowing how well Mazda will serve through year 7+, even if the gross total is up by $1500-$2000 (but ideally staying below).
Essentially, I’ve learned…never loan a new car!
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To be VERY clear, the roll the negative equity into an mdx strategy ONLY works in your favor if you immediately turn around sell the vehicle. There’s no lease swapping on an Acura, so you would need to sell it. That high MF is going to hurt a lot if you’re just rolling the negative equity in and then holding on to the lease.
I wouldn’t even think of considering it until you already had a purchase for the mdx (probably for carvana or someone similar) lined up. This is a high risk strategy, so be aware you’re playing with fire while doused in gasoline.
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that’s right I forgot Honda doesn’t allow it. Thanks for pointing that out