While, living at home Gina wanted help her parents and feel like she was contributing financially to the household.

She was aware of the fact that her father’s car was unreliable and in desperate need of major repair.

Her parents are on a fixed income and could not even consider purchasing a new car or a newer used car. Therefore, Gina decided she would check into the possibility of leasing a vehicle for her parents.

Gina talked with her parents and all agreed that instead of contributing money into the house, she would pay for the lease of the car.

Not long after all the paperwork was signed, Gina received a job offer that would require her to move to another city. It is at this point Gina began having difficulty making the payments for the car. It was a matter of not having the financial resources available to make the car payment.

Let us review not only what options are available for Gina, but also a few mistakes that were made.

First, Gina should have simply given her parents a set amount of money each month. This would have eliminated, being tied to a long-term lease contract.

Second, Gina did not think about what may happen in the future, that could affect her current financial status.

There are a few options available to her. She can ask her parents if they could somehow pay half of the lease payment per month. If they agreed Gina could check into refinancing the lease in order to reduce the payment, however it will extend the life of the contract.

Second, she could be ask her parents to give up the car. This option does not give immediate relief because Gina will still have to pay a substantial termination fee; however, once the termination fee has been paid Gina will be able to become financially stable.

Luckily, for Gina, she was able to refinance the terms of the lease, which allowed her parents to contribute a portion of the payment.

The moral of the story, do not jump into long-term agreements until you have thought about how you will fulfill the payment obligation.