I Owe $62,000 On A Leased HVAC System

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5 • 839 Ratings

🗓️ 13 November 2025

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.7	My question is I have paid off all my debt in step two,
0:11.3	but the problem is I got involved in a lease for an H-PAC system.
0:15.7	The total cost of the system, when paid off at 10 years,
0:19.2	will be over $62,000.
0:21.6	So I'm wondering do I pay it off using the snowball method and just get out of it, meaning
0:29.6	I'm responsible for that or just leave it until I do the house stuff.
0:35.6	Wow. Okay.
0:38.0	I didn't know you could do a lease on a heat and air system.
0:41.6	I went to the Attorney General, and I went to a Better Business Bureau,
0:46.3	and the Attorney General Consumer Protection Department said it is legal.
0:50.3	It's being done all across the U.S.
0:53.4	So, yeah.
0:54.9	But it's so bad that they, yeah, it's horrible, yeah.
0:59.3	Okay.
0:59.7	So a lease typically, I have no idea in this case, but typically would have an early buyout
1:07.3	provision because leasing is simply financing.
1:11.3	Yeah, their early buyout. It's term is simply financing. Yeah.
1:11.4	Early buyout.
1:12.4	It's termination.
1:14.1	Okay.
	...

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