[Chocaholic]

Long story short. Currently leasing two cars.

Have a HELOC on a second home that reaches draw maturity in June. Cant take out a new HELOC because we have a renter. But, I can still access those funds until end of June.

Question. Current HELOC rate is under 3%. Wouldn't it make sense to access the cash in the HELOC (while I can) and pay off those two vehicles? I realize the HELOC interest rate can go up, but not losing sleep over that.

My HELOC payments become amortized over 15 years at draw maturity date (June). So I pay principal and interest based on a 15 year term and interest is tax deductible.

We plan to sell the 2nd home within the next few years and of course, HELOC would be paid off with the proceeds. BTW, we own that house outright, so plenty of equity available at closing.

Am I missing something? Seems crazy to pay a nickel toward two retail auto leases. Heck, even if the HELOC interest rate doubled over the next couple of years, the monthly nut would still be lower and interest still deductible. No?