| Message |
Author |
 Posted: Wed Feb 20, 2008 4:08 pm Subject: I cant pay my car. Whats the bad about a REPO |
|
|
I have 5 months left on my car lease, I cannot afford the payment anymore due to the drastic change in the real estate market. I want to turn in the car back to the finance company early. I am not sure how this works or what are the consequences. I imagine this is a REPO. What is my best option or best advise for me to return the car 5 months early. I will owe the finance company about 3,500 for my payment. Can you guys help with a little advise?
|
|
ortizweddingdancer
Joined: 20 Feb 2008
Posts: 1
Debtcc Points: 55
|
|
|
| Posted: Wed Feb 20, 2008 5:26 pm Subject: |
|
|
The same thing happened to my ex, he couldn't make his lease payments, and they repo'd it. Then they sold it at an auction, and they must have sold it dirt cheap because he ended up owing $5000,and to top it off, his payments ended up being double what his lease payments were! Basically, he would have been better off just keeping it and making the payments until the lease was up, it would have ended up being a lot cheaper. He was only two months behind too! I still think he got screwed on that deal because they never provided proof of how much the auction sale was. I'm really not sure what would be your best bet, I am just sharing my story with you, but you really should read that lease contract you signed, and find out what your responsibilities are going to be before you repo it.
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
|
|
Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 3677
Debtcc Points: 24369
|
|
|
| Posted: Thu Feb 21, 2008 2:28 am Subject: Fleece, er I mean lease |
|
|
Get a second job delivering pizzas and pay the last 5 months off. A voluntary repo is still a repo. Then sell the car and pay off the the remaining balance and go buy a cheap used car and work your way back up with cash only. Another name for a lease is FLEECE.
_________________
Register today to cash in debtcc points.
|
|
Midlandsucks
Guest
Debtcc Points: 100
|
|
|
| Posted: Thu Feb 21, 2008 8:24 am Subject: Repo |
|
|
Call the lender and tell them your situation. I am finding my car lender is A LOT easier to deal with than my credit card collectors. They may even modify your loan to help you out.
Like mentioned above, try delivering pizzas or something. I know with gas prices the way they are, you wont make much BUT enough to pay that car off. My hubby is taking on a paper route 7 days a week early am to help pay our car. It sucks but we gotta do it. We have 2 that are both late. I thought any day this week 1 would be repo'd so I finally broke down and called the lender back. They were understanding and are working with me. $3500 is a lot of money but not out of reach. You can do it!
You could also advertise to have someone take over your payments. I am not sure someone would go thru all that for 5 months only but you never know. Good luck to ya!
_________________
http://girlndebt.yesdebtfree.org
|
|
girlndebt
Joined: 15 Dec 2007
Posts: 98
Debtcc Points: 5142
|
|
|
