Auto Lease balance
Date: Fri, 02/26/2010 - 21:35
Hi there. I leased an auto for 60 months that just recently ended. Unfortunatly I did not read the fine print and this was an open ended lease. I assumed (wrongly) that when I returned the car which was in flawless condition and way under in mileage that I was done and all was well. NOT THE CASE!!!
Per the Company I am now responsble for the difference from what they whosaled the car for and what the buy out amount of the lease was. In this case $13,000.00 !!!! I am appauled! When I realized the terms of the lease which was of course at the last 3 days of the lease I asked for an extension on the lease for a few months so I could sell the car. They informed mre they weren't willing to extend the lease and in a matter of wors told me they would come reposess the car if I didn't turn it in. Now I hve been served a court summons and am being sued for the balance as I don't have the money to pay the balance. I am in California what can i do/
Thqanks , Bobby T
Per the Company I am now responsble for the difference from what they whosaled the car for and what the buy out amount of the lease was. In this case $13,000.00 !!!! I am appauled! When I realized the terms of the lease which was of course at the last 3 days of the lease I asked for an extension on the lease for a few months so I could sell the car. They informed mre they weren't willing to extend the lease and in a matter of wors told me they would come reposess the car if I didn't turn it in. Now I hve been served a court summons and am being sued for the balance as I don't have the money to pay the balance. I am in California what can i do/
Thqanks , Bobby T
Unfortunately, there isn't much that you can do now. If it was a
Unfortunately, there isn't much that you can do now. If it was an open ended lease, as you say it was, it makes you responsible for the balance.
For now, file reply to the summons. You may also try to negotiate outside the court settlement with the plaintiff's attorney if you want to avoid a court date.
nice suggestion there SC.. i would try to apply this one if in c
nice suggestion there SC.. i would try to apply this one if in case I'll be in that kind of situation..:)
