My husband is leasine a high-end vehicle and we cannot afford to make the payments.?

Question

We are over 45 days late on the payments. We've had no luck selling the vehicle by owner or by brokers online. We've tried everything to get rid of it. Has anyone got any advice or recomendations? Would "voluntary termination" of the lease be applicable? Is there such thing as a voluntary repossion?

Answer 1

You can turn it in, and that would show up as a "voluntary surrender" or "voluntary repossession" on your credit report. You have to follow their guidelines, possibly filling out some paperwork do it voluntarily.

Contact the lease holder. They may be able to work something out with you to allow you to keep the vehicle.

Answer 2

they are charging you for the interest you've gotten paid, costs, storage expenses, ect... short of going bankrupt there is somewhat no longer something you may do. You owe the money, when you're not any further making arrangments with them to make the funds they are going to bypass to a choose and get a garnishment order adverse to you (and judgements live to inform the tale your record for 15 years, so good success getting any credit after that, a minimum of financial ruin in common words continues to be on for 10). once you're garnished they could take in to twenty-5% of your income till the invoice is paid.

Answer 3

Contact a local law school to see if they have free clinics for the public to ask questions. If so, attend one to find out your rights/options.

Another information source is a consumer reporter from one of your local tv stations.

http://www.nolo.com/ is another place to look. This is Nolo Press web site. It has information and legal books for lay people.

Read over the lease & contact the leasor to try to work something out.

Answer 4

There should be a lease breakage clause in the contract. If you can't find it, call the place you leased the vehicle from and ask them how to get out of it.