I have a 2002 Jeep Liberty which I still owe payments on it was a Lease and I stopped paying for it more than a year ago, I know there were several attemps to repo it but they never located it. I moved about 6 hrs away from where they think I am ~ and I still have the car I live in California by the way, will they eventually stop looking for the car and give up and charge-off the debt or will they continue to look for it. The car brokedown and I have not used it in months but it's just sitting there and I am not sure if I should just wait for them to find it or wait for them to forget about it? I never inteded this to happen it just kinda has.
2007-02-13 10:54:28 · 9 answers · asked by ? 2 in Business & Finance ➔ Credit
This is not legal advice but...
Call the company that is looking to repo the vehicle. Let them come and get it. It is not running now so what are you going to do with it. You have a total amount due to them plus they will tack on vehicle recovery fees to this. They will send the car to auction. What ever they sell it for will come off what you owe. Give them your current address and ask that all coorespondance be by mail not phone (this will keep them from calling trying to collect). This will be a negative mark on your credit, already is. Depending on what you owe you can try to negotiate what you can pay. They know you don't have alot of $ because you would not have been in the situation if you did. If you do negotiate a payoff get it in writing first and make it state the the issue will be done as of then so they don't try to come back for more years down the road.
Bottom line is just call and give them the car back. It is a 2002 so there is an opportunity that the car is still worth something even if it is not running.
2007-02-13 11:06:40 · answer #1 · answered by thomas s 2 · 1⤊ 1⤋
The debt you incurred under the lease will not go away even if they stop trying to repo the car. They may or may not continue to try and locate the car to repo -- it just depends on whether they feel like it is worth their time and money. On the otherhand, you will still be obligated to pay what you owe under the lease -- car or not. Simply having the car repo'd doesn't relieve you of your obligations under the lease -- it is simply one remedy available for the creditor. So regardless of whether they repo the car or not, they still may actively try and collect the debt -- through collections or even a judgment.
2007-02-13 19:06:00 · answer #2 · answered by Katt_in_the_Hat 6 · 1⤊ 0⤋
Girl, financial groups are like Mobster's they'll hunt it down till they get it. You'll still owe them money but, the good side is after they repo it they auction it off. That money will go toward what you owe. The down side is... you will still have to pay the rest of what that auction doesnt cover, which they will let you choose your payment on how you sit financially or you can pay it off on their one lump sum, wheel and deal.
In all honesty, try to make the payment or fix it and sell it T.O.P. ( Take Over Payments). That's your best bet.
It sounds to me that you are still young, if anything let them repo it, make payments till you pay the difference off and work your credit back up ( You are hurting your credit now keeping it from them). Not the best thing to do but, sometimes you gotta do what you gotta do. Ya know?
2007-02-13 19:25:04 · answer #3 · answered by yosmoke2002 1 · 0⤊ 0⤋
Technically, its NOT a repo. When you lease a car, you don't own it, they do. You own them the car, the cost difference between its current value and the residual value on the lease, and the missing payments. You also owe them the cost of trying to retrieve the vehicle. Tell them where the vehicle is before they spend any more on recovery efforts.
2007-02-13 20:03:32 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
if the car is brokedown and no use to you, then turn it over to them. it shows differently on your credit report than a repo. also, there are two types of credit, secure and unsecure. anytime property is involved, it is secure. if you refuse to return, pay for, or dispose of that property it can become a criminal offense and not just a civil matter in a case of secure credit. case in point, let them have it!
2007-02-14 06:37:01 · answer #5 · answered by scoutingcop 2 · 0⤊ 0⤋
Depending on how much you owe, they will either keep looking or charge it off. Either way then they will sue for any short fall of making all their money back. And if they are any good they will file for bench warrants to have you arrested until you pay a fine and some of the money.
2007-02-13 19:04:26 · answer #6 · answered by Alan W 3 · 1⤊ 0⤋
Of course they will continue to look for it! You owe money to them. I'm sure this has killed your credit!! If its not running, why don't you just call them and tell them where it is? You basically have stolen property right now.
2007-02-13 19:04:31 · answer #7 · answered by BMW BFD 5 · 1⤊ 0⤋
I would find someone that repos and give it up willingly on your time, and when your ready for a new one check out
2014-04-17 12:28:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Maybe you should take responsibility for your own expenses. You know, somebody would've had to pay for that vehicle anyways. Can you explain why it should be anyone but you?
2007-02-13 19:02:45 · answer #9 · answered by stickymongoose 5 · 2⤊ 0⤋