A friend of mine just lost her husband to cancer. Before he died, he leased a truck. He only had it for about a year and then he died. The lease was for a few years more. Due to the loss of her husband (and his income) she could no longer afford the payments. She gave the car back to the dealership before it got repo'd. Now, she just received a bill for $12k, saying she owes the remainder amount of the lease. The dealership is going to sell or lease the truck, so basically, they'd get double paid of my friend were to pay. She couldn't afford the truck then so how in the heck is she going to afford paying the 12k? (I should mention her name is also on the truck).
2007-03-06 10:25:19 · 8 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
Unfortunately if they didn't buy life insurance with the loan, she will be responsible. The 12000 is probably the difference between what is owed and what the current value is, or it's the remaining payments. Either way, and i hate to say it, your friend is responsible.
But double check the paperwork when she bought the truck, maybe they did opt for the additional insurance.
2007-03-06 10:34:51 · answer #1 · answered by jay 7 · 2⤊ 0⤋
I would suggest that she talk to other people in some type of support group. There are groups like that for people who have lost their spouse and I am sure they would have some good suggestions on what she might do when it comes to loss of income, and the problems that creates.
But, basicially, since her name was on the lease she was responsible for the truck whether or not she can pay for it. She turned it in, but it will show up as a voluntary repossesion on her credit. There is no way around that, that I know of.
She can also contact a bankcrupcy or credit lawyer, they can give her advice on how to proceed.
Otherwise she just sits and does nothing. It will mess up her credit some, which may or may not be important to her. But she doesn't have to pay, at least not yet. They sent her a bill to get her to pay the difference, don't pay it yet. In a few months or a year, they will send another bill, for ALOT less. If she wants to, she can pay it. If she can't then just do nothing again.
The credit company has a certain amount of time (Usually 4 or 5 years) in which they can sue her for the money. She can continue to ignore it and hope they don't sure and after those years they can't ever make her pay, but it will still be on her credit.
Again, I suggest talking with a support group for advice on this kind of stuff, and also a credit or bankcrupcy lawyer (not a credit counseling company) for advice on this particular situation.
2007-03-06 10:36:02 · answer #2 · answered by starwings20 5 · 0⤊ 0⤋
When you lease a vehicle the owner is the company which financed the lease not the dealer. It is extremely sad what happened to your friend but the bank or leasing company has to take a more pragmatic view of the situation. They want the lessee to honour the contract, if no insurance was purchased as part of the lease, your friends husbands estate is still financially responsible. Check the details of the lease as to the penalties for breaking the lease early.
2007-03-06 10:57:30 · answer #3 · answered by cimra 7 · 0⤊ 0⤋
In the state I live in, when the dealership sells cars that have been returned for reasons such as you mentioned , the sale amount is applied toward the balance of the lease. The previous person who leased the car is still on the hook for the balance.
She should consult with a lawyer to make sure that the dealership doesn't screw her.
2007-03-06 10:34:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
there must be extra to this. There has to were a replace in employment, coverage, something. Is she behind on funds? Has she kept present day on coverage? Is she the only motive force of the motorized vehicle? there is extra to this tale. lease agencies dont merely call abruptly and insist to promote the motorized vehicle.
2016-11-28 02:51:40 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Did SHE sign the lease, if she did The car is hers weither or not she gave it back. They can garnish her wages plus ruin her credit, for payment. If not talk to an attorney.
2007-03-06 10:31:27 · answer #6 · answered by spiritwalker 6 · 0⤊ 0⤋
She co-signed for the lease so it became her responsibility. Banks don't care if someone dies, they want their money and will do everything to get it.
2007-03-06 10:44:04 · answer #7 · answered by Anonymous · 1⤊ 1⤋
if her name is on the lease, then she is responsible; sorry, but thats life.
2007-03-06 11:00:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋