I am about 8 months into a lease on an 2007 Pontiac G5. I just found out my company is closing my store in a couple of weeks and I will be laid off. Will General Motors treat me like a deadbeat since I can not make the payment, or are there special provisions for people who are laid off of work?
2007-08-06 15:25:14 · 4 answers · asked by mjwarriorfan 2 in Cars & Transportation ➔ Buying & Selling
About the only thing you can do is call GMAC and ask them to defer your payments for 2-3 months until you have found another job. You will have to pay an amount now, but they will appreciate your attempt to pay your debt rather than just let it go back without calling and explaining your situation first. I am assuming that you have made all your payments as scheduled up till now. Since you are 8 months into it, they will probably let you do this. Also, check with your other creditors to do the same. Maybe this will give you time to find something else and get back on track.
Good luck!
2007-08-06 15:44:58 · answer #1 · answered by Oblivious 3 · 0⤊ 0⤋
Some kinds of leases have unemployment and disability insurance figured into the payment, if it is arranged at the beginning of the lease. I don't know about GM leases, as I have never leased from them. I am afraid you will find there are no special provisions. Most creditors really don't care what you are going through, so long as they get their money. And if they aren't getting paid, they still don't care what you are going through, but they care very much that they aren't getting their money.
2007-08-06 15:31:50 · answer #2 · answered by claudiacake 7 · 0⤊ 1⤋
particular you will lose your place and the choose will difficulty a ownership Order which regularly ability you have under 28 days to get out. The bailiffs will then look and alter the locks and declare something interior the abode. additionally whilst the home is bought you will could make up the version between the sale cost and what you owe.
2016-12-11 12:29:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most lenders offer an insurance that will protect you against this very situation. If you took it out at the time of purchase your ok. If not, contact your lender and see if they will add it on. I wouldnt mention you know your employer is shutting down.
2007-08-06 15:28:08 · answer #4 · answered by cdever5 4 · 0⤊ 1⤋