what exactly will happen?
I have a car that i leased 2 years ago - the lease is up in July 2008 - however, i dont want the car anymore and i am already over my miles ... if i have it any longer i will be stuck with thousands in overmileage usage. The car is in my moms name - and frankly her credit is already to hell...
i would like to know if i just stop paying the payment - and they come take the car - what will happen? will they also repossess belongings to pay what is owed on the car? or will they just send the bill to collection?
can someone please help?! thankkkksss sooo much in advance!
2007-09-04 15:49:06 · 41 answers · asked by Anonymous in Entertainment & Music ➔ Polls & Surveys
You are extremely selfish to think of your mothers credit as useless. It is not up to you to decide if you should trash it more or not. She was nice enough to allow you to use it and apparently that's the thanks she gets.
What will happen is that her credit will get even worse. The car will get reposessed but they will STILL keep coming after her forever for repayment of what is owed. Do you think your mother deserves that? Grow up and do what is right. Your mother doesn't need this.
2007-09-04 15:54:33 · answer #1 · answered by mosaic 6 · 5⤊ 0⤋
My brother missed the payments on his jeep for two months. They took the car along with everything he added to it...and made him pay off the rest of the note. So basically, he lost the car but still had to pay for it. And once it reaches that point, they won't just let you make your payments and take the car back...if you want the car back, they expect you to pay the total balance within a week or so.
And yes, a repossession follows you on your record. And that would be a cruel thing to do to your mothers credit. It may be bad now, but it can get much worse. It couldn't have been that bad if it was in her name...or they wouldn' t have given her the car. In the future, she may not be able to get anything with her credit.
It would be better to pay the overmileage instead of causing a nightmare...and if your mom doesn't pay off the rest of the lease after it goes to collections, they will garnish her wages. Do you want that on your conscience? There is absolutely no benefit to this method and I would wipe it from your mind.
2007-09-04 16:01:46 · answer #2 · answered by Lunasea 4 · 0⤊ 0⤋
If they reposess the car before the contract is up, they can still charge you, or technically, your mom for the remainder of what is owed on the contract, plus any fees that are incurred in the process of getting it back. They will also charge you for the number of miles you have exceeded the lease agreement by, on top of it. They cannot repossess anything you own (or your Mom), but they can go to civil court and put a garnishment against any future wages or property you or your mother own, and they will get paid at the time of sale before you get any of it. The absolute least they will do is send it to collections, but the collection company can also pursue any of the above avenues, if the dealer or lease holding company chooses not to do it themselves.
2007-09-04 15:59:18 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Just assuming that it is ok to further damage your mother's credit is a sad thing (she obviously had good enough credit for you to get the car in the first place). It's also sad that you believe it is ok to simply walk away from a debt that you legally owe. You need to grow up and take some responsibility for your actions.
They will file legal action against you (your mum) for the balance due, legal costs, court costs, and collection costs. They may be able get a judgement against you (your mum) and, in some states, be able to garnish your /her wages or force the sale of certain properties.
Suck it up, put yourself on a mileage budget and call the lease company to renegotiate your lease terms for a higher end of lease mileage allowance. It will cost you a bit more each month but will teach you a lesson and not hurt your mother.
2007-09-04 15:58:40 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Just clean out your car now, and turn it in. If you don't, they will take it in the night and anything in it will be theirs. They will then sell it for below what you could anyways, and bill you for the money they still need. The bill will then go to collections, and your mom's credit will be ruined for a long time. IF your name is ANYWHERE on the loan, your credit will be ruined too. Do you want a new car anytime soon? Do you ever intend to use your mom's credit to help get another car, because if yes to either, you are about to ruin it.
Have you thought about selling it for what you owe?
2007-09-04 15:58:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You will mess your mom's credit up even more. With your attitude, I am starting to see why your mom's credit is the way it is. Since a lease contract was signed, the dealer can come back and sue for the money left owed on the lease plus extra miles and any damages.
If you feel that way about your mom's credit, it won't be long before yours is just as bad (if it isn't already).
2007-09-04 15:57:05 · answer #6 · answered by Leather and Lace 7 · 1⤊ 0⤋
They will take the car...so take whatever is in it cause even if they set up a date to get it...chances are that they will take it before then without telling you. Thats their right.
Now if the car is in her name...its her credit that is affected.
So talk to her...afterall it is her credit afterall.
The bill will go to collection..if still not paid, they will get a lien against you. Which is a pain in the neck. Youll end having to pay for it..one way or the other. Plus on top of that whatever the bank had to spend to get the car back!
Just pay the bill. You did the damage. Pay the piper.
Its only right! Just take responsibility for what you owe.
2007-09-04 15:55:52 · answer #7 · answered by aisydaisylady 4 · 1⤊ 0⤋
It'll ruin your credit. It'll go on as a judgement/repossession. I don't know much about leasing, but I know you can turn the car in...the mileage thing might go on your credit too, but I'm not sure...however you come out with them, if negative will affect your credit. You'd probably be better off breaking the lease than letting them come take it. Read through the terms of your lease contract or whatever they give you. Good Luck.
2007-09-04 15:55:14 · answer #8 · answered by Mama Nuveau 4 · 1⤊ 1⤋
Yes indeed your car will be repossessed and you and your credit history will be crap until you pay off the balance.If your smart you will honor your commitment and finish the renting of the car and pay for the extra mileage.You have a long life in front of you to go through life with bad credit,it takes many years to get it back.
2007-09-04 15:58:29 · answer #9 · answered by sasyone 5 · 0⤊ 0⤋
Don't mess up your mom's credit anymore than it is. Also, your mom will end up owing thousands of dollars if you stop paying.
Challenge yourself to take on some responsibility. If you ever want to own a home then you need to learn responsibility. Now is a good time.
2007-09-04 15:54:21 · answer #10 · answered by a bush family member 7 · 3⤊ 0⤋