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Behind on Lease

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simpletruth

Joined: 29 Sep 2009
simpletruth's page
Posts: 35

11 Magic Points

Subject: Behind on Lease

Fri Jan 29, 2010 2:37 am

Hi everyone. Haven't been here for a while, nice to chat with you all again. Since my last visit I have fallen behind on my lease payments for my vehicle. Can I turn the vehicle in before the lease is up and will this cause my credit score to fall even more or should I just ride it out and try to get caught up?

cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Fri Jan 29, 2010 10:46 am

LeaseTrader or Swapalease can do this.

When I went to these sites, the leases seemed pretty expensive. you would be responsible for payments until someone else came along. What worries me is, who pays for scratches and dings?
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fireyone

Joined: 26 Feb 2008
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Posts: 4285

127 Magic Points

Fri Jan 29, 2010 7:57 pm

I myself would think this would be pretty risky. Is there any possible way to try and keep the vehicle yourself? If not I would consider talking with the business that gave you the lease and see if there was anyway they could help you. Also even if you swap a lease I would imagine that you would have to let the lender know about it since it would, in reality, still be their vehicle. I would be wary letting someone else take over a lease unless I was at that time released 100% from liabilty.

Justin

Justin

Joined: 17 Jul 2006
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Posts: 1240

28942 Magic Points

Subject: lease

Sat Jan 30, 2010 9:55 am

Hello simpletruth,

I believe it's better to contact the company who gave you the lease. Ask them what you can do about it, then only take the needed action.
Otherwise this can get you into unwanted problems.

If the leasing company asks you to make the payment immediately you can either go for it else you can ask for extension if you want to retain the car. This will give you some time at-least to save some money to pay the dues.

Moreover I am afraid that your failure to pay the dues will affect your credit score.
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Justin

simpletruth

Joined: 29 Sep 2009
simpletruth's page
Posts: 35

11 Magic Points

Subject: lease

Wed Feb 03, 2010 1:22 am

hi Thanks everyone for your input, greatly appreciated. Well came up with the money to catch up, so I'm good for the time being anyway. To answer your question Cinnamngirl the lease is expensive, and in the end you have nothing to show for all the money you invested. Furthermore, when I leased the vehicle they gave me a little gadget to measure any holes in the interior, if they are so big you are responsible for paying for the damage. The insurance is also more expensive, like $500 more every 6 months. I'll never do this again.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Subject: reply

Wed Feb 03, 2010 7:24 am

Hi simpletruth,

It's great to hear that you will be able to pay your dues now.
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Justin

cinnamngrl

Joined: 01 Nov 2008
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Posts: 1455

6339 Magic Points

Wed Feb 03, 2010 11:24 am

what about exterior damage?
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How to PFD, OPT-out, Complain, etc
All credit articles at EHOW

simpletruth

Joined: 29 Sep 2009
simpletruth's page
Posts: 35

11 Magic Points

Subject: reply

Sat Feb 06, 2010 3:11 pm

Well of course if you do not contact your insurance company to fix any outside damage you will have to pay for it also. Anyone who gets damage to the outside of their vehicle and doesn't get it fixed would be a fool. Besides, I think that is why they want your insurance to be upgraded on these cars. I have always maintained full coverage on any vehicle I drive, but like I said they made me get additional coverage.

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