Open Question: Need to get out of used car lease? what happens if we don’t pay and return car?
we bought a used (10 yr old) vehicle on a lease not really knowing what we were getting into. we have had it a whole 6 mths and 3 1/2 of those it has been consequetively (and still is now) in the mechanic shop. things started going wrong with it the first week we got it and it has been worse since then. we are now paying 500 a month for this piece of junk and wont have it paid off for another 3 1/2 yrs. the sticker price was ok, but now looking at all the problems we have had with it plus the run around from everyone involved as to when it will be fixed and wether or not warrenty will cover it, not to mention the 10,000 added price to payoff because it is a lease (making a rushed decision and just happy we had got approved) is all starting to make us want out of it. now the question is this: the car is still at the shop, so what happens if we just call the dealer and tell him they can have it back and just dont pay the lease payments?
if we end it early as a repo or whatever and dont pay the difference in its value and what we owe, will it just go to our already sucky credit (thats why we leased in the first place) or can they sue for it?
dont know if the lemon law can apply here or not, but can it be used to get out of the lease early?
wat is our best option, and is just using our tax ferund as a down payment to get a different used car somewhere else before surrendering the junker a good option?
i really need a car that works if im going to be paying for it…
yes it was a buy here pay here, but i dont want to get sued and have to pay for a vehicle i really wont have then. it would be no better than paying for it now when its it the repair shop. i guess i want to know if on a lease is the vehicle still collerateral, and what about the difference because i know im upside down and cant afford to buy it out?
the lot uses a third party bank for the leases. the dealership told me today that it needed a new engine, and they dont want to really put anymore into it either, so they are going to talk to the bank and see if we can just terminate the lease voluntarily and not owe anything. dont know how much luck they will have if any more than i would, but guess its worth the try. and yes i would rather find a vehicle to buy what we need for cash, but havent found any yet that are any more reliable than we have already. next time i will for sure steer clear of leases though.
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