My Car has been REPossessed (had to change, annoying me. admin)

[miky]

Hi Revscene:

I have a quick question for anyone who have had experience with the leasing company possessing your vehicle.

So our SUV was possessed on Saturday morning on June 2nd, whilst we were leaving for my son's family doctor appointment.

The SUV is under my wife's name and she got a call from the towing company on Friday (Which I wasn't informed) They didn't mention that they were gonna tow the car but they told my wife to call Patty(The Bailiff) When she did it was past 4pm which their office already closed.

My wife then tells me that we have not been paying for the lease since February. She told me that she has always put money into the bank for the lease but then it was returned somehow. (Lets not get into our relationship)

After talking with the Bailiff(On Monday Today) She told me that they have the SUV at Adesa Auction Leaving me with 2 choices.

1. Pay off everything plus the Bailiff fees, Towing fees, Lot fees, leasing company so on etc. Then we could have our SUV back.

2. Wait 30 days and not pay Anything. After the car is SOLD(Auctioned), the money goes back to the leasing company which they will work out an amount with the bank for us to pay. (With all the fees mentioned in point 1 plus the lot fees)


Does anyone have experience with this scenario? Many of you may say "Just pay the bill and get your car back." We could but this lease is a very heavy lease for us. Life happened and we could afford it 2 years ago but not anymore. (Plus the baby boy)

The Bailiff also mentioned that IF, we're not considering paying anything back. This will leave a blip on my wife's credit.

Can anyone help me out with this situation?
Could you offer a settlement and end the lease early?
Which choice do I make in order to pay the lesser amount?

Thanks for reading and we're desperate for some advice.

Miky

[white rocket]

Quite the sticky situation. Right off the bat, the term is "repossession". Possession sounds like your vehicle had a ghostly spirit enter it and take over. Crazy that a leasing company would let a client go 4 months before sending a bailiff.

If you choose to let the vehicle go then your wife will get hit with an "involuntary repossession" stain on her credit. If you choose to take the vehicle back afterwards then that stain will stay but they will report as "account paid" once completed. It stays as to show future creditors that you ran into a situation but then rectified it afterwards. If the loan itself is far more than you can afford then just make a deal with the leasing company for the negative equity shortfall and move onto something less expensive. However, with that new credit stain your wife may be subject to higher interest rates from future lenders do to the optics of the risk on paper when viewing her credit.

How was your wife's credit when you first got the vehicle?
Was it a prime rate lease? Or a high interest rate lease?
Do you need your wife's good credit to further your lives together? ie: mortgage
If not, then take the hit and don't pay anything. If so, then make a deal with the company to save what decent credit she has left (those missed payments are not looking pretty right now)

Ask your lender what the long term effects of each choice are and see what they say.

[IMASA]

I'd be concerned if you chose #2 and the car is sold at auction for bottom dollar and you're still on the hook for the outstanding balance. Wouldn't it be better to take the car back and then work with the leasing company? At least you still have some control on what's going on.

I think we need to know what kind of SUV this is, how much you owe, terms of the lease, etc.

[Ferra]

Pretty sure you will end up with a much bigger bill with option #2.

Take option #1, and try to have someone take over the lease or ask the manufacturer if you can end the lease early with fee.

if your credit is completely toast, and you two don't have any assets the creditor can sue and seize from you anyway, I guess you can do #2. (i.e. if you are borderline going to declare bankruptcy)

[bcrdukes]

It was too quick for me to assume that it was a BMW of some sort that drove itself into a wall because possessed.

Sorry, OP. Sounds like you have a handful. Best of luck.

[fliptuner]

If you've been getting the lease payments bounced back, use the funds to pay the debt. Sell it or get someone to take over the payments, then go buy a Civic.

[miky]

Originally Posted by white rocket

Quite the sticky situation. Right off the bat, the term is "repossession". Possession sounds like your vehicle had a ghostly spirit enter it and take over. Crazy that a leasing company would let a client go 4 months before sending a bailiff.

If you choose to let the vehicle go then your wife will get hit with an "involuntary repossession" stain on her credit. If you choose to take the vehicle back afterwards then that stain will stay but they will report as "account paid" once completed. It stays as to show future creditors that you ran into a situation but then rectified it afterwards. If the loan itself is far more than you can afford then just make a deal with the leasing company for the negative equity shortfall and move onto something less expensive. However, with that new credit stain your wife may be subject to higher interest rates from future lenders do to the optics of the risk on paper when viewing her credit.

How was your wife's credit when you first got the vehicle?
Was it a prime rate lease? Or a high interest rate lease?
Do you need your wife's good credit to further your lives together? ie: mortgage
If not, then take the hit and don't pay anything. If so, then make a deal with the company to save what decent credit she has left (those missed payments are not looking pretty right now)

Ask your lender what the long term effects of each choice are and see what they say.

Hey thanks for your input, it has became pretty clear that option 1 is the only way to go. We may have to borrow a couple of grands rather than waking up everyday thinking that we owe money to someone. Thanks again.

[miky]

Originally Posted by fliptuner

If you've been getting the lease payments bounced back, use the funds to pay the debt. Sell it or get someone to take over the payments, then go buy a Civic.

That's exactly what I am going to do, but most of those funds have been used elsewhere. Also, not so sure about the Civic.

[miky]

So I called Canadian Dealer Lease services today, wanting to speak to someone about my lease. They told me that they're not held accountable for my lease anymore since the Bailiff have the car. They told me to speak with the Bailiff about my "Lease changes." However, yesterday the Bailiff clearly said that the leasing company is held accountable. So they put me on hold, then they transferred me to "Fenestra?"(Another misspelling)

After calling Fenestra? they told me that there's no negotiation for the lease, its either option 1 or 2 as mentioned before...
It's really hard to believe that there's no negotiation/settlement for the lease for a Car that you can't pay for anymore. I mean I'd be happy to settle for half of the amount owing.


Thus, option #1 is the only way to get good sleep at night.

Thanks Revscene

[Verdasco]

My wife then tells me that we have not been paying for the lease since February. She told me that she has always put money into the bank for the lease but then it was returned somehow. (Lets not get into our relationship)

bull shit,

I can see financial problems right now and if that is the case, dont bother leasing or financing a car. buy a cheap beater

[LP700-4]

Post a lease takeover ad asap to try and find someone to take over ur payments

Pay off whatever ur owings are to get possession of the car back then do the lease transfer asap.

Another option is to get ur vehicle back and go into the dealership or another dealer of the same brand and see if they would do a lease buy-in. If the lease is already 2 years in hopefully the current buyout makes sense for them.

[winson604]

Ok so it wasn't just me who thought your car was possessed by a ghost by reading the title.

Best of luck to you bruh.

[smoothie.]

You can't ask for help when you only tell some parts of a story.

good luck.

[UnknownJinX]

Originally Posted by Verdasco

bull shit,

I can see financial problems right now and if that is the case, dont bother leasing or financing a car. buy a cheap beater

Sounds to me that OP is suddenly having a financial problem. They said they were able to afford the lease when they signed, but not anymore.

But yeah, this is not a rare case by any means. Car dealers will tell you that you can afford any car, and folks with no financial sense get screwed over. Pretty disturbing.

[MG1]

My 89 Civic was once possessed. So sad.......... BUT! I met Fliptuner at a wreckers one day. He performed an exorcism and blessed it. Performed flawlessly for years until I sold her.

[StanleyR]

Originally Posted by UnknownJinX

Car dealers will tell you that you can afford any car, and folks with no financial sense get screwed over. Pretty disturbing.

This is how car dealers work.
If they didn't, they wouldn't be in business.

[tiger_handheld]

why didn't the wife tell you payments were bouncing back?

she was suppose to pay lease with your money
but instead she got clothes with your money
she ain't nothing but a lang jai

[Mr.Money]

when trying to keep up with the Jones goes wrong.