Has anyone ever terminated a car lease? - Page 3

Ibby114 · ‎03-10-2010

@muttmom wrote:
@harcon wrote:
My husband leased a car 3 months before he passed away. There was just enough money for final expenses and I couldn't afford the monthly payments. I took the car to the dealership and turned it in. GM gave me no hassle
I am sorry for the loss of your husband.

As long as you were not on the lease and there was no estate to pay off the lease, GM could do nothing but take the car back.

For the OP, again I am sorry for your loss. I would not make any payments The lease holder gets the car back then files suit against the estate.

No one's filed anything thus far- I'm tempted to take them to small claims court though! I've found that judges and mediators in small claims are very compassionate to the public.

Shorty2U · ‎03-09-2010

I am sorry for the loss of your dad.

I don't think its just that make of cars, I think everything is about money now days (sadly!), and so companies cover their own butts, if you get my drift!

But, I always thought they would just take the car back if someone cant pay (due to death or other reasons), I guess I am wrong after reading this.

I have no other advice other than to let the estate pay it if possible. I don't know if Id fight them because lawyers cost more than its worth.

I am sorry for what you're going through and I hope that the issue gets solved asap.

To add- This wont help you now, but this is why I don't like leasing cars, among other reasons. We leased once and then when the lease ends you either give the car back (and have no car) or trade it in for another and need multiple thousands to do so, OR owe a fortune to buy the car (which is like buying it twice). We ended up buying the car but we no longer leased after that.

And in the end, the love you take is equal to the love you make~ The Beatles

Ibby114 · ‎03-10-2010

@Shorty2U wrote:
I am sorry for the loss of your dad.

I don't think its just that make of cars, I think everything is about money now days (sadly!), and so companies cover their own butts, if you get my drift!

But, I always thought they would just take the car back if someone cant pay (due to death or other reasons), I guess I am wrong after reading this.

I have no other advice other than to let the estate pay it if possible. I don't know if Id fight them because lawyers cost more than its worth.

I am sorry for what you're going through and I hope that the issue gets solved asap.

To add- This wont help you now, but this is why I don't like leasing cars, among other reasons. We leased once and then when the lease ends you either give the car back (and have no car) or trade it in for another and need multiple thousands to do so, OR owe a fortune to buy the car (which is like buying it twice). We ended up buying the car but we no longer leased after that.

I agree with you about leasing- you pay all this money each month and then own zip nada zilch a the end of the lease term! My Dad never wanted to give up the notion of driving - even though he rarely did. The car was 14 months old when he passed away and there was barely 3,000 miles on the odometer !

croemer · ‎03-10-2010

First so sorry for your loss and then to have this to deal with. I just found this article and it may not make you feel better. You may read here what the article said From the L>A> Times.

LINK

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croemer · ‎03-10-2010

Found this article as well. If he had credit life insurance it would be helpful...do you know if he did? If not it looks like it is up to who he leased the car from. The link is from autoblog....LINK

God Bless

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Ibby114 · ‎03-10-2010

coemer- thank you for both articles. I had found each on line as well!!! (great minds think alike! )

I actually wrote the journalist from the LA TImes but haven't heard back. I also contacted my Dad's auto insurance company to see if he had that additional insurance. I found out it's offered via the leasing company and I reviewed his lease contract with a fine tooth comb. He didn't sign up for it unfortunately.

croemer · ‎03-10-2010

So sorry, keep trying maybe you will find some help. Maybe you could go over someones head?

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**Careful... I have caps lock and I am not afraid to use it.**

Ibby114 · ‎03-10-2010

I had filed a complaint with the government- the consumer financial protection bureau. They referred my complaint to hynudai finance and a mucky muck from their legal department called me to 'work through' the problem. omg did they ever try to spin the conversation to their benefit! I'll give them one thing though- they never 'offered their condolences' for my loss. Many financial institutions do - and THEN try to rake you over the coals!!

CatsyCline · ‎07-24-2013

i'm sorry this happened to you. leasing is not for everyone. car dealers love to spin the "shiny new car" to lure in unsuspecting buyers. the sales tactic they use is, if you like driving a new shiny pretty car every 3 to 5 years then you can avoid paying the high monthly payments for a vehicle that will depreciate anyway.

i leased a cute little sporty car and my car was stolen and totaled. the thieves took the seats, radio and tires and left the rest of the car intact. car insurance covered part of the loss but i paid an additional chunk of $$ to avoid a charge-off on my credit report. i had no idea the dollars i had paid over the 19 months did not make a dent in the market value of the car. because when you lease you only pay for the "part of the car" within the lease period (say 3 years v. 5) . after that you walk away, trade up or pay the ballon payment to own it. this was years ago and at the time personal car leasing was so new there was no "gap insurance" offerred.