Lease failure of payment ?
08-06-2002, 08:09 PM
#31
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In regards to the 6 figure salary and a 700+ credit score....... My friend Steven is "White" as am I, and he was asked for a down payment and a co-signer. Guess what? He makes a 6 figure salary and has 690+ credit score. Was this because he was white?, or did he just get screwed?
08-06-2002, 08:13 PM
#32
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Alright I am stepping in here, I will be locking the tread down if I can. No more stuff like this guys. I got the info I needed nobody needs to start a pissing match over one guys response.
As for the credit rating thing's I still need to know what it will do to my fic score but I am sure the banks will be more then happy to tell me the dire news.
I applied for almost 23 jobs today so something will pan out, will keep everybody in the loop when something comes up.
As for the credit rating thing's I still need to know what it will do to my fic score but I am sure the banks will be more then happy to tell me the dire news.
I applied for almost 23 jobs today so something will pan out, will keep everybody in the loop when something comes up.
08-07-2002, 01:11 AM
#33
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[QUOTE]Originally posted by StormBringer
[B]Alright I am stepping in here, I will be locking the tread down if I can. No more stuff like this guys. I got the info I needed nobody needs to start a pissing match over one guys response.
[B]Alright I am stepping in here, I will be locking the tread down if I can. No more stuff like this guys. I got the info I needed nobody needs to start a pissing match over one guys response.
08-07-2002, 10:14 AM
#37
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Checked out swap a lease several S2000 are there in my lease range that have traded with more miles and a bigger payment and less months. I am more then ready to trade if it comes down to it. I gave myself 2 weeks to hit up every contact I know.
If nothing comes up or if I don;t get as many call backs as I assumed I would I will simply go out and get a crappy job. I hate to do it but even though I can get unemployment I don't really like being out of work so I figure I can just go out and get a job. Maybe I can shuffle cars for honda at the bigger lots or sell car's. who knows.
If the bank reposes on a lease they don't get the remaining payments thats the whole sale worst deal, can't get blood from a turnup. It goes against my credit but there is no way in hell that they can request payment for a car they now have posession of. I figure everything will work out it normally does but I got to keep my head up.
If nothing comes up or if I don;t get as many call backs as I assumed I would I will simply go out and get a crappy job. I hate to do it but even though I can get unemployment I don't really like being out of work so I figure I can just go out and get a job. Maybe I can shuffle cars for honda at the bigger lots or sell car's. who knows.
If the bank reposes on a lease they don't get the remaining payments thats the whole sale worst deal, can't get blood from a turnup. It goes against my credit but there is no way in hell that they can request payment for a car they now have posession of. I figure everything will work out it normally does but I got to keep my head up.
08-07-2002, 11:53 AM
#38
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Storm, try this link, it has some basics and options:
http://www.alg.com/news-information.asp?pa...ws_lease_versus
On one of the pages it gives options of getting out of a lease.
Your payoff is not the residual plus the sum of your payments because your payments include interest.
http://www.alg.com/news-information.asp?pa...ws_lease_versus
On one of the pages it gives options of getting out of a lease.
Your payoff is not the residual plus the sum of your payments because your payments include interest.
08-07-2002, 12:53 PM
#39
Ok, here's some info you can rely on is correct. I'm not in financial trouble but my lease runs out in May, 2003. I don't drive the car really between October thru April so I'm going to trade it back in October so I don't have payments or high NJ insurance to deal with any longer. I talked to an AHFC rep and here is what you can do to get out of your lease early.
1. Try and get a dealer to buy it back or private sale. Keep in mind the it's cheaper to sell back to the dealer then a private sale. The dealer's price is lower to buy it from you (AHFC).
2. AHFC for a fee (I was told about $100 by the rep) that they will send out an appraiser who will appraise the car and that will be the value that AHFC will take it back. So if it's worth the same as you owe (something tells me it won't be worth more!), they take it back, and you owe nothing. If less, you pay the difference.
3. Give the car back, and pay the rest of your payments. In my situation, this isn't terrible since I'm close to the end of my lease, but for you, this might not be an option.
Good luck with your job search.
ERIK
1. Try and get a dealer to buy it back or private sale. Keep in mind the it's cheaper to sell back to the dealer then a private sale. The dealer's price is lower to buy it from you (AHFC).
2. AHFC for a fee (I was told about $100 by the rep) that they will send out an appraiser who will appraise the car and that will be the value that AHFC will take it back. So if it's worth the same as you owe (something tells me it won't be worth more!), they take it back, and you owe nothing. If less, you pay the difference.
3. Give the car back, and pay the rest of your payments. In my situation, this isn't terrible since I'm close to the end of my lease, but for you, this might not be an option.
Good luck with your job search.
ERIK
08-07-2002, 05:42 PM
#40
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From someone who had a repo a long time ago, as well as over 20k in debt, it is damn hard to recover your credit. My household income is in the six figure range but it was rough going back and paying each and every one of these people off. GMAC, Visa, etc...
Credit counseling can help you try to get your payments in check. I know the market is in the tank, but try everything before missing a payment! I am back in good standing but damn it took along time!
Credit counseling can help you try to get your payments in check. I know the market is in the tank, but try everything before missing a payment! I am back in good standing but damn it took along time!