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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Consumer Protection Law
Satisfied Customers: 18804
Experience:  B.A.; M.B.A.; J.D.
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I have an inquiry regarding my repossessed leased vehicle. I

Customer Question

I have an inquiry regarding my repossessed leased vehicle. I fell behind on my lease for 3 months, my vehicle was repossessed. I paid the full amount of the lease the next day (this includes past months amount owed, as well as the future remainder of the amount owed on the lease). I contacted the leasing financial company to close out my lease since all debts have been satisfied at which point I was told that my leased vehicle will be auctioned and i will be responsible for the deficiency amount. They also mentioned that I have the option to pay the purchase price of the vehicle, which I have no intention of doing since the car is a lease. The vehicle is a lease and ends in a month. All debts have been paid minus the towing expenses which I am trying to also pay. Why are they saying I am responsible for the purchase price of the vehicle? Am i missing something?
Submitted: 11 months ago.
Category: Consumer Protection Law
Expert:  Phillips Esq. replied 11 months ago.

That is quite odd that they are demanding that you purchase a leased car. I do not see any legal ground for this requirement to purchase a leased vehicle. You are only responsible for the towing costs. So, if the lender tries to come after you for more than that, you have to challenge it including filing complaint with the Better Business Bureau, your Attorney General's Office and Consumer Financial Protection Agency for this unfair and deceptive act and practice.

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