Have Legal Questions? Ask a Lawyer Now.
Hi, Welcome to JustAnswerMy name is XXXXX XXXXX I would be glad to help you
Set up an appointment with the dealer and explain that you cannot afford the vehicle, and certainly did not expect to lose your business, nor did you ever imagine that your alimony payment would be so high. Tell the dealer you're giving back the vehicle, hand the keys to the dealer and see what he says.
It's difficult for anyone to predict how cooperative the dealer will be, but it is equally difficult to tell you what your rights are without reviewing the lease. Typically, in these leases, the dealer gets all of his money, but the dealer also has a legal obligation to mitigate his damages, in other words, try to lease it to someone else so that he reduces his losses.
You should also try advertising and maybe you will find someone to whom you can assign the lease
Thank you Andre fro your repsonse. Howver you mya have missed a couple of things. One the car would regularly lease with a value of 35000. I gave them back a car which had a slavage value of 20000 and they added it to the lease value, that is now I have a lease of 55000 which 20000 is finnacial and 35000 for the car. so getting someone to absorb the lease as is is not doable and takes a long time and I can not make this months payment.
If I do what you suggest what risk is there trhat they will try and put a lkean on my house or bank accounts.
How to proceed.
This is a common misconception. The only way a lien can be placed on your house is if you signed a mortgage over to the car dealer. The dealer would have to sue you for any deficiency on the lease, get a judgment against you, then as a judgment creditor, he could ask for a Writ of Garnishment which he could serve on a bank in which you have any accounts and/or
obtain a Writ of Execution, give it to the Sheriff, ask the Sheriff to locate property you own and put them on the "Sheriff's Sale" list which could be sold, then give the dealer the proceeds of the sale to satisfy his judgment.
The dealer could also choose to do nothing with his judgment and if and when you chose to sell your house, the title insurance company for the buyer would insist that the judgment be satisfied before they would insure clear title in the buyer.
Kindly press "ACCEPT" so that I receive credit for assisting you, otherwise I do not get paid
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).