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Loren, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 34102
Experience:  30 years experience in general legal matters.
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My daughter is at a car lease end of term in which there

Customer Question

Hello: My daughter is at a car lease end of term in which there were some late payments. She requested a payoff letter from the finance company and they provided an outrageous market value of $21,001. The end of lease term market value is $12,457. The finance company sent the lease to collection and what is assumed for repossession and the collection company wants $15K as payoff for the vehicle. The amounts the finance and collection companies want as lease buyout is not approved by local banks and my daughter wishes to return the vehicle while preserving her consumer rights. She is willing to set-up payments for the unpaid amounts during the lease but nothing more. How can she best approach returning the vehicle while securing that the finance and collection companies correctly report on the account to the credit bureaus after paying the late payments? Please be detailed. Thank you.
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Loren replied 1 year ago.

Good morning. I am Loren, a Florida licensed attorney, and I look forward to assisting you.

Expert:  Loren replied 1 year ago.

Remember that this is all negotiable, especially add-on fees and penalties.

Expert:  Loren replied 1 year ago.

Therefore, she should try to negotiate a reduction and payment plan. She can also request that the matter not be reported to credit agencies as part of the settlement. The most important thing is to get the settlement in writing. Otherwise, it is not enforceable and they can demand full payment at any time.

Customer: replied 1 year ago.
What is your fee to get an ideal repayment plan with the finance company? I clicked on "Accept Offer" but the system gave an error. If you can provide a quote for negotiating the minimum repayment plan to restore the account with the finance company I will appreciate it.
Expert:  Loren replied 1 year ago.

Thank you for the vote of confidence! Unfortunately, I am not taking on new clients.

The Florida Bar maintains an excellent online referral program:

Expert:  Loren replied 1 year ago.

Did you have further questions? Have I answered your question?

Customer: replied 1 year ago.
Like I stated in my original question, efforts have been made to finance/refinance the lease but what seems to be needed is legal representation for negotiating with the finance company. You said you are not taking on new clients which leaves my daughter right with my original question and so my quest continues. I'll continue asking questions locally next week when I return to Florida. Thank you.
Expert:  Loren replied 1 year ago.

This is a question/answer site, not a referral site. If you have specific questions I am happy to continue or provide a phone call if you can straighten out the credit card issue.