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I have a leased car. To get it I traded in another leased car

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and added he slavage value...
I have a leased car. To get it I traded in another leased car and added he slavage value to the new lease value. I lost my business and my fianacials worsened recently. I have a 7000 alimony and a 1000 chalid support until 3/12 after that it drops to 3000. I own a home and the mortgage on it is about 3500. I have my 16 years old son with me. My monthly car payments are 919. I need to reduce that so I wish my car to be voluntarly repoissesed. I wnat to make sure they will not place a lean on my home.I do not mind the credit score impact.
Submitted: 6 years ago.Category: Legal
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Answered in 4 hours by:
2/1/2011
Lawyer: Andrea, Esq., Attorney replied 6 years ago
Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Hi, Welcome to JustAnswer

My 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

Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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Customer reply replied 6 years ago

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.

Lawyer: Andrea, Esq., Attorney replied 6 years ago

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

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