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My question is in regards to a voluntary repossession. I…

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My question is in regards ***** ***** voluntary repossession. I can’t afford the payments on my BMW but when I called to complete a voluntary repossession they said that the difference between what the car is sold for at auction and what the value of the car was at the time of purchase minus payments (not what is left of my lease balance) will be what I owe. Is this correct? When I was researching voluntary repossession a lot of the articles I read said it was the difference between what the car was sold for and what I owe left on the lease that wouldn’t be what is still required of me.

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state the property is in?

California

Lawyer's Assistant: What steps have you taken so far?

None so far. They gave me information on a lease transfer but when I checked out the websites there were many more BMWs with much cheaper lease payments on there, plus the fees to go on the website I can’t afford either.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I canceled my car insurance today, but it’s active until April 2nd, not sure if that matters?

Submitted: 3 months ago.Category: Legal
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Answered in 5 minutes by:
3/30/2018
Lawyer: Thelawman2, Attorney replied 3 months ago
Thelawman2
Thelawman2, Attorney
Category: Legal
Satisfied Customers: 2,257
Experience: Attorney-at-Law
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Hello, my name is ***** ***** I will be helping you today.

There are a few options that you can do with a voluntary repo. The first is that you would terminate the lease and pay off the remainder. Obviously, this doesn't really make sense because it is like paying the lease but not getting the benefit of the car. You would be paying the remainder of what is owed on the lease.

The other option is to treat as if you had bought the car, rather than leased it, and then they repossess it and sell it at an auction. This is the option that they have presented to you.

The first scenario is the maximum that you would owe, so if they sell through auction and try to charge you more than the remaining lease payments, then you should challenge it.

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