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In the state of new jersey, can I turn the car back to the…

Customer Question
In the state of...

In the state of new jersey, can I turn the car back to the dealer without any liens on my personal property or any other penalties

Lawyer's Assistant: Has any paperwork been filed?

What kind of paperwork

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

The monthly payment is $2000 per month due to the fact I rolled prior leases into each new car. no paper work has been filed. I just want to drop the car off at the dealer and not pay any more. I know this will put a default on my credit report

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

I live in new jersey and the dealer I bought the car from is in new jersey. the payment is made to lexus each month

Submitted: 6 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
12/27/2017
Real Estate Lawyer: Ray, Lawyer replied 6 months ago
Ray
Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 48,277
Experience: Texas Attorney for 30 years dealing in real estate
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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Real Estate Lawyer: Ray, Lawyer replied 6 months ago

If you turn back the car here the dealer will auction it and they may sue you for the balance.Turning it back in may be the best you can do here but no guarantee they won't still sue you for deficiency.Please don't shoot the messenger.It may lower your debt but if it doesn't sell for whats owed they may pursue you.

I appreciate the chance to help you tonight.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 6 months ago
who would possibly sue me, the dealer or lexus
Real Estate Lawyer: Lucy, Esq., Lawyer replied 6 months ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 32,264
Experience: JA Mentor
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today. I see that you've requested another expert.

There is unfortunately no law that allows a person to return a car to the dealership without a penalty, unless there is a clause in your contract that allows it. I've never seen a car sales contract with such a clause (they usually explicitly state that there is no "cooling off" period, but it's a good idea to read your agreement so you know what it says).

Since the loan is financed through Lexus, they're the ones that will be able to sue you for the balance on the loan following the sale. They're also the ones who will wind up selling and auctioning off the vehicle, because it's the finance company that should have the lien on your vehicle, not the dealer. That means you're depending on the dealer to notify the finance company, which they may or may not do. It also means that the dealership could call the police and report the car as abandoned if you simply leave it there without reaching an agreement with them first. That could lead to towing fees if they have the vehicle removed. The dealer could also charge you with storage fees, because technically, it's trespassing to leave your car on their property and walk away. Meanwhile, the loan will continue to accrue interest until the finance company repossesses it. Just leaving it at the dealership doesn't terminate your obligation to pay.

You may want to call the finance company, explain that you're going to turn it in, and verify (a) where they want you to leave it and (b) the name of a person who will confirm when it's been picked up. Usually, negotiating a resolution will wind up more beneficial than simply leaving the car. You can also try talking to the dealer to see if they will agree to accept the car back and put you in a different, cheaper car instead. Sometimes it's possible that they'll accommodate you even when the contract doesn't require it, because they rely on word of mouth and repeat business.

Otherwise, one way to avoid having to pay the remaining balance on the loan is to look into whether you qualify for bankruptcy.

If you have any questions or concerns, please reply WITHOUT RATING so I may address them. My goal is to provide you with excellent customer service. Otherwise, please rate my answer positively so I get credit for assisting you today. Mobile users may have to scroll to the right. Thank you.

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Real Estate Lawyer: Lucy, Esq., Lawyer replied 6 months ago

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