my lease payment is 273/month and i have 14 months left which would be a total of $3822. So I’m wondering, if they sell it at auction for more then that will I not owe them anything as far as the remaining amount for my lease? I just can’t imagine a 2008 dodge avenger not getting $4000 at auction. I’m an auto detailer at a dealership so I can make the car look close to new to increase the amount it goes for at auction. if i voluntarily turn it in I’ll save on repo-man costs. and also I don’t have money sitting aside so how long with it take them to start garnishing my wages?
Originally posted 2009-08-17 07:27:43.
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{ 5 comments… read them below or add one }
For one thing if the car is repossessed your credit will take a hit for the next 7-10 years, If you can sell the car and pay of the balance that would be best.They can not garnish you wages all they can do call you day and night telling you need to pay the balance,they can’t take you to jail,they might try to sue you for the balance. I know it’s happen to me. Back in 1993 and know my credit is clear no repossessed on the report. I don’t know about the auction
What I want to know is this. If you are so confident the car is worth $4000 why don’t you just sell it and avoid the huge hit on your credit score. The repo will severely damage your ability to secure credit for any future purchase (cell phone, utility deposits, rent) so why volunteer for that mess when you can simply sell the car and pay it off.
I just can’t imagine a 2008 dodge avenger not getting $4000 at auction
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We can.
I know you feel highly of the car because it’s yours, but it’s another POS to auction goers. I know, I do auctions once in a while.
The payoff amount isn’t $3822. It’s $3822 plus the residual value stated in your lease documents. You are severely upside down and I’d bet you’ll be responsible for over $6000. Sorry to be the bearer of bad news.
Well…dale b has it right. It’s not the $3822.00 in question it’s the LEV-lease end value which is probably even greater that $6,000.00. My guess is that it will be closer to $10,000. or more plus your $3,822. that you’re delinquent on.