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I cant pay my car. Whats the bad about a REPO

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I have 5 months left on my car lease, I cannot afford the payment anymore due to the drastic change in the real estate market. I want to turn in the car back to the finance company early. I am not sure how this works or what are the consequences. I imagine this is a REPO. What is my best option or best advise for me to return the car 5 months early. I will owe the finance company about 3,500 for my payment. Can you guys help with a little advise?

The same thing happened to my ex, he couldn't make his lease payments, and they repo'd it. Then they sold it at an auction, and they must have sold it dirt cheap because he ended up owing $5000,and to top it off, his payments ended up being double what his lease payments were! Basically, he would have been better off just keeping it and making the payments until the lease was up, it would have ended up being a lot cheaper. He was only two months behind too! I still think he got screwed on that deal because they never provided proof of how much the auction sale was. I'm really not sure what would be your best bet, I am just sharing my story with you, but you really should read that lease contract you signed, and find out what your responsibilities are going to be before you repo it.

Sub: #1 posted on Thu, 02/21/2008 - 05:56

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.83)

Get a second job delivering pizzas and pay the last 5 months off. A voluntary repo is still a repo. Then sell the car and pay off the the remaining balance and go buy a cheap used car and work your way back up with cash only. Another name for a lease is FLEECE.

Sub: #2 posted on Thu, 02/21/2008 - 14:58


Call the lender and tell them your situation. I am finding my car lender is A LOT easier to deal with than my credit card collectors. They may even modify your loan to help you out.

Like mentioned above, try delivering pizzas or something. I know with gas prices the way they are, you wont make much BUT enough to pay that car off. My hubby is taking on a paper route 7 days a week early am to help pay our car. It sucks but we gotta do it. We have 2 that are both late. I thought any day this week 1 would be repo'd so I finally broke down and called the lender back. They were understanding and are working with me. $3500 is a lot of money but not out of reach. You can do it!

You could also advertise to have someone take over your payments. I am not sure someone would go thru all that for 5 months only but you never know. Good luck to ya!

Sub: #3 posted on Thu, 02/21/2008 - 20:54

girlndebt girlndebt

(Posts: 151 | Credits: 57.73)

hello, i'm thinking of voluntary giving my car back to the bank. i have negative equity and can't make payments. is it possible to negotiate the difference after the car is auctioned

Sub: #4 posted on Wed, 09/24/2008 - 01:33


I responded to this question back in February and here I am in the same situation as back then....ARGGGHHH ! Well my husband didn't get the paper route. In freakin-credible that times are that tough that there are no paper routes or pizza delivery positions available. We are not giving up though. :x

CALL THE LENDER. Right now they are swamped with delinquencies and repo's that they don't want the car back just like banks really don't want anymore houses back! Not to say they wont take it but I just went through this mess with my lease after being 3 months late. See what they can offer you before you tell them to come take it or before it is repo'd.

Sub: #5 posted on Wed, 09/24/2008 - 04:45

girlndebt girlndebt

(Posts: 151 | Credits: 57.73)

2 months behind on gm car lease but Iam still making payments, I keep getting calls from gm collections, and already did a 1 month added on to my lease

Sub: #6 posted on Wed, 10/01/2008 - 20:08


i have a car on finance had it just over a year now and i have i can not afford to make payment this month whats the best thing to do will they repo it str8 away please help email at [email][/email] thanks

Sub: #7 posted on Mon, 10/13/2008 - 03:44


2 months also behind on my gm car lease, had alot of medical issues last year that put behind. I was told as long as you never fall behind 3 they can't repo your vehicle??? I have called them and explain my situation to them and they seem to understand but they still call work, my cell and the house phone every night asking when i can catch up my behind payments. It gets so frustrating they know you are having trouble but then the y still want your behind payments caught up over night.

Sub: #8 posted on Sat, 02/07/2009 - 10:20


tried to reason with the company,they had no options for me in 2007 the suv was voluntary repo. now they are taking me to court for 20,000 any suggestions out there.

Sub: #9 posted on Fri, 05/15/2009 - 23:11


I have a situation my sister's car is about to be repo the problem is that both our names are on this car my car is up to date on payments. Different finance companies. Do you think that my finance might allow me to add that car to my loan

Sub: #10 posted on Sat, 09/12/2009 - 01:42


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