Kempa
What is the cost of a early turn in fee if you cant afford your lease through GMAC anymore? and what is the process for turning it in, do you just take it there and say "here it is i cant afford it anymore" and they send you a bill?
Answer
You are still liable for the rest of the payments owed on your lease. if you can't afford the car anymore, call GMAC and let them know. And tell them which dealership you're returning the car to so they can pick it up.
GMAC will first try to get the unpaid balance from you. if they're not successful, they'll send it to collections. If the collection company cannot get that from you, they'll either write it off as a bad debt, which will piggy-back on top of your repo, or if it's a significant amount, take legal action against you.
A bad debt and a repo will kill your credit history for 7 to 10 years. A lawsuit can last even longer. Before you give the car back, ask yourself if it's truly unaffordable. Or if you cut back on monthly expenses, could you still make those payments?
A voluntary or a forced repo has the same, long term damaging effect on your credit rating. Before either one happens, be sure you've exhausted every possibility to make your payments. If you decide to ride it out and if you're going to be late, call GMAC and let them know. They'll allow a one time late pay without reporting it. But don't make it a habit.
If there is no way out, call GMAC, let them know you'll drop it off at a certain dealer at a certain time. They can then notify the dealer to be watching for it. Drop off the keys to the sales manager, not a salesman. Be sure you have both sets of keys with remotes and all the books to turn back in.
Then prepare for the bad news in form of a letter from GMAC.
You are still liable for the rest of the payments owed on your lease. if you can't afford the car anymore, call GMAC and let them know. And tell them which dealership you're returning the car to so they can pick it up.
GMAC will first try to get the unpaid balance from you. if they're not successful, they'll send it to collections. If the collection company cannot get that from you, they'll either write it off as a bad debt, which will piggy-back on top of your repo, or if it's a significant amount, take legal action against you.
A bad debt and a repo will kill your credit history for 7 to 10 years. A lawsuit can last even longer. Before you give the car back, ask yourself if it's truly unaffordable. Or if you cut back on monthly expenses, could you still make those payments?
A voluntary or a forced repo has the same, long term damaging effect on your credit rating. Before either one happens, be sure you've exhausted every possibility to make your payments. If you decide to ride it out and if you're going to be late, call GMAC and let them know. They'll allow a one time late pay without reporting it. But don't make it a habit.
If there is no way out, call GMAC, let them know you'll drop it off at a certain dealer at a certain time. They can then notify the dealer to be watching for it. Drop off the keys to the sales manager, not a salesman. Be sure you have both sets of keys with remotes and all the books to turn back in.
Then prepare for the bad news in form of a letter from GMAC.
Can I change a car lease that is in my dads name to my name?
Q. Back in January, my parents leased me and car and it is currently in my dads name. I got in a huge fight with them and they are trying to take back my car before the lease is up. Is there anyway that I can get the lease in my name so this doesn't happen? I am 25 with decent credit
Answer
I hate to say this, but it is not your car. You have absolutely no legal rights to this vehicle. If they want it back, there is nothing you can do about it.
There is no way to transfer a loan (or a lease). Your parents would have to sell you the car (for the total of the remaining payments, plus the residual value of the vehicle). If you cannot pay cash, you would have to apply for a loan, and be approved.
Sorry I don't have better news.
I hate to say this, but it is not your car. You have absolutely no legal rights to this vehicle. If they want it back, there is nothing you can do about it.
There is no way to transfer a loan (or a lease). Your parents would have to sell you the car (for the total of the remaining payments, plus the residual value of the vehicle). If you cannot pay cash, you would have to apply for a loan, and be approved.
Sorry I don't have better news.
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