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How should an 82 year old lady terminate a car lease?
18th December 2010
She is the co-signer on the lease and loan. The other people have stopped making the payments. The lease ends in July ’08. The car is just being stored. Does anyone agree that she should stop making the payments and let the car be repossessed? She doesn’t need a good credit rating at 82 years old. Would she incur any fees after repossessing took place?
Posted in: Auction FAQ | | Comments (3)
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You don’t want a lien on the estate when she dies. She should contact the lender and discuss this. If she tells them where the car is and asks them to repossess it, it’s better than if they have to hunt it down months later. Better yet, she should sell it privately and discharge the loan with the proceeds of the sale.
At age 82, I’m surprised she qualified as a co-signer. She must have put a house or savings up as "collateral". If the loan goes into default, those assets could be at risk.
Comment by WindowLicker — December 18, 2010 @ 6:38 am
Just work it out with the lender and take your knocks. Turn the car back in and stop the monthly payments and late payment fees. Those fees and payments will really add up. Most the time the lender will settle for much less if the car is in good shape. If the car got trashed and not maintained sad story. Never co sign for any one if they cannot get there own credit there is a reason. Never sacrifice your credit what if you need a water heater or refrigerator tomorrow? Work it out.
Comment by John Paul — December 18, 2010 @ 6:38 am
I agree with all that " window Li" says, and its nice someone like you want to help.
I dont have the details whom lease is with or where your located, if the vehicle is being stored now why not try to sub- lease for the balance of term ?. She can make the lease attractive taking some loss, and it will be a lot better than having vehicle repo..
post some more details. whom is lease with ? and location ?
Comment by Ray — December 18, 2010 @ 6:38 am