Ask Experts Questions for FREE Help !
Ask
    spoonieg's Avatar
    spoonieg Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 2, 2008, 10:12 PM
    Lease turned bad debt
    What does it mean when you fail to turn in a leased vehicle on time and it is charged off as bad debt... is the vehicle now mine and do I get a title or is it still the lease comapn's car until paid for or returned
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Dec 3, 2008, 05:49 AM
    Hello s:

    Charged off is a "tax" term that has to do with how THEY report the car. It doesn't mean ANYTHING to you. No, you don't own the car. Yes, they're going to sue you for it.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Dec 3, 2008, 07:13 AM

    And in many US states you can be charged criminally for not turning it in. So besides the money issues of being sued for its value,

    Expect it to be repo'ed and perhaps the sheriff at your door.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Florida Statute of Limitations Bad Debt car lease [ 1 Answers ]

URGENT PLEASE PLEASE HELP Our daughter is being sued in Florida where she has lived since Oct. 2002 for an auto lease debt which originated in Georgia during Jan. 1999 and was written off Sept. of 2000. My daughter was going through a divorce at the time. Since the divorce, her ex-husband...

Student Housing lease signed, no lease or security deposit. Can I cancel lease? [ 2 Answers ]

I have a student housing house. I require a $200 non-refundable lease deposit within 15 days of signing the lease (in this case it was due March 15). A $300 secutity deposit due June 1, and the rent less the lease deposit due August 28. I have a student that signed the lease, but never sent...

View more questions Search