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repomycar · Mar 13, 2008, 11:02 AM

I have a Nissan and have $5,000 left on the lease. I want to get out but do not want to pay the extra on top of a new vehicle price. My credit is roughly 540 right now. My girlfriend is going to purchase the new car for me and her credit score is 720. Should I just voluteer repo my car and take the hit on my credit?? Someon give me logical advice!! :confused:

MOWERMAN2468 · Mar 13, 2008, 11:29 AM

If you only have a 540 credit score, you are lucky that anyone even leased you a vehicle in the first place. I imagine you are really paying for the lease with high rates because of your score. Bite the bullet, pay the payments, build your credit and go forward. Simply because if you have a 540 and do the what you refer to as volunteer repossession, you are going to kill what little credit you do have currently. Make your payments on time and regularly and at the end of the lease search for another vehicle.

ScottGem · Mar 13, 2008, 11:50 AM

What makes you think a voluntary termination will help? You signed a contract that requires you to pay the lease payments. Your best bet is to see if you can assign the lease to someone who wants the car.

Fr_Chuck · Mar 13, 2008, 03:04 PM

Yes, you can not just quit the lease, they will hold you to the terms of it, or make you pay the money to buy it out.

First I don't mean this wrong, but do you really NEED a new car, if you have such a low credit score, you should be looking at paying off things, improving your credit, nor going deeper into debt.

I think you need to look at budgeting and paymets, and finish paying out your car, and then when it is done, if you want a car, consider something more afordable

progunr · Mar 13, 2008, 03:20 PM

Originally Posted by Fr_Chuck

I think you need to look at budgeting and paymets, and finish paying out your car, and then when it is done, if you want a car, consider something more afordable

Good advice!

Something else that has not been mentioned here, you said your girlfriend is going to buy you the car?

What happens when you two have a problem, and she takes the car away from you.

I know, you think you will be together forever don't you?

Think about it for a minute... The two of you get into an argument, she takes "her" car away from you, the company that you surrendered the vehicle to has sued you and is garnishing your wages for the balance you owed, and now, you have no vehicle and worse credit than you had before...

Good Luck!