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mojosmomie · Jul 8, 2007, 05:14 PM

In Feb. I leased a car 45,000.00 ( I tried to get out of it at the last minuted but the dealer said I couldn't I know my fault should have looked into it more) anyway kept it one month couldn't afford it. Called the lease co. told them I couldn't afford it. They told me to try to sell it , etc. I ended up doing a volunteer repo. They auctioned the car off for 27,000. And called me thurs and told me I owe them 18,000. The balance of the lease. THIS is in the state of Florida. They say I owe it by this Thurs. one week from the phone call.
Im in a panic. We are buying our home. Don't own anything. Or have any assests. Both my husband and I work. We have 4 minor children. What can they do to us?? We are very nervous. I can't pay this or I would have kept the lease. I can't even afford a lawyer. Does anyone know what the law is on this?

ScottGem · Jul 8, 2007, 05:34 PM

What they can and mostly likely will do is take you to court for the balance. If they win, and I see no reason for them to lose, they can then garnish your salary and/or attach your bank accounts.

I don't know who suggested the voluntary repo but that was the wrong thing to do, since what happened is what was likely to happen. Your only hope as far as I can see is if you can prove the dealer wouldn't let you out of the lease within 3 days. Federal law requires a 3 day right of recission, though I'm not sure how that would work if you actually took possession of the car.

Bottomline, is you agreed to buy the car and took possession of it. You are therefore responsible for paying the balance of the loan. The best suggestion I can offer is to work out a payment schedule with the leasing company.

mojosmomie · Jul 8, 2007, 05:45 PM

Apparently in Florida they can't agrnish wages (at least that's what I'm trying to find out for sure). I had to sign a paper saying that there was no 3 day return period. The whole deal was bad and I should have been smart enough to walk away but I can't keep looking back at what I did wrong.
I want to confirm that the Florida law is that they can't garnish wages in this state. I did ask the lady when she called if I could work out a payment plan she told me to go get a loan. If I could afford a loan I would have kept the car. I don't have that kind of money.
Can a "GOOD FAITH amount" of lets say100.00 amount keep a collection co. from taking someone to court on an 18,000. Debt??

ScottGem · Jul 8, 2007, 07:18 PM

I doubt it. $100/month won't cover the interest. Even if they suspend interest it would take you 15 years to pay off.

I'm more interested in this paper where you signed away your right of recission. I don't know how legal that was. That may be enough (if you still have it), to prove the transaction was illegal or fraudulent.

It does appear that Florida restricts salary garnishment. See this site:
Florida Asset Protection Under Florida Statutes: IRA, Garnishment, Salary, Annuity & Insurance
However, the protection is only extended to the head of the household, so your salary would be fair game.

froggy7 · Jul 9, 2007, 06:40 PM

I will also point out that if you can afford to buy a house, I am having a hard time picturing you being unable to pay that debt. Plus, it's a big target for the dealership to go after and put a lien on.

s_cianci · Jul 9, 2007, 07:06 PM

You may need to file for bankruptcy and have the debt discharged. Do so after you complete the purchase of your home. Meanwhile, try to complete the home purchase as quickly as possible before the repo has time to become a "bad" debt or it could jeopardize your ability to get the credit you'll need for your mortgage.