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trmpldonagn · Mar 8, 2008, 01:11 AM

I am sorry if I am asking this question in the wrong category. I voluntarily turned in a lease vehicle in August of 2002. (Where I lived at the time, 911 had changed my address and I believe this is why I was not served properly.) They served the summons to an address I never lived at but a relative's. Unfortunately the relative thought they were doing me a favor by NOT telling me about it and ignore it. Nevertheless, I did file a motion to at least vacate the judgment. It is still pending because things went back and forth.

I was about to make arrangements to pay the lawyer handling the case but I'm reading so many things that are telling me to make absolutely sure I do owe. I thought since I turned in the vehicle on my own that that was not considered "defaulted on payments".

Sorry for my lack of knowledge and I apologize once again if I'm in the wrong section.
I appreciate any advice... I live in NY.

This is a wonderful site. Thanks very very much to all of the people taking their time to share their knowledge. It has helped me with a lot of other things.
THANKS!!

The newbie :)

youcantstop48 · Mar 8, 2008, 01:59 AM

I know in fla you will owe no matter what, I called them to come pick mine up and still had to pay, it's a legal deal where you signed that you would pay...

s_cianci · Mar 8, 2008, 06:58 AM

A voluntary surrender is still considered a default. Most leases have early termination fees associated with them and you'd be subject to these.

Fr_Chuck · Mar 8, 2008, 08:52 AM

Yes, it is still considered a repo in many areas, a default in contract in all.
So all that turning it in does, is save you the money they would have charged to get a repo and the cost of getting the car.

So after it is sold, you still owe the balance, ** often almost as much as you owed when you had the car.

Now there is a statue of limiation, so if they have not gotten a judgement, you may want to check that, if they have a judgement, you will have little choice in the matter.

trmpldonagn · Mar 8, 2008, 10:51 AM

Thanks a million all!! I appreciate the feedback very much. I will just wait and see what they mean by "settle" out of court. It raised a red flag when they said that which is why I researched it more. I do come up with a different amount owed but I know they add on all kinds of charges so I'll have to just wait and see and pray they don't just take it right out of my bank account, that is, if they can found out who I bank with. Thanks again!! T

ScottGem · Mar 8, 2008, 03:21 PM

You will need to get a statement from them as to how much the car sold for at auction. You subtract that from the prinicpal balance due on the loan then add any fees to get what you owe.

Likely, if this happened that long ago, the debt was sold for pennies on the dollar, so they are likely to settle for a fraction of what you owe.

P.S. Please do not use PMs or E-mail to ask questions. Just post in the appropriate forum.

trmpldonagn · Mar 9, 2008, 11:08 AM

Originally Posted by ScottGem

You will need to get a statement from them as to how much the car sold for at auction. You subtract that from the prinicpal balance due on the loan then add in any fees to get what you owe.

Likely, if this happened that long ago, the debt was sold for pennies onthe dollar, so they are likely to settle for a fraction of what you owe.

P.S. Please do not use PMs or E-mail to ask questions. Just post in the appropriate forum.

Ok, great. Thank you so much for your time and help. I appreciate it very much. As it turns out, I definitely owe them HALF of what they are saying I owe and I guess this is why they wanted to settle out of court at first. I became suspicous at that point. Thanks again.