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April 08, 2006
Bad Feeling Lurking About Dropping Lease
I woke this morning with some very bad feelings about doing a voluntary repossession on my lease. While I can afford the lease, the vehicle payment could be funneled into a revenue producing investment.
Last night I was certain that I would be off to the GM optimum dealership to buy a car that was 2 years old and drop the truck off under a voluntary respossession. However, that gut feeling of "something bad is going to happen if I do this" kick in. I called the salesperson who sold me the truck to go over (again) what I was doing.
His advice this morning was "don't do it, GMAC will come after you" - Kenny (the salesperson) mentioned that something similar had just happened where a lease holder passed away and GMAC came after the estate to recover the costs on the remainder of the lease. Kenny mentioned that since I do have savings and equity in my house that GMAC would come knockin' on my door to recover any costs on returning the truck early.
Certainly makes a lot of sense that this would happen so the "dump the lease" plans are on hold until Monday.
If anybody wants to take over payments for the next 1.5 years let me know - I have a beautiful Chevy Avalanche LT and willing to cut a deal - How about your first months lease is free ;)
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