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April 06, 2006
Continuation of the "Dump the GMAC Lease Saga"
Today, I called my banker again to go over things regarding my GMAC lease and terminating the lease prior to the expiration of the term. I have also called the business manager at the dealership where I got the lease.
Here is the run down:
- Banker says it will be fine. I have had no missed payments on anything and a voluntary repossession will show on my credit report. She also says this will have no impact on getting a mortgage on an investment property as my credit has been spotless to date.
If you are going to try something like this the greatest piece of advice I can offer is to make sure that your banker is documenting everything. This is what Sharron (my banker) is doing. With every call she makes notes on my file at the bank.
- The bank suggested that I call Trans Union (the reporting bereau they use) to speak with them. I have just got off the phone with Trans Union.
Here is what Trans Union said about the situation:
1. It will show up as an R8 on my credit file (meaning a repossession)
2. Trans Union's recommendation if I proceed with this is to send them a Consumer Statement of around 200 words (or less) the reason I am doing the voluntary repossession. The consumer statement will accompany my "credit black mark" so that any future creditors will be able to see the reason for breaking the lease.
Sharron also suggested before taking the step of voluntary repossession that I contact the Law Society for a referral to a lawyer who might know of GMAC lease agreement loopholes so that the whole situation of a voluntary repo can be avoided. So I am off to do that know. I will report back with how this goes.
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