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April 06, 2006
Returning a GMAC Lease
I mentioned in this posting http://www.crediteria.com/CreditChat/2006/04/gmac_lease_return.htm that I was going to take my Leased Chevy Avalanche back to the dealership before the expiration of the lease agreement to free up some cash flow for an investment property.
I spoke with a dealership last night and it seems that with rising fuel prices the demand for a large fuel guzzling vehicle is not that high so there is much hestitation on the part of every dealership I have spoken to about trading it in. I was talking to the sales representative last night about my plans to do a voluntary repossession to offload the truck.
They highly recommended that I talk to my banker again to ensure that there will be little to no impact on my ability to get a loan for an investment property. While I do have a verbal OK from my banker on returning the truck through a voluntary repo and taking out a mortgage on an investment property, the conversation I had with the sales rep at the dealership got me thinking and I will be calling my banker again immediately after posting this entry.
If you are in a similar situation, I highly recommend that you check, double check and triple check that all the financing you are after will actually work out - I will be going over scenarios with my banker such as:
Get mortgage for investment property
Then return the truck via a voluntary repossession.
Always remember nobody cares more about your money and finances than you do and all choices ultimately reside on your shoulders.
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