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April 10, 2006
Still Hope In Breaking GMAC Lease
I am the type of guy that when I want something to happen, it happens. I am persistent and tenacious - I love my Chevy Avalanche but regret the decision to lease it because the total cost of operation is truly a mortgage payment.
Rather than driving a really cool vehicle, I could be growing my net worth. At this point I was going to sit back with the "live and learn" attitiude but not me. I was told by a representative at GM that if I broke the lease via a voluntary repossession that GMAC would seek seizing my retirement savings (I live in Canada and the equivalent of a 401k is an RRSP). I called my banker to find out if this is true. Her answer was that RRSP's are protected and can not be seized in this type of situation, I guess the only entity that can go after that is the government ;)
I checked with the banker again that all will still be will with me acquiring a mortgage for an investment property even if I take a hit on my credit rating. She says it's a go. I will make sure the paper work is in progress on the investment property before finalizing a voluntary repossession on the truck. If any readers are considering taking such measures I highly recommend that you keep checking the status of things with your bank and making sure that the end result is desirable. My actions are completely against the norm so it is critical that I keep checking with the bank and explaining the situation.
Tomorrow I will further research what assets GMAC can potentially go after if I terminate the lease - or if they truly will proceed with any action.
Next steps:
1. Call GMAC to tell them I am bringing the truck back (yes, I am proceeding with the pest approach in hopes they get sick of me and voluntarily take the truck back)
2. Research the legal issues again
3. Prepare list of questions for a consultation with a lawyer.
I will post again on this topic as things unfold.
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