Ending Car Lease Early?

[Frank H]

I'm at a point where financially I can't make any more of the payments on my car. (I can't even borrow money or get a loan to pay off the car)I was wondering what would happen if I go the the dealer ship and surrender my vehicle to them? Other then the obvious (hurting my credit) what are some other things the car company might do? (if I don't own a home, and don't have any money how is the company going to come after me for the remaining amount of money they lost?)I'm not looking for other options, just would like to know what would happen in the situation a person gets out of their lease early by surrendering their vehicle.thanks in advance

[Jay L]

How long is left on your lease? I traded my lease in 8 months early and GM forgave me for the balance as long as I got another vehicle from them.

[amanda]

The only other thing they would likely do is charge you a fee for breaking your contract. A lease is a binding contract and you signed off to keep the car for so many years and make the payments. By turning the the car early you are breaking that contract. Check the contract you signed for the lease and it will probably show you the stipulations of returning the car early.

[darbygirl]

Yes you are still legally responsible for the balance and they may take you to court, however if you own nothing they can take nothing. They may be able to get a judgement against you and when you do have something you will have to pay.

[jeeps r us]

You are actually turning the vehicle back to the bank. Not the dealer. Some people file bankrupty, and their loan is within the chapter filing. You will always owe the money if there is not a bankruptcy filed. That old wise tale about the7 year forgetfullness of companies, and creditors is a lie.

[Ron]

You will be responsible for the difference in what you owe and what the car sells for.