Legal Question in Credit and Debt Law in California

Car lease surrendered. Still owe money?

I leased a car. I traded my $7000 car in for the lease. They turned around and sold my car for $14000. After about a year I could no longer afford the lease so I surrendered the car. I only had the car for a year, paid $500 a month for it and now my credit report says I owe them $7800! Is there anything I can do??!!


Asked on 6/27/07, 4:19 pm

2 Answers from Attorneys
Jonathan Stein Law Offices of Jonathan G. Stein

Re: Car lease surrendered. Still owe money?

Yes, you still owe them money. It doesnt matter how much the dealer sold your car for. It matters what the contract says. Your contract says you will pay them. So, now you owe the money.

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Answered on 6/27/07, 11:20 pm
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Car lease surrendered. Still owe money?

Who cares what they sold your car for. Next time, sell your car yourself. Read The Friendly Contract to determine what, if any, rights you have.

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Answered on 6/27/07, 4:24 pm


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