Auto Lease Return

[geoffafox]

What is the name of your state (only U.S. law)? Arizona..

My wife and I leased a vehicle thru GMC back in October of 2006 and I lost my job in Febuaury and we were forced to return the lease early. We were contacted by GMC and they are demanding the $13,000 in the next 10 days or they will be contacting an Attorney to come after us for the money. Are we on the hook for the balance? If we choose not to pay it what will happen? Will it just be a negative mark on our credit or is there more.

 

[Zigner]

What is the name of your state (only U.S. law)? Arizona..

My wife and I leased a vehicle thru GMC back in October of 2006 and I lost my job in Febuaury and we were forced to return the lease early. We were contacted by GMC and they are demanding the $13,000 in the next 10 days or they will be contacting an Attorney to come after us for the money. Are we on the hook for the balance? If we choose not to pay it what will happen? Will it just be a negative mark on our credit or is there more.

If it's allowed for in your lease agreement, then you're responsible for it. Have you considered bankruptcy?

 

[Tayla]

and the lease term was for how many months? How early did you terminate into it? When you returned it, they do an inspection , were there damages that are being claimed?Mechanical failures,body damage ,worn tires? Over Mileage limit? Penalty fees for early termination?
Usually you are given 30 days from time of release of car to receive itemization of fees. Sounds like you need to hold up to your end of the contract.