A
Atilla the Hon
Guest
What is the name of your state? Ohio
How long can a leasing company hold your refundable lease deposit after you return the vehicle? My lease expired on 3/24. I made all payments on the lease and returned the vehicle on 3/8 in excellent condition. GMAC is now telling me that they will not return my lease deposit until the vehicle is sold. They did not even pick the vehicle up from the dealer until last week so it seems they are in no hurry to sell it. It seems to me that whether or not they sell the vehicle has no bearing on my lease deposit. They claim it is because if the vehicle sells for more than residual value they will owe me money and will settle the whole thing at that time. Theoretically that would mean that if they don't sell the vehicle for 3 years they will not return my deposit for 3 years. (Heck, theoretically, that means if they never sell it they will never return my deposit). I asked them to return my lease deposit now but their only response was that they turned my "complaint" over to their Cleveland office (which, of course, never contacted me). What recourse do I have here other than to not deal with GM again?
How long can a leasing company hold your refundable lease deposit after you return the vehicle? My lease expired on 3/24. I made all payments on the lease and returned the vehicle on 3/8 in excellent condition. GMAC is now telling me that they will not return my lease deposit until the vehicle is sold. They did not even pick the vehicle up from the dealer until last week so it seems they are in no hurry to sell it. It seems to me that whether or not they sell the vehicle has no bearing on my lease deposit. They claim it is because if the vehicle sells for more than residual value they will owe me money and will settle the whole thing at that time. Theoretically that would mean that if they don't sell the vehicle for 3 years they will not return my deposit for 3 years. (Heck, theoretically, that means if they never sell it they will never return my deposit). I asked them to return my lease deposit now but their only response was that they turned my "complaint" over to their Cleveland office (which, of course, never contacted me). What recourse do I have here other than to not deal with GM again?