On the hook for 2 cars?!

[toomuch1]

I traded in an 07 lease (with 3 payments left) for a 2004 straight purchase (downsizing my budget). 3 weeks later I find out I was in the last 120 days of my lease and not allowed to trade-in to an outside dealer. So they still have be liable for that car and now I have another! They say go get your 07 back and follow lease terms (keep till end of lease and walk away or buy it) BUT.. the new dealership is also saying I'm still liable for the car I just purchased! My question is: would the new sales contract be valid if the numbers for my trade were used to get it approved? Isn't there some legal loop hole in this? I live in Virginia.

 

[FlyingRon]

I'm entirely confused. You don't have a trade-in here. You don't own the leased vehicle. There's nothing to approve. You're responsible for the remains of the lease as well as the "new" car you bought.

 

[toomuch1]

Thanks FlyingRon for responding..BUT how is the contract valid when everything it was based on (figures, and approval from finance co.) aren't accurate? The lease has to go back, and any overage from it applied to the new car is no longer there. Soooo that means my payments would change on the new car and require a new sales contract....correct?

 

[Zigner]

Thanks FlyingRon for responding..BUT how is the contract valid when everything it was based on (figures, and approval from finance co.) aren't accurate? The lease has to go back, and any overage from it applied to the new car is no longer there. Soooo that means my payments would change on the new car and require a new sales contract....correct?

How could ANYTHING have been applied from the lease vehicle? You didn't own it in the first place.
Did the dealer KNOW it was a leased vehicle?

 

[JETX]

Okay, let's try this again.... YOU are responsible for complying with the terms of the lease. The dealer clearly, and correctly, has no knowledge of your obligation and simply gave you a value based on the condition of your vehicle. Yes, they might even have factored in the lease payoff in determining your trade-in value.

The fault is yours.... and you have to resolve it, even if it causes you to be responsible for the 'no turn-in) or an early lease termination fee.