Terminating a gmac lease early

[stan]

How bad will my fico drop... its 485 now if i terminate my GMAC lease early, i know i would owe 17,000.00 but even at a low wholesale the truck would bring way over 20,000.00. Times are hard the extra 814.00 would really help paying more important bills? Any advice would really help.Thank you so much!!

[Anonymous]

I am in the same boat right now with a toyota tundra. The payment is 1,100 and I need money to eat and pay other expenses. I recently got another job in order to make the payments. Now the reason I am replying is I returned a volkswagen lease 3 years early on a four year lease. The car was a really bad car and I just couldn't take it anymore. Volkswagen auctioned the car and I was told I had to pay the remaining balance which was 16,000. I tried to make payment arrangements with them but my credit score was not so great so they ended up charging it off. My recommendation is to buy a new car if you really need a car before you return the other one. I understand my friend times are very tough for a lot of people. I find all of this so devastating because for me I am a registered nurse and I make decent money and I can't make ends meet because of all the bad loans that were dealt to me and all kinds of other people. I have done this before and it is not great for your credit but you will recover after a couple of years.

[Schoolbuskid]

Stan, what were your scores when your were approved through GMAC on your lease and what are you currently leasing?

Thinking about apping with them! Also who did they pull for you as far a credit report? (EX,EQ,TU)

As far as your current situation i highly recommend not turning in your lease early because that looks as if you are defaulting on a loan. Which will be really bad! They probably will end up charging off the remainder balance if you are not able to pay this balance!