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Help, Lease turn in gone wrong!

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New Contributor

Help, Lease turn in gone wrong!

Hello all, posting for my GF since she doesn't have an account here. She never missed a payment or made any late payments on this lease. We had the inspection done and handed the keys over. A month later the bill came for the inspection and it was $1100.00 which was paid. This was for over mileage and some damages. Fast forward a few weeks later and she is showing a $5k+ balance on GM financial and on her credit report with 12 payments remaining. Under comments it states "Full termination, balance owing". 

 

We're a bit confused because researching the reason "Full termination, balance owing" only comes up with repo situations or unpaid balances, defaulting on the loan/lease or charge offs. Etc...

 

Anyone have any insight on this? We tried to call them but they are closed on the weekend. Going to definetly call them on Monday but wanted to check for any insight before we do so. 

 

Thank you!

Message 1 of 10
9 REPLIES 9
Senior Contributor

Re: Help, Lease turn in gone wrong!

I bet they update CRAs months late. When was the last update on that account to the CRA?

That’s not a derogatory remark:

https://help.cubase.org/cubase/crdtburcommentcodes.htm
Message 2 of 10
New Contributor

Re: Help, Lease turn in gone wrong!

I just checked and it says reported May 10 which is a few days after the car was turned in. 

Whats odd is Equifax also shows reported May 10 but for them it says Account closed and "Lease - Full Termination" under remarks. 

Message 3 of 10
Super Contributor

Re: Help, Lease turn in gone wrong!

This is why I don't lease or buy cars. I race people for pink slips. It's probably just an error such as the last payment for inspection not getting updated before termination. You're just gonna have to wait until Monday to get some answers.








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Message 4 of 10
New Visitor

Re: Help, Lease turn in gone wrong!

What came about this? I am getting ready to turn in my lease in a couple months with GM
Message 5 of 10
Senior Contributor

Re: Help, Lease turn in gone wrong!


@Brian_Earl_Spilner wrote:

This is why I don't lease or buy cars. I race people for pink slips. It's probably just an error such as the last payment for inspection not getting updated before termination. You're just gonna have to wait until Monday to get some answers.


@Brian_Earl_Spilner  What are pink slips? I buy cars but I've never leased one, seems to me all you ever own are payments. And this claim for $1100 after making all the payments and turning it in? The over mileage is pretty straight forward, but what constitutes "damages"? A coffee stain on the seat? And is there no way to challenge the amount they claim it cost to fix it?


Fico 08: 720/721/719 TU/EX/EQ
Message 6 of 10
Super Contributor

Re: Help, Lease turn in gone wrong!

@DaveInAZ pink slip is the title to a car. As for the damages, it's anything significant. Think golf ball sized and up. Some finance companies may be sticklers for smaller damage like paint chips or a lot of scratches. The amount can be negotiable if the car was taken to some shops for estimates and you have the quotes, but typically, the FI will use the dealer's prices for repair. If you didn't buy wear and tear coverage, you have the option of getting it repaired yourself. The best course of action is to always bring it to the dealer for an inspection whenever something happens. At that point, you can see if it'll be cheaper to fix yourself. Banks, like Chase, will even do an evaluation 3-4 months prior to returning the car so you can see whether it's cheaper to just return it or get it fixed. Sometimes you can use your insurance as a bargaining tool. If you have to file a claim, and it's significant enough, reports like Carfax will mark it down decreasing the value of the car. Obviously, the dealer doesn't want that and they may be more apt to negotiate to avoid something like that and fix it in house. In the end, if you lease or buy a new car, none of it will matter as they'll just look the other way most of the time.








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Message 7 of 10
New Contributor

Re: Help, Lease turn in gone wrong!


@NurseRatched1 wrote:
What came about this? I am getting ready to turn in my lease in a couple months with GM

Turns out there was a lot more owed than what we paid initially on the turn in due to mileage overage. We called GM and they said they don't send out a statement in the mail (what the hell?) so if we never checked the credit report or logged into their financial site this would have gone un-noticed. 

Second they allowed us to put it on a 12 month payment plan but you won't get any statements in the mail and you can't pay it online. You have to mail in a check every month and call in to see where your balance is at. Sounds like they're still in the 90's. 

 

Anyway we didn't argue with them, the money is owed at the end of the day fair and square. You just need to be careful because these things can go un noticed and next thing you know you're getting a call from collections. 

Message 8 of 10
Valued Member

Re: Help, Lease turn in gone wrong!

6k+ extra on the lease just in mileage and cosmetic damages? Sheesh
Message 9 of 10
Frequent Contributor

Re: Help, Lease turn in gone wrong!

This is exactly why I would never be a lease customer.  I'm nervous enough just renting a car.  Leasing is like a 3 year rental.  No way am I putting myself in that position.




Message 10 of 10
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