Surrendering lease car before end of lease

[Anonymous]

I'm in a position wherein I may have to surrender my lease car with 45 months remaining on the lease. My big concern is the legal liability and possible litigation.  Is there anyone on this board who has actually had the experience of being sued because you surrendered your lease car before the lease was up?

[Anonymous]

I am sorry about your difficulties. 

You wont be sued.

Your account will be sent to collections for all monies owed.

They will add to these monies owed everything under the sun they can.

Your credit will be trashed.

It will be viewed as a  reposession.

[Anonymous]

check your local laws.

You will not be sued right away.

the car company will send you to collections for the balance plus expenses (which will add up VERY quickly)

If you ignore it, either they will send it to lawyers who will seek a judgement/garnishment against you, or they will write off the debt and sell it to someone else and the process will start all over again. 

One way ro another, you will end up paying the money more than likely unless the car is worth (on the dealer market, not retail) more than you owe and with that many payment that is unlikely.

Do whatever you can to try to keep up the payments.  Maybe contact the loan company and see about a extension to give you some time to catch up other things and get your $ in order. 

Again, turning it in will only help you for a couple months until they come after you for the money (which will be a lot more than you owe now and will not be on as good payment terms.)