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Dear Terry,
I’m still about 21 months from finishing up my car lease for a Mercedes S550 and can no longer continue the high lease payments. Right now, I’m behind by two months and planning to return the car before they send a repossession guy to my house.
Do I still have to pay the deficiency, which is about $59,000, if I voluntary return the car? How long would my credit be ruined by this voluntary return? Do they have the right to go after my personal savings?
— Joy

Dear Joy,
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Dear Terry,
I was leasing an auto for 36 months when all of a sudden my job closed up and I was left unable to pay for this auto. They repossessed it. Now they want to charge $15,000 for the remainder of the payments. What are my options?
— DJ

Dear DJ,
You have very few options, and they are as follows: Pay the difference, to which the lender is entitled; try to negotiate a lesser amount with the lender; or seek bankruptcy protection. (more…)