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Driver’s job, payment options vanish

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.



Here are this week’s reader questions:
• Sellers drastically slashing car costs
• Should we return our car to the credit union?
• What are my options for settling a $15,000 bill?
• Will paying off a loan quickly boost my credit?

If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car — sign up for Bankrate’s new weekend Car & Money newsletter.

This entry was posted on Wednesday, July 16th, 2008 at 3:07 pm and is filed under Auto. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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