Leased vehicle fiasco - long post
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Posted by Rick
(209.178.143.138) on July 09, 2003 at 22:27:56:
In 2000 got a 3yr lease. Kept it for 2 years. Lost my job, called the finance company and I asked to return the vehicle. They said OK. Besides, the dealer said I could return the vehicle anytime after 6 months and walk away. Took the vehicle back, signed a paper showing only VIN, Mileage, and the dealer rep wrote $0 balance owed. This is on their letterhead. Next business day, I call the finance company to advise the vehicle is with the dealer. Month passes, and I call the finance company to inquire about a balance owed. The dealer did not advise the finance company. The finace company says they will contact as soon as they get the paperwork from the dealer. 1 year goes by and I get a letter from the finance company for $2000. I call and dispute as there is no breakdown of charges. I am told someone will get back to me. This year I get a letter from an attorney that I owe $7300. My Experian credit now shows this amount as a charge off / repossession. I call the attorney who says I was not allowed to return a lease early and had to pay the balance of what was owed, plus charges. He also said the repo was voluntary. I told him I got autorization to return the vehicle and the dealer told me I could return it and walk away. His reply was that even though the dealer said that, the contract is what counts. I sent verification letters and my copy of the document I signed with the dealer rep to the finance company, and the attorney. I detailed the facts and advised that I would take action against the dealership and the finance company for the mark as repossession. I get a call that the repossesion will be removed from my credit report. I also disputed with Experian. On Transunion and Equifax, it shows as a profit-loss/write off with Ford Motor Credit as they bought the contract. So now, if someone were to run all three credit reports, it looks like I have two accounts in bad standing. I get a call from the attorney who says his client is willing to accept $3500, no lower. I told him NO. I know that mileage was over by 6100 miles @ .15 per mile. I am willing to pay $915 in excess mileage, but that's it. He said no and I hung up. By the way, the vehicle was well taken care of and had no scratches, dents, etc. I am thinking to sue the dealership as they did not complete the proper paperwork that I was supposed to sign. There are 3 documents to sign when you return a lease: 1. mileage, 2. wear and tear, and 3. the amount you agree to pay as the buyout. I did none of that. How would you handle this? Thanks for your input.
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