How bad is it to return my newly leased car?
I have a leased honda 2014 civic
I pay $360 a month
I started payments in March 2014
So I still have quite a while with this car under lease
My financial situation changed 4 days after I got this lease,
I can no longer afford it- what is my BEST option? Fees? Bad credit?
I'm already late on Junes payment and julys payment is just around the corner,
I have not had insurance since the second week I have had the car-(I know really bad)
They sent me a letter but I disregarded it bc I just can't afford it.
I just don't want to make this situation worse than it already is
And I'm scared to call honda
You need to contact the lender… Now. By letting the insurance lapse, you gave the lender two options: insure it themselves (expensive), or repo the vehicle.
Get your lease contract and see if there's anything about early termination. That will spell it out for you.
Call them & give the car back.Ask them where you can leave it.
You will owe a boatload, your credit will be ruined for many years and you could get sued later on.
So just hurry up & avoid the repo fee & the forced place insurance and give the car back.
Relinquish the car to the leasing company explaining your personal situation. Obviously you will forfeit anything you financially invested, and likely your credit will be affected.
How "Bad" is it - well that is a matter of opinion and you will gain nothing by knowing peoples opinions on here
Disregarding letters and ignoring the problemn until it gets worse is going to be worse for sure
Return it if you have to - but you're still on the hook for the lease.
You have no right to return the car. You are on the hook for a lease, if you bail out it will have serious financial consequences. You are going to end up paying for a car you will no longer have.
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