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My sister gave up her leased car


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She called me today and said she could not make the payments and gave it back, she asked what happens next and I don't know.

From what I understand, the lease was for 3 years, she had the car 1 year, so I assume she will be held for the balance of the lease amount.

She is in over her head, she bought a house and a car as soon as she was released from bankruptcy...she is working 2 jobs and has already taken out a second mortgage of the house for repairs they did not do.

I told her get a cheap car and lie low for awhile, get caught up on the bills and then reevaluate her situation later

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She will not be liable for the remainder of the lease. The lease is now VOID and it's going to go down just like a repo would. They are going to auction the car off and whatever doesn't get covered will be a deficiency that she MAY be liable for. I say, MAY, b/c there are a lot of loops the OC must go through before they can claim a deficiency. how long ago did she turn the car over? do an advanced search for "repo" with my user name. I have put lots of info out there. :goodluck:

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