After trading in a leased car for a new one, I received a certified letter from the OEM company saying that I may owe the difference between the residual value and the auction sale amount.
This potential deficit was not clearly disclosed when I leased the previous car or the new one.
Is the lack of disclosure a basis for legal action if I am charged for the sale deficit?
1 Answer from Attorneys
All those industry standard terms and issues were fully disclosed in your original lease, which you probably did not read. You can try to negotiate a settlement now, or after they sue you.