Legal Question in Business Law in Oregon
Repossession
I have a Ford Explorer that my husband and I are leasing and because my husband has been notified by his company to take a pay cut we are going to have to give the SUV back.
Will we have to continue to pay for this car or will they just try to resell and let us walk away.
1 Answer from Attorneys
Re: Repossession
If you "give" the SUV back to the dealer, you will be responsible for the difference between the amount remaining on the lease and the amount the dealer sells the vehicle for at a wholesale auction. Often this is a significant amount.
It may be less expensive for you to sell the vehicle on your own (where you can get a higher price) and pay the dealer the difference in cash to get clear title.
Either way, the dealer will not just let you "walk away".
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