I think I am in trouble

[4luvbug]

I bought a car and thought I only owed $5,100.00 on my car. I found out I owe $9,700.00. So the dealership cant clear title on my old car now.

I read the contract to see what my options are, because I dont have an extra 4,600.00!!!!

In pre-existing type it says, " This box is for use by original lessor and me to memorialize trade-in,turn in, and other indivualized agreements. If none, enter 'none' or 'N/A'. Assignee will not be obligated for agreements disclosed in this box."

Inside that box the type reads, "Amount of payoff on Trade-in Vehicle(s) is $5,100.00. I promise that the trade-in payoff amount I provided to you is accurate. If the trade-in payoff is more than the amount I provided to you as shown above, I must pay the difference to you on demand. Lessee initials [which I intialled]. This lease is subject to assignee approval within ten days of execution. Otherwise, this lease shall be void, and Lessee shall return the vehicle on demand".

Who is the "Assignee?"

I want to return the car and I am banking on this 4,600.00 being the reason I can return the car, but I want to know about this 10day issue.

Thank you in advance for taking some time out

 

[unclemoon]

The assignee is the lender that is going to fund the lease.

 

[BD_Loops]

Is the car your purchased new or used? if new how many miles have you put on it thus far. From what you describe it seems like they might make you pay the difference. Just what I gathered from it.