Owed 2K on a lease at the end of my term, car got repossessed, now I owe 19K+ when I made payments

[person136]

Jurisdiction

Florida

Thank you for contacting BMW Financial Services We have enclosed copies of your Lease Agreement, notice of late payment policy and auction sale breakdown for your review. In review of the account, we determined you were provided documents required by your state regulations. your vehicle was repossessed, sold at auction and you remain responsible for the remaining balance of $19,439.70. In order to discuss payment options please contact First Source Advantage, the collection agency we have utilized to collect on. So far, I was able to have this taken care of on my equifax and it's not being reported as a "repo" and shows a $0 balance however, Experian and Transunion have this balance reflecting, I need a attorney to sue the credit bureaus to have this account removed, or BMW financial and will be successful in doing so.

 

[Zigner]

This forum is not a referral service. You can try Find a Lawyer in the Attorney Directory | TheLaw.com or your favorite internet search engine.

 

[person136]

Thank you for contacting BMW Financial Services We have enclosed copies of your Lease Agreement, notice of late payment policy and auction sale breakdown for your review. In review of the account, we determined you were provided documents required by your state regulations. your vehicle was repossessed, sold at auction and you remain responsible for the remaining balance of $19,439.70. In order to discuss payment options please contact First Source Advantage, the collection agency we have utilized to collect on. So far, I was able to have this taken care of on my equifax and it's not being reported as a "repo" and shows a $0 balance however, Experian and Transunion have this balance reflecting, I need a attorney to sue the credit bureaus to have this account removed, or BMW financial and will be successful in doing so.

To Add to this here is what another attorney said- "you will have no claim against the CRA's because they are simply reporting what the furnisher provides. If the account was defaulted and the vehicle "repo'd" then it is what it is - regardless of you liking it. The REAL issue here will be this effort to transform a lease agreement into a failed purchase agreement and then try to claim you owe what the purchase OPTION provided when they sold the vehicle. In most leases the remedy is simply breach of contract for the 2k you owe, plus contract damages like mileage or vehicle damages. You will to retain a lawyer to address this"

 

[Zigner]

To Add to this here is what another attorney said- "you will have no claim against the CRA's because they are simply reporting what the furnisher provides. If the account was defaulted and the vehicle "repo'd" then it is what it is - regardless of you liking it. The REAL issue here will be this effort to transform a lease agreement into a failed purchase agreement and then try to claim you owe what the purchase OPTION provided when they sold the vehicle. In most leases the remedy is simply breach of contract for the 2k you owe, plus contract damages like mileage or vehicle damages. You will to retain a lawyer to address this"

Sounds like the attorney said everything that can be said. You will want to speak to an attorney who can review your entire contract and advise about the issue.

 

[flyingron]

You owed more. You owed them the expected residual value of the car at the end of the lease term PLUS any unpaid lease payments. While it isn't quite the case, you can think of the lease as a (hopefully) zero down loan with a massive balloon payment on the end.