Repossesion Question

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TROY

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My divorce was recently finalized. The vehicle I have is a 2000 Dodge Durango, in which the LEASE is in both of our names, but it is my responsibilty. With the divorce happenings and such, I am having a difficult time meeting the monthly payments. I am also considering relocating back to the New England area (and the cost of living is alittle higher - rent), but is still a better overall situation (by the end of the year). I'm considering "voluntarily" informing the lease company that I can no longer afford the vehicle on my sole income. Other than a negative showing on my credit report (repossesion), can the lease company hold me to other legal financial actions? I live in Las Vegas, NV, and the lease company is out of state. I appreciate any information. Thanks.

Troy
 
You probably want to read the terms of your lease very carefully. There are likely several terms for enforcement regarding default by the lessee. Additionally, you may find some type of buyout provision.

You may want to take a more firm stance with them if you discuss the termination of your lease. If not, they may take action the moment you default and, by the subject of your message, I think that you have a pretty good idea. Additionally, you would likely be subject to additional costs for any action and you'll be in an even bigger hole if they have to go that route.
 
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