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Redeeming repossessed car

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  • Redeeming repossessed car

    I live in California and am trying to buy out what I owe on a leased car that was repossessed. When I leased the car, I signed up for a "Service Contract and/or Maintenance Plan" which cost $990, for the 3 years of my lease. The lease was canceled as a result of the repossession, and I had the car for approximately 1 year. Should I have to pay for the 2 years left on the Service Contract that is no longer enforce or should this amount be deducted from the buy out price of the car?
    I also had a "Red Carpet Lease "WearCare" Addendum that cost $575 that was added to the price of the lease, which is no longer valid. Can I have this deducted from the price of the buy out?
    I received a certified letter which included a "Gross Early Termination Amount". Included in this amount are storage fees. But, when I spoke to their leasing representative to get the "bottom line" they quoted me a higher price & storage fees are not included.
    Also, can they charge taxes on document fees? Thanks...

  • #2
    Re: Redeeming repossessed car

    Under a repo your normally do pay for all contracts to the end date, if you are going to buy it out; if you don't act they would not likely sue you for that however.


    • #3
      Re: Redeeming repossessed car

      I spoke with a rep at the credit co re Service/Maintenance Contract and was told that the unused portion (2yrs) would be refunded back to me after I buy out the car. I am trying to get them to take this amount off before I buy out the car.

      Re: other Contract "Red Carpet", in the amount of $575, I was told that $399.00 had already been credited to the total amount I owe. They are evasive when it comes to getting a hard copy of an itemized list of how they are arriving at the dollar amount I owe. They said that is up to the dealer where I leased the car and they are giving me the run-around too. I have seen nothing that states there was any kind of credit to this effect.

      Also, I put a large sum down as a deposit on the car when I signed the lease. The credit co told me that was up to the dealership to take off. My question is...does this sum get taken off before taxes or after taxes?


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