mffdvr

Your car would get repossessed if you failed to make timely lease payments. I know this much. What would happen to your ability to obtain future credit, let alone other cars, houses, etc.....

FYI.....GF was laid off (just got a new job a couple weeks ago)....and has had trouble making payments.

Mucho info.....PLEASE. GF's --->

juniorbean

iTrader: (5)

I'm pretty sure it would affect any future credit purchases, be it a car or house, etc. It goes on her credit report, so whenever she would apply for credit, the bank (or whoever is offering the loan) would see that and she would be considered a high-risk. At that point you'd probably have to have someone cosign the loan and you'd probably have to pay higher rates b/c her credit would not be that good.....

Again, that's an educated guess.... I'm sure someone who knows for sure will reply....

mffdvr

I mean....this may seem kinda selfish, but if I end up with her, like I have been planning....I don't wanna get screwed either.

I'm sure over time, if she's responsible with her money and/or credit, it'll become respectable again. I mean everybody makes mistakes. She just told me yesterday that she hadn't paid her lease in over two months. I was like DAYUM!!!!!

soopa

#1... get her to find a job!


#2... have her talk to her creditors... if she was truly layed-off (not fired) they will, traditionally, be even more willing to get her on some sort of plan to help her out. She will prolly pay some penalty or enormous interest rate... BUT... they will be willing to help... if not for her... for themselves. The bank doesnt wanna get stuck with a car they have to sell.


#3... yes, her credit WILL rebound... depending on what happens here, course.

If the car is reposessed... that will have a detrimental affect on her credit for several years to come.

If she continues to be late on payments... its going to be the same affect. Her credit wont fully rebound until 2 years after her last late payment.

HOWEVER, if your just talking about getting credit again, many high risk lenders will give her a car loan or line of credit about 6 months after a bankruptcy or reposession. This is assuming she has reasonable, stable income for those 6 months.

When asking for a loan from a bank... where you sit down with a loan officer... it is much easier to justify an ACTION then no action. Meaning, if she does something about this... even if its something like giving the car back... or filing bankruptcy or whatever... it will be much easier to shake in the future then a long history of non or late payment.


#4... this cannot affect you unless you are married. I wouldn't suggest leaving her because she has money problems... many people do these days... I'm sure we both would if we were laid off. BUT... do not marry her until she has her shit together. And don't put anything in your name that your counting on her to pay unless you can handle the payment in a catastrophic event.

mffdvr

Yea....she scored a job like three weeks ago, but REALLY regrets leasing a car. I told her that her credit's going to be jacked up if she doesn't comply with her agreements.

She better call VW (2001 1/2 Passat) soon to find out if there's anything she can do.

I guess the re-po man came to her house last nite at like 2.45am looking for her, but she was at my house. She's done for.

DAMN!!!

I woulda helped her out if she would have le tme know she wasn't even paying!!! Shit....her parents are loaded too!!!

mistacanyon

The repo man!! Damn you better tell her to do something fast!!! If there was a repo man coming around already, chances are her lendor has wrecked shop on her credit. Repossession is a serious scar on credit history. The only light is the car wasn't actually taken. I agree with Soopa, she needs to talk to the lendor immediately, explain the situation, and hopefully she can work something out. Good luck!

mffdvr

Oh yea....The Repo Man is knocking. She's going to call today. Hopefully they don't get their grubby hands on it!!!

You would think VW would try and get ahold of her and let her know prior to repossession to try and work something out. That's jacked.

soopa

how have you confirmed that the repo man hass been paying visits?


it is extremely odd for a car to be reposessed after only 2 months of non-payment...

even more odd for the lease company to not be making ridiculous efforts to speak to her before doing such a thing.


this is a vw afterall... its not like she lost her job and cant afford the Bentley payments.


either thats not the repo man... or your girlfriend is sugar coating the story. sounds like shes behind far more then 2 months... or something.

something is definately fishy.

bdavid13

hey man sorry to hear that. here's what I know, whenever you get some kind of repossesion, that's like filing for backruptcy or even worse. It's stays on your record for like 5-7 yrs. I got this info from a finance manager at Oakland Acura. i was threaten that too by honda finace. the reason being, i have not fulfilled my insurance coverage. you know 100,000 and 300,00, thats' minimum requirements for a lease vehicle, but I took care of it and I haven't heard from them since. good luck!!!!




2001 blk Cl-Type S
comptech drop in
member of tranny failure and Warped Rotors(3 times)

Scrib

Yeah, I'd agree Soopa. Something doesn't sound right. 2 months isn't nearly enough time to get the repo. man on your buttox...

bdavid13

What's up scrib, when honda finance sent me my possible repo letter because of insurance coverage, they gave me 14 days to respond! So 2 months is pretty lenient!

phil2

Being the mortgage banker here ill tell ya exactly what will happen>...

if she continues to pay late then it will reflect on the creidt report but will not reduce her credit score more than 5% per late per bureau. if the car get reposessed then it will show up as a reposession. if she comes current after its repo'ed then it will read reposession redeemed which is much better than a straight repo! she can get a mortgage even if she has any of the above as long as she has a credit score over 500. the rate would be anywhere from 9-13.5%...but its better than no loan

mffdvr

All very interesting.

All I know is she called me today saying that her roommate called her saying that some repo man was at the front door bangin' like the devil!!! Who knows. She should be calling VW right now, to see if they can call off the doggs. I didn't have any idea that she wasn't making those payments. I knew she was scraping by but I thought it was BECAUSE of those payments.

I image it'll have to be a "re-po redeemed" as phil said. I bet they'll get the car, BUT....it's a matter of her sucking up the payments. She just flat out doesn't want to pay anymore. UGH.....phat car too!!!

phil2

By sucking up do you mean coming current?


you lost me here

mffdvr

If when you say, "coming current" means paying what she owes to date and getting the car back, then yea.....that's what I meant by sucking it up. Is that feasible?! Can she just pay what she owes and get it back??

vsokolov

if you miss two car payments trust me repo man will be by your door only two payments thats two month happend to my friend a few times

Scorpius

That is why I hate leasing... The economy the way it is, things happen too fast. If you get a repo, it goes on your credit report... it will effect things like house loans, all that crap.
No repo man here...

kensteele

She doesn't want to pay anymore? There's a lot of people like that I guess, but I would say it's time to move on to another girlfriend.

moomaster_99

This is so stupid....if she doesnt care about her credit...tell her to drive the car around, but not park it at work or at home.
It'll take them forever to find the car....

Scrib

Ok, so maybe I was wrong. My bad... I've never been in such a situation, and I thought some people would be a little less strict...

Guess not...

mffdvr

UPDATE:

Got re-po'ed two nites' ago. UGH.....talk about frustrating. Especially if I have to get my trunk re-painted....thus renting a car.

Damn girl doesn't even care.

astro

dude, if she doesn't care about something as serious as that I think you should rethink things...

KingsFanPaul1

most lenders will allow you to miss like two payments a year and they just add them on. Last year I just about tore my acl playing basketball and I couldnt work for 2 months and I called my lender and they said i didnt have to pay they would just give me two more months on my loan. She could have probably done that, but maybe they dont do that when you lease a car.

Nitin

iTrader: (1)

You should have told the repo man to take her as well. If she doesn't care about something that important, she's probably not even worth being with. It's going to screw up her credit big time.

kensteele

I repeat what I said. But if you stay with her...I understand. LUV is like that sometimes.

BC

Ken

























































































Ken Steele and Nitin have no hearts. My wife of 30 years has a kind of fiscally irresponsible attitude. Her thought is why save so much as to not have fun and toys now. What about the important things like love of life and love of people and friends. Not the mention reallllly important subjects like big cans and lips! Ha!

mffdvr

I'm glad there's someone out there, that understand's that it would be completely selfish of me to get rid of her because she's financially irresponsible. That's a tough call.

"Cans"....hahaha....I like that.

kensteele

Oh but I do understand. He said g/f not wife. There's a difference. I guess if I was in my 20s, that wouldn't be such a big deal to me, either. In fact it wasn't back then. Hell, if you are out with another couple and you drove in "her" car and you came back after having a nice dinner and the four of you found the repo man just getting into the driver's seat and you said "STOP!" and he said "Sorry but you haven't paid for this..."; no that wouldn't be embarassing, I could live that one down...eventually. In this day in age, it's important to have good credit, but you can still get by without it. Lot's of folks do.

Anyway, selfish because you get rid of a girlfriend who doesn't care to pay for the things that she has? That's not exactly financial irresponsibility..... I wouldn't get rid of her the next day, but she wouldn't be a keeper. But what do I know...I don't have a heart.