Q: Hello I returned a car lease and am being charged for the car being sold for less it’s value
I returned a lease and took another one from the same dealership when they returned the car to the finance co the car was sold for less then the car is worth and now I am being charged for the difference the dealership is saying it’s not their problem am I responsible for the difference
A:
You need to review the terms of your original lease and/or financing agreement. When you return a car at the end of he lease you are at the mercy of the dealer/financing agent, who sell the car at the easiest price to obtain, usually at a dealer's auction where the cars go for a fraction of retail value. You are possibly responsible for the difference. IMO car leases are the biggest scam in the industry. The only benefit is that you usually don't have to put up a down payment for a lease, but at the end you have nothing, but a bill. You never gain any equity in the vehicle while you are paying principal and interest charges. When you turn it in, they charge you to take it back even if you deliver it to their door, freshly washed and detailed. In addition the vehicles have the same kind of immediate depreciation when you drive away as would a purchased vehicle. Some people love leases, Corporations love leases, they don't have to pay inventory taxes on the vehicles because they don't own them but they pay much more just to use them. Just one person's opinion.
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