Quick question I have a friend (and no its not me as I cannot afford this car being divorced with kids lol) that leases a 2007 bmw 645ci. Well he is going to stop making payments on the car as he cannot afford it anymore. Question he was asking me is when they go to repo the car do they find the car by GPS??? Is that how they do it nowadays???
i guess they could from the show on i think tlc or spike "repo-men" they just hunted it down via the registered address and then place of employment. Stuff like that...
Tell your friend he should do the honorable thing and call the lender to explain that he can't uphold his end of the contract he signed and that he's gonna drop the car off to them. If he's trying to hide it from them all he is doing is delaying the inevitable and making himself look like an ass.
make sure all personal items are out of it as they will go with the vehicle! I had a friend get her car repoed and she had all her cds in the car at the time... gone!
... ughhhh tell him don't do that!!!! Talk to the leasing agency, See if he can get someone to takeover the payments.... for his sake encourage him to do something else besides jus to STOP makn payments.... the lease company doesnt want the car back..... its very possible they'll make a crazy deal he won't believe..... Jus ask...... askn for a 6 month extension or something crazy is better than jus to STOP makn payments..... :wow:
If he's not too upside down he might be able to sell it. Also, since it's a lease, he can take it back early. ANYTHING is worth trying instead of just quiting the payments.
The leasing company will try to collect all the payments that are left on the lease. If it's a 2-year lease, and he's been paying for only 1-year, they will hit him with the remaining 1-years' worth of lease payments...ask me how I know...(albeit 13yrs. ago though)
I've never heard of someone who signed a lease agreement being able to just take the car back early without outrageous fines/fees. OP, Tell your friend to talk to the lender, he may be surprised as far as making an agreement.
Tell him to give Swapalease.com a try. I unloaded a BMW 330ci through that service a couple of years ago, although I was current on my payments at the time.
Sheeeeit man thanks!!! I just scored a Veyron for a month for $1!!!!!!!!!! http://swapalease.com/lease/details/2006BugattiVeyron164.aspx?salid=598770
It's worth a shot....a penalty is better than ruining your credit. It all depends on what's the car worth.
Thats actually the car Im looking at buying. '07 Certified 650i convertible. Tripple Black (black roof, interior, exterior). If his is tripple black and in excellent shape.. PM me. Im interested in taking over the payments.
Just call the leasing agency and negotiate. They will likely reduce the payments or agree to reduce the penalty at least if he calls in advance.
Its a LEASE!!!! The lender is BMW motor corp. He can just drop it off at his convinience or they will find it by his address or find him and serve him with process for a lawsuit for the car.
