Tips on Buying Cars: Lease Return, 2006 nissan altima, voluntary repossession
QuestionWe have a 2006 Nissan Altima that we leased on a 5 year term. At this point we simply do not need the car. Ho bad will it hurt out credit if we did a voluntary repo? Is there another option?
AnswerA "voluntary repossession" is just as disastrous to your credit as a forced one. This should be the very LAST option you should consider. There are ways to have someone assume your lease and take over the payments; search Google or Yahoo! with a phrase like "take over my lease vehicle." There are a number of companies that offer this service, but please be careful: I'm sure there are legal ramifications to such a thing, such as your responsibility to the lease company if the new lessee falls behind in the payments (I'm sure you'd still be responsible, putting your credit rating at risk).