car insurance leased vehicles
How bad my credit be affected if you return a rental car that cooperation signed on?
I know it's my fault and I'm alone looking for options. My former boss had me sign the cooperation he leased a new BMW because he said the car would be thousands in insurance. They not only have an accident car and is now suing fake my medical insurance, which has no $ and said that he is sorry and has stopped paying for the vehicle. He asked me to turn that in. can not afford the monthly payment of $ 1450 and also do not want to affect my credit. I have a credit score of 780 for 8 years and have been working really hard to pay my bills on time and my credit cards. I was buying my 1st house. Is it true that if you turn in this car I will not be able to buy a house for 7. Please help ???!!!! Thanks!
If the lease is not paid and became co-signed since that will affect your credit. This negative the subject could do much worse in other accounts. Because the credit climate today, if this refusal is in your credit report, you can find your card credit (if any) closing of accounts, reducing their limits, or increase your interest rate because of this issue of contempt. This in turn could reduce their qualifications, and create other accounts and then do the same. Now, as to the house. Failure to pay the bank will go after them. This could include the presentation of a lawsuit. If they do and get a ruling against him then it will be impossible to get a house, down payment or not. This is because one of the steps the lender can do is place a lien on the property for the value of the sentence. No broker mortgage (especially now) is going to pay money into a property that has the possibility of an embargo imposed on the property. This seems to be more than just a return of "lease" issue. You may want to contact a lawyer and see if you has no legal basis for suit against his former boss. If you can prove fraud insurance, your insurance company may also be very grateful. It will help undo any damage to your credit that has already happened, but could make things clear for the future.
Leased Cars and Insurance Claims – Houston Attornery Jim Walker
