First time with repossession. Help is greatly appreciated.

[audioMeth]

i don't see how you are screwed, you went 9-10 months with out making payments. if you had no means to make the payments you should have cut your losses sooner especially seeing that these cars in the used market are over valued.

[jlee403]

Originally Posted by RickFLM4

I think OP’s car was already repossessed so selling it himself isn’t an option any longer.

To clarify, once a vehicle has been repossessed by the banks you only have three options depending on your states laws:
1. Do nothing, bank will auction the car off. If the car sells for the owed remaining balance or more, youre off the hook and no more money needed to be paid. If the car sells for less than the remaining loan balance at auction, you will be billed for the difference. Never got to this step so not sure how they bill you.

2. The only way to get your car back is to pay off the remaining balance of the loan in full. No payment plans certified check for full payment only. Once you've paid off your car and pick it up from whatever towing yard youre going to have to sell the car to recover however much you paid. Only benefit of doing this is if you have the money available and are sure you can sell the car for more than what it will bring at auction.

3. Lawyer up. But based on what I read this will be a waste of time.

Hope this gives some insight. BTW this is based on VA state laws but I've heard its pretty much the same everywhere in the US.

[jlee403]

Originally Posted by NY_BMW

Is there a way I can go about it to just pay the backed up months (6-7k) as opposed to paying what'll most likely seem to be 25-30k+?

Short answer: No

Look at my other comment, you only have those three options.

[Slowphiveo]

You are probably SOL...the one good thing is that prices for these cars are way up so the car should bring good $ at auction and hopefully get you off the hook.

[NY_BMW]

Originally Posted by Slowphiveo

You are probably SOL...the one good thing is that prices for these cars are way up so the car should bring good $ at auction and hopefully get you off the hook.

Fingers crossed I'm hoping the auction can be my salvation.

Like I said, I normally wouldn't have had any issues until my income had taken a big hit from the pandemic but like I said, I'm at their mercy and hopefully they can come through since I've been a BMW client for over 12 years with multiple leases and loans completed with them.

[GarlicBread]

Damn sorry this happened to you. As others have said probably should have tried to sell it or at least tried to transfer the lease. Regardless hindsight is 20/20 live and learn

[NY_BMW]

Originally Posted by GarlicBread

Damn sorry this happened to you. As others have said probably should have tried to sell it or at least tried to transfer the lease. Regardless hindsight is 20/20 live and learn

BMW didn't allow lease transfers within' the last 6 months and I try to see if I could find a buyer but unfortunately, I wasn't as lucky.

Hopefully though, the auctions would go great and I could save as much as I can.

[NY_BMW]

Just a quick update, it seems like BMW was able to auction off the car for 56,000~ as my balance due has now gone from 59,xxx to only 3,xxx.

Luckily dodged a bullet on that one and definitely learned my lesson.

[carchrism5]

Wow, you truly lucked out. So your balance ended up being even less than the sum of the past due lease payments?

And nice work on the follow up, too often I see threads that leave questions wide open where an update could help someone in the future.

[NY_BMW]

Originally Posted by carchrism5

Wow, you truly lucked out. So your balance ended up being even less than the sum of the past due lease payments?

And nice work on the follow up, too often I see threads that leave questions wide open where an update could help someone in the future.

Yup! Pretty much less than what the sum of my payments were as well!

And yeah, I was hoping this could help someone in the future who goes through a crisis and ends up being in a hole too deep to dig out of!

[NickyC]

You seriously lucked out. Thank heavens for high resale values right now. Best of luck going forward.

[Karlooch]

Sorry I dont want to sound self righteous but I feel like you shouldn't own these cars unless you can buy them outright and can actually afford them.

[RickFLM4]

Originally Posted by Karlooch

Sorry I dont want to sound self righteous but I feel like you shouldn't own these cars unless you can buy them outright and can actually afford them.

Lol. So much for not sounding self righteous (or like you understand leasing at all).

[RickFLM4]

Originally Posted by NY_BMW

Yup! Pretty much less than what the sum of my payments were as well!

And yeah, I was hoping this could help someone in the future who goes through a crisis and ends up being in a hole too deep to dig out of!

Seriously lucky to hit this spot at a very odd time in used car pricing. Good for you as this would have been a disaster in ordinary times.

[Karlooch]

Originally Posted by RickFLM4

Lol. So much for not sounding self righteous (or like you understand leasing at all).

There is no scenario where leasing is financially favourable to the person leasing… ever.

[RickFLM4]

Originally Posted by Karlooch

There is no scenario where leasing is financially favourable to the person leasing… ever.

Leased vehicle gets into an accident and car value declines because of accident history. Lessee drops off car at the dealer at end of lease without absorbing valuation decline.

There are more, but you seem to lack the capacity to understand them so no sense wasting time trying to explain them to you.

[DDD31]

Originally Posted by Karlooch

There is no scenario where leasing is financially favourable to the person leasing… ever.

Yup nothing says financially favorable as putting $80,000 down on a rapidly depreciating asset.

Get off your high horse you don’t know anyone else’s financial situation.

To the OP, thanks for closure on this difficult subject, sounds like you dodged a major financial bullet.

[Karlooch]

Originally Posted by RickFLM4

Leased vehicle gets into an accident and car value declines because of accident history. Lessee drops off car at the dealer at end of lease without absorbing valuation decline.

There are more, but you seem to lack the capacity to understand them so no sense wasting time trying to explain them to you.

And an accident is guaranteed? I still dont see how predicating a decision based on a chance of a collision is financially savvy or even optimal?

[Karlooch]

Originally Posted by DDD31

Yup nothing says financially favorable as putting $80,000 down on a rapidly depreciating asset.

Get off your high horse you don’t know anyone else’s financial situation.

To the OP, thanks for closure on this difficult subject, sounds like you dodged a major financial bullet.

Who's talking about buying new? Buy a few years out.. absorb the majority of the depreciation and take way less of a hit that way. I dont need to know someones financial situation to know that if they have to make payments on a vehicle most likely they cant afford it.

[RickFLM4]

Originally Posted by Karlooch

And an accident is guaranteed? I still dont see how predicating a decision based on a chance of a collision is financially savvy or even optimal?

It’s simply one scenario vs. your statement of “no scenario” “ever” where leasing is financially favorable. But you know that already and are just here to troll, right.

[DDD31]

Originally Posted by Karlooch

Who's talking about buying new? Buy a few years out.. absorb the majority of the depreciation and take way less of a hit that way. I dont need to know someones financial situation to know that if they have to make payments on a vehicle most likely they cant afford it.

Wow you’re just full of great advice. So now no one should buy a new car? And if someone has a car payment that means they can’t afford it? I guess that’s true for houses too right? I seriously hope you’re not a financial advisor because your troll game is pretty weak.

[brianeck]

Originally Posted by DDD31

Yup nothing says financially favorable as putting $80,000 down on a rapidly depreciating asset.

Get off your high horse you don’t know anyone else’s financial situation.

To the OP, thanks for closure on this difficult subject, sounds like you dodged a major financial bullet.

Lol this was a great reply. If you get a decent lease rate there is a lot of value in it. Cars are terrible assets and their value drops quicker than the gas needle when you drive them off the lot.

Your $80,000 down payment also has a time value of money element, and while your car is losing its value BMW is out making money on your money.