
Quoting
pickle00
My question involves an auto loan or repossession in the State of: Arizona
Along with the rest of the American population, my family has fallen on hard times. I have had to take a pay cut from work with the result that I am now paying out more in bills than I am making. My wife and I have talked about voluntarily surrendering our lease. I still owe about $3600 to pay off the third year of my contract. When I spoke with Ford Credit, they said that even though it is a lease, they would treat it like a normal repo and send it to aution. I would then be liable for the price gap between the auction price and the amount of the car if I wanted to buy it. This does not make sense to me. If I only owe $3600, isn't that all that they can come after me for? Also, if I am sued for the money, but am unable to pay, can they come after my house or garnish my wages or would they just harass me about it for a few years?