Can't afford leased van

jamesfunnell

About 6 months ago I took out a lease for a brand new van. We are running into money problems and can no longer afford the van. They said they would take it back and sell it at auction to pay off the settlement figure, but I think we may end up owing a few thousand as I don't think it will sell for anywhere near our settlement figure.
Should I just stop paying and have the van repossesed?
Not sure what to do or where to turn.

OberonSH

We're in a similar position with our car - FIL was supposed to have taken over the payments and hasn;t. The finance compnay hasn't mentioned taking the car back.

Have you asked the lease compnay what they estimate the shortfall to be? If it;s not a lot, you could always try selling it privately yourself for the outstanding amount, but it's best to talk to the cmpnay to make sure this is allowed.

jamesfunnell

I estimate about 2000, only had the van 4 months. It's 2000 we can't afford, we've just had to go onto Payplan to pay our existing debts.

OberonSH

I really would talk to the finance company again and see what they say - they're more experienced at this. Let them know you're with Payplan, and that any shortfall would have to be included in this plan. I'd also give Payplan a heads up and see what they say.