I have equity in a leased Camry but car has been repo'ed

Comments

• Michaell Moderator Posts: 241,042

  May 2022

  FredZilla19 said:

  I have a 2019 Toyota Camry SE 6 cylinder that is being returned on its lease. I have an offer for it from CARMAX for $24,000 in its current condition. The situation is that it has been repossessed and it is currently at the auction lot. It has a buyback price of $17,020 and $1,300 in DMV fees. The mileage is in the high 30’s , clean title, This is going to require some creativity since the car is not in my possession .Does anyone have any ideas?

  Why was it repossessed? Lack of payment is the only reason I can think of.
  
  You may not have much recourse, but let me see if I can get others to weigh in on your situation.

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• mjfloyd1 Member Posts: 3,271

  May 2022

  I’d think you would have to contact the leasing agency and make up the missed payments and pay for the repo fees and arrange transportation from the auction lot. I would not think you would have any option until payments were caught up and it was in your possession.

  Otherwise, it seems that the horse is already out of the barn

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• roadburner Member Posts: 17,349

  May 2022

  Well, it was never your car and it was repossessed because one of the lease terms was breached; I don't think that you have any recourse whatsoever.

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• graphicguy Member Posts: 13,665

  May 2022 edited May 2022

  It’s being returned by whom? You don’t have possession, right? It’s being returned by the repossession company, right?
  
  Yeah….not your car. It’s the leasing agent’s car. What they do to get the car’s lease termination terms in order is the unknown.
  
  YOU have no equity in the car. The leasing agent does.
  
  Again, the only way you fit in all of this is to be in compliance with the lease terms and termination requirements.
  
  I understand what you’re thinking. You want to make money on the car via CarMax. If you were in compliance with the lease terms, you could do that. But, given you’re not, you’re going to have to pay whatever you owe for the payments missed plus the lease termination fees, plus the repossession and towing fees. Then, you walk away.

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