Nothing is a guarantee, but they’re on the list of more-likely players. As you found out, relationships and previous history help, which is why it’s a good idea to, if at all possible, not burn Toyota/Lexus. I’m not sure if that’s possible, however.
left it in a bad neighborhood unattended…
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I average around 300-350 miles per day; namely transporting executives to and from the major airports. These are long distance commutes. I know, trust me…I think about it all the time…lol Those miles rack up fast!
Learned that Lexus Financial doesn’t have GAP insurance for vehicle leases, however, they do INCLUDE Total Loss Protection with every lease. Works similar to GAP, but included with the lease: Guaranteed Auto Protection (GAP) waives or pays the balance (minus certain fees and charges) between the amount still owed on your finance contract and your auto insurance settlement.1
I paid additional for GAP in the lease…so that’s reassuring.
https://www.lexusfinancial.com/us/en/vehicle_protection_plan/guaranteed_auto_protection.html
“It drove off a cliff by itself”
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no cliffs but maybe the parking brake was left off and it slid into Lake Michigan
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OP,
Hope it works out cause I will NEVER lease/buy from TFS/LFS ever again. They completely screwed me over stating I missed 7 payments even though they made on timely matter.
No kidding. I’d start making trips to 7-11 and leaving the car on with the door open.
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If you charge off TFS they never forgive you unless you repay them. We have run into it where it doesn’t show on the credit due to time… then when the deal gets to TFS it gets turned down.
I just hope the DEA doesn’t read this thread or Toyota Financial Services turn you in as a suspected cross-country drug mule. You might think I’m kidding, but someone turned in a BMW X5 under similar circumstances and the FBI showed up to impound the car as evidence. In the end, should that not be the case, they’ll at least compel you in the turnover of your Uber and Lyft records lol. I have to admit, I’m wondering at what point did you figure this wasn’t going to work for you personally or professionally? 36k miles? 60k miles? 90k miles? Get a loan through Sofi or get an unsecured loan and enjoy your car another 130k miles.
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Haha…the latter part of this conversation needs to go on the subreddit “UnethicalLifeProTips”
but, yes, that is a solution to a $60k problem
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Do car service usually run such high mileage cars?
I’m not the expert, but I have bought out leases at the end a few times, usually when the car is worth more than the buyout. Each time the bank, usually Chase, give me a great loan offer and never asks about the miles on the car. They typically offer me a loan for the buyout over 36 or 48 months.
My impression of a Chapter 7 bankruptcy is that you are not excused from secured loans/debts such as auto loans and mortgages.
Would a lease fall under the auto loan category as there is collateral?
If so, even Chapter 7 wouldn’t save OP. Regardless, a bankruptcy doesn’t forgive your debt, it just means you are no longer liable for said debt… you still very much owe all the money you owe, the creditors just can’t legally send collectors after you unless it’s a car or house.
Not sure what the best usage of money is for OP… this is something that he definitely needs to find a fiduciary for and sit down and discuss his problems out with a professional, not with strangers online.
Unless you reaffirm the debt, it’s dischargeable. The only things non-dischargeable are federal student loans, tax deficiencies, child support, and things like that. Basically, the government will get its money.
Unsecured debts may be dischargeable, but there are many categories and types of bankruptcy.
At the end of the day, OP needs to go see a fiduciary or a bankruptcy lawyer.
…but again, the IRS standard mileage allowance deduction is $0.545/mi. That’s a massive chunk of change come tax time.
Whooa…I though that I drive a lot (~25k per year). 130,000mi is insane!
Once you made the decision to drive professionally, why didn’t you buy something then?
why stop there, just start leaving keys in the car everywhere.
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