This is true. Both consumers and captives are in similar positions. I guess that defines fairness in a nutshell.
Slightly of topic but I am at war with the âgood ole days.â We have 500 years of common law contract jurisprudence because the âtrusted handshakeâ never existed. People were just as drunk, self-serving and dishonest in 1820 and 1920 as in 2020.
Contracts are the best we have come up with over many centuries so I think we should keep using them.
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I wanted to share my experience on a different thread where someone was having trouble returning his car when the dealership was going to close, but since the thread was closed, I am posting here if it helps anyone.
My current BMW lease is due on April 2nd and tomorrow the state of Kansas declared a lockdown. While the dealership will remain open for service, today was the last day for sales and the likes. So I called BMW financial services, informed them of what was going on and they offered me a one month extension for free. They would extend my mileage allowance pro rated for another month and I had until May 2nd to return it. While I considered a great option, because we have another car at the house, I decided to return it at the dealership anyways.
In summary, I guess it is case by case.
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That sounds like a very expected outcome given you werenât trying to return your car a year early.
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My bank is amazing - allowing me to skip payments til July with no interest.
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WTF did I just read.
at the end of the day, for them, its either losing a few $$ in interest, or repo-ing a car, which costs a lot more $$, headache, and the possibility of having tons of cars that have no demand on in this economy
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Well my bank is my credit union in itâs in Ohio and Iâm in California so that would be interesting. I think they genuinely want to help their customers. They did the sane with my private student loans as well.
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Iâve had large banks help me out, even one time United airline helping me financially when they didnât have to. It can be a hit of miss. At the end of the day, its a real person at the other side, and most of the time, they want to help out.
Absolutely. Just be kind.
My comment wasnât really to address the OPs situation, but just an experience for others that might be in the same boat as I was. I just didnât want to create a separate thread for it.
You should wait for the move from the bank to be better. I think they also understand the problem and will find a way to benefit both sides. Wish you achieve your wishes.
Check out the Democrats new Virus stimulus bill, it proposes delaying mortgage bills and car payments for up to 360 days!
Pelosiâs 1,400-page bill would have broad implications for the financial sector. It would force lenders to grant a temporary reprieve from mortgage and car payments and credit card bills. It would order the Federal Reserve to provide loan servicers with liquidity to allow borrowers to stop paying their mortgages for up to 360 days. Public housing residents would get a temporary reprieve from paying rent, and student loan borrowers would have $10,000 of debt forgiven.
Negative consumer credit reporting would be halted. Foreclosures and evictions would be banned.
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It gets wilder! The new Stimulus Bill also considers the creation of a new cryptocurrency âDigital Dollarâ!!
As the markets continue to drop and the U.S. looks to Congress for agreement on a massive stimulus package to save the economy from impacts of the coronavirus pandemic, the newest offer by House Democrats includes a very forward-looking kind of stimulus: the creation of a âdigital dollarâ and the establishment of âdigital dollar wallets.â In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency.
Stay on topic ⌠which is car payment relief from lessors and lenders.
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Ally has a pretty seamless process for this by the looks of it. Thank you to my buddy Ryan for pointing that out. Heâs on here but I cant remember his handle.
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Yes! With call volumes being up and offshore call centers being down, they all need to quickly set up online options.
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I am also looking at my Chase leases for JLR and do not see anything specific, but I also havenât taken the time to dig in.
The payments below look ridiculous because I just got hit with MASS excise tax (that is the PPTX (personal property tax) since I think some people just spilled their coffee
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While I donât agree with the captive requiring continued payment on a matured contract, at least in that situation you can go after them when the situation is over. Ideal? no. With an unprecedented situation right now where nobody knows what to do because there is no playbook for something like this, and dealerships being closed, leaving nowhere to dispose of the car, I can somewhat understand the bankâs position on the matter, along with their on-the-fly attempt at coming to a solution in the interim, with no precedent to back it up. That particular bank was a 3rd party bank also, so Iâd assume a traditional captive may handle things differently.
I canât wrap my head around someone calling up BMW and just asking to return a car with no penalty 1 year early just because, and then giving BMW the finger because they wouldnât agree to a stupid idea in the first place. Now, maybe Iâd understand a little more if he lost a job and had no income to pay for the car (and to be fair, he didnât indicate if this was the case or not). However, just calling up a bank and asking to walk away from a contract to try and rid himself of a car, and expecting a âyesâ takes some balls.
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might Wanna delete the âpayments dueâ before this discussion derails into what youâre paying
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