Monthly Archives: February 2016

Turned in lease

Back in April or May last year we voluntarily turned in our truck that we were leasing from GMAC. They were to send us something showing the difference between the lease payoff and what they got for it. We have never received a call or one piece of paper. It now shows up as a collection on my credit!!!! I want to get this closed out as I am applying for a mortgage. What legal rights do I have??? THe amount seems high and I would like to offer them a settlement amount.

The amount probably will be high. Once you get an amount, they probably will settle for cash for about 60 cents on the dollar. You can try calling them and getting amount owed. Even if you pay it off today, it will still be a blemish on your report, but make sure they report it as a bad debt made good.