This is second hand, but from an extremely reliable source. A friend of a friend had a financed a 2006 Chevy Suburban, but returned it to the finance company a few weeks ago due to personal financial constraints. The finance company (GMAC??) called him and told him to take it back and keep it, but no need to make payments(!?)
Apparently, they could not sell it, and the storage costs made it more economical to just give it back to the person who had been driving it. According to his lawyer, this was on the up and up, and he was not liable to compensate them.
Amazing.
1 response so far ↓
1 Peter Chee // Jan 17, 2009 at 6:20 pm
That’s absolutely nuts. I guess it’s better than having the financing company take it to to the junkyard.
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