Question about a voluntary repossession on a lease through GMAC in Massachusetts

UPDATED: Jun 10, 2009

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Question about a voluntary repossession on a lease through GMAC in Massachusetts

I live in Massachusetts and I currently have a lease with GMAC. It lost my job 2 months ago and can no longer afford the $546 payment. The question I have is if I do a voluntary repossession what happens. When I call GMAC all they said was I am responsible for the remainder of the lease which I come up with $15,844.73, but they come up with $12,581.85. I have read about the deficiency balance which I assume is what I own and what the suv sold at auction. How do I know if they got fair market value or just took the lowest price? 

Asked on June 10, 2009 under Bankruptcy Law, Massachusetts


MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

You really won't know on the deal.  In terms of voluntary repossession, be careful, because you may still owe on the balance.  Contact Massachusetts Division of Banks and see if they have any information for you, as well.

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