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So If the Big three go down what happens with Leased Vehicles? Will they continue to take out money and if yes where does it go? What happenes when the lease is up if there is no dealership to take it back?
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Maybe I'll hurry up and take a lease out on a GT500 KR :)
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My guess is that all outstanding leases would be treated as assets and distributed amongst the creditors. Given the sheer number of leases & loans outstanding at any given time, it would be safe to assume that the creditors would do everything they could in order to keep the $ flowing so that they could see at least some of what's owed them (esp. Chrysler)
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more then likely the car would be leased untill the end of the lease and then return to the company, or crediter who would own that lease asset if the owner of that lease chooses not to buy it out at the end of the lease in their contract.
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So that means I don't get A free Jeep in 2010 Damm I would trade it for the new focus lol.
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2001 Ford Focus ZX3 - Daily Driver
2008 Lincoln MKX Limited Edition - Grocery Getter
2007 Suzuki GSXR 600 - Rode and Sold
2004 Jeep Liberty Renegade - Offroaded and Sold
2008 Jeep Wrangler Unlimited X - R.I.P. Electrical Fire
2000 Ford Focus ZX3 - Traded in Now DrunkinMonkeys Car
2003 Ford Taurus Wagon - Inherited Drove and Sold
2000 Ford Focus ZX3 Turbo - Award Winning 336 WHP - Parted and Scraped
1990 Ford Festiva - My 1st Car
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From what I hear GMAC the leaseing company has already sold out and most others would just be picked up from other creditors wanting your money.
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darkpuppet,Dec 16 2008, 01:13 PM Wrote:CanadaSVT,Dec 16 2008, 11:55 AM Wrote:Maybe I'll hurry up and take a lease out on a GT500 KR :)
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haha... unfortunately, Ford is in the least amount of trouble right now... and even GM and Chrysler are likely YEARS away from closing shop.
May want to wait for the bunkruptcy filing first, and wait for the restructuring.
Bunkruptcy just puts control of the company into the creditor's/government's hands... and that's what the companies wish to avoid.
[right][snapback]278334[/snapback][/right]
Chrysler does NOT have the $$$ for bankrupcy. They have clearly stated they are quickly looking at liquidating assets and soon.
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meford4u,Dec 18 2008, 07:26 PM Wrote:darkpuppet,Dec 16 2008, 01:13 PM Wrote:CanadaSVT,Dec 16 2008, 11:55 AM Wrote:Maybe I'll hurry up and take a lease out on a GT500 KR :)
[right][snapback]278317[/snapback][/right]
haha... unfortunately, Ford is in the least amount of trouble right now... and even GM and Chrysler are likely YEARS away from closing shop.
May want to wait for the bunkruptcy filing first, and wait for the restructuring.
Bunkruptcy just puts control of the company into the creditor's/government's hands... and that's what the companies wish to avoid.
[right][snapback]278334[/snapback][/right]
Chrysler does NOT have the $$$ for bankrupcy. They have clearly stated they are quickly looking at liquidating assets and soon.
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that and most of their american suppliers are asking for Cash On Delevery now, as they don't want to wait till the end of the month, as they are affraid chrysler might not make it till then.
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