negotiating with the bank on early termination ?
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negotiating with the bank on early termination ?
I have kind of a sticky situation, and any help would be appreciated. I have a Mercedes that was leased by my company and personally guaranteed by me. My partner and his wife got caught embezzling tens of thousands of dollars from our company, and as you can imagine I'm now suing him. In a final act of spite, he maxed out every line of credit the company had, most of which were guaranteed by the partners, then defaulted.
This should be a lesson to anyone to use dual signatures, and always use a third party book keeper. The warning signs started popping up when they refused to hand over payables and recievables to our CPA's office.
Long story short, I'm personally filing for bankruptcy, as well as the business. Because I'm not a dead beat, I'm trying to settle whatever debts I can first. The lease has approximately 14 months left on it. The balance of the lease + the residual is pretty close to the kbb private party value. They way I see it, the bank can either terminate the lease and take the car back, or it can sit for 12-18 months and depreciate while this all goes through court. Obviously, if they're going to handle it as a repossession, there is no benefit to me to try and resolve this.
The bank is US Bank. Any help on who to talk to or how to approach this issue is appreciated.
This should be a lesson to anyone to use dual signatures, and always use a third party book keeper. The warning signs started popping up when they refused to hand over payables and recievables to our CPA's office.
Long story short, I'm personally filing for bankruptcy, as well as the business. Because I'm not a dead beat, I'm trying to settle whatever debts I can first. The lease has approximately 14 months left on it. The balance of the lease + the residual is pretty close to the kbb private party value. They way I see it, the bank can either terminate the lease and take the car back, or it can sit for 12-18 months and depreciate while this all goes through court. Obviously, if they're going to handle it as a repossession, there is no benefit to me to try and resolve this.
The bank is US Bank. Any help on who to talk to or how to approach this issue is appreciated.
Former Vendor of MBWorld
Joined: Jan 2005
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From: Cincinnati, OH
Give me the particulars on the vehicle and I'll run an auction report to give you a real idea of what it's worth. You can then compare this number to your payoff and decide whether it makes sense to sell it. As a USB dealer, we can communicate with the bank for you.
Another option would be to try and have someone assume the lease using a service like Swapalease.com or LeaseTrade.com
Another option would be to try and have someone assume the lease using a service like Swapalease.com or LeaseTrade.com
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Joined: Dec 2001
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From: Houston, TX
Used to be a CLK430
Give me the particulars on the vehicle and I'll run an auction report to give you a real idea of what it's worth. You can then compare this number to your payoff and decide whether it makes sense to sell it. As a USB dealer, we can communicate with the bank for you.
Another option would be to try and have someone assume the lease using a service like Swapalease.com or LeaseTrade.com
Another option would be to try and have someone assume the lease using a service like Swapalease.com or LeaseTrade.com
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