Should I return my leased vehicle if I do a consumer proposal?

Posted on Wednesday, June 4, 2008

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Right now I lease a car and am planning on filing a proposal within the next month. The car I lease is far to expensive, guzzles way to much gas and I simply cannot afford to keep the vehicle. Can I return the car? If I return the car what will happen and if I do return the car will I still be able to file a proposal?

Thanks

Filed under: Consumer Proposals
 posted by Questions @ 8:01 am
1 Expert Comment:

 At June 5, 2008 | 6:17 am , Barton Goth GCO Bankruptcy Trustees Said...

Yes you can return the car, but make sure you do so prior to filing the proposal. Timing is essential here as everytime you return a vehicle without completing the leasing contract there will be a shortfall that you are responsible for. This shortfall is a debt that can be listed and cleared in a proposal, but only if you return the vehicle prior to filing the proposal. If you return the vehicle after the proposal is filed you cannot include this amount.

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