News Automakers Must Take Back Returned Lease Vehicles, State AGs Say
What's to lose on a 0% car loan? Or 120 days of no payments? Plenty
Automakers know that financial incentives must outrun the nagging feeling in the customer's mind that somehow something else could go wrong here. "We are all in the same position of not wanting to overextend ourselves with the uncertainty of potential furloughs, layoffs and other employment cutbacks," wrote Brad Korner, general manager of Cox Automotive Rates & Incentives. So, suddenly a new car payment can be more affordable each month if you're looking at a 0% rate and a loan term that goes out up to seven years.
- Attorneys General from 11 states plus Puerto Rico have signed a telling automakers they must take back vehicles at the end of a lease term.
- The letter cites media reports that customers were having difficulty in returning their leased vehicles.
- The AGs advise that dealers who won't take leased vehicles back are "violating contractual lease obligations and a number of state and federal laws."
A letter written by California Attorney General Xavier Becerra, signed by 11 other Attorneys General, has reminded automakers of their legal obligation to take backreturned at the end of their lease term. The AGs asked the automakers' affiliated dealers and lending arms to have systems in place through the duration of the pandemic to take back leased vehicles when customers return them. The letter is in response to reports that people were not being allowed to give back vehicles during the .
Here's What You Can Do If You Can't Make Car Payments
Whether in a loan or a lease, there are options if you're struggling to make car or truck payments.Here are several avenues to consider if you're having trouble making loan or lease payments on your vehicle.
Automakers have been granting customers lease extensions so that they wouldn’t have to bring their leased vehicles back to the dealership while the pandemic was ongoing. Nonetheless, as Becerra notes in the letter, several media reports found that some lease holders who wanted to return their vehicles weren’t able to; either the dealers wouldn't accept them, or they would pressure leaseholders to extend the lease when they didn't want to do so.
This, in turn, led to customers holding onto leases for longer than they had anticipated and being forced to continue paying for a lease they should no longer possess. The first to report on the issue wasin mid-April, in a story in which 10 lease holders either couldn't or had difficulty returning their leased vehicles.
Does Cruise Control Save Gas?
Is cruise control better or worse for gas mileage? Does running the A/C or opening the windows use more gas? And what about those fuel line magnets and tornado gizmos for the intake and exhaust pipes—do they work? Absolutely. If you're cruising along a mostly level highway, electronics generally are far better at avoiding the little speed-up/slow-down events that are inevitably caused by a weary accelerator ankle or an inattentive mind. It's those changes in momentum that waste fuel, because force equals mass times acceleration. Using cruise control is beneficial on mostly level ground, as well as on long, steady uphill or downhill grades.
The other attorneys general signing on to the letter include Connecticut, Iowa, Minnesota, Nevada, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, and Virginia. Puerto Rico also signed the letter. Individual letters were submitted to, , , , , , , , , and .
"Families are facing a once-in-a-generation economic crisis as a result of the coronavirus pandemic," Attorney General Becerra said in a. "There is no reason for automakers or their dealers to push individuals further into financial despair through unlawful and predatory leasing practices. Consumers must be able to return their leased vehicles."
The letter specifically called for dealerships to take several steps, including: Examining lease-end procedures to ensure they comply with the lease agreement and the law; provide customers with lease pickups or other safe alternatives at the end of the lease term; provide a clear point of contact for the customers at the end of a lease; and help and refund those who have been hurt by dealers not accepting leases.
Help Solve The Mystery Of The Four Cars Abandoned On An Obscure NYC Beach .
Help Solve The Mystery Of The Four Cars Abandoned On An Obscure NYC BeachMichael is in Bayswater, which is part of New York City, across the water from Brooklyn, and he tells me, in the same Zip Code as Far Rockaway. It’s near JFK airport.