I will be moving overseas in the next several months. I have 14 months remaining on my auto lease and I will return the car to my local dealer and default on the lease. Legally I know that I'm responsible for the 14 remaining payments and this is the problem for me. I am way under mileage for the lease term and the vehicle is clean, but the vehicle is an SUV and the payoff is way more than the KBB book value. I would have to pay the difference, if I'm reading the lease contract correctly. Since the vehicle will be auctioned, I could end up on the hook for less than $10K. I'm trying to sell the vehicle, but I doubt I'll get what I need out of it. The scenario I'm imagining is one where the lease company gets a judgment against me and starts hunting for assets. The only assets that will remain here in the US are a brokerage account, mutual funds and one bank account. I feel that the debt collectors will locate the bank account, but what chance do they have of locating a brokerage account and mutual funds in other states? It would be a real problem to cash them out at this time. I don't care if my excellent credit is ruined, but I'd hate to pay for a car under these circumstances. Any help, minus the moral deficiency corrections, would be appreciated.
