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Car trouble: Auto lenders not letting customers return leased cars amid coronavirus crisis


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behalf.“When
Kia Motors America
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NADA
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Miranda
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Precision Automotive Group
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Kelley Blue Book
Volkswagen
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Cordes.“We
Kristen Huntley of Mar Vista
VW Credit
Volkswagen Group of America
Credit Union Leasing of America
ecosystem.""It
leasehackr.com
Lexus Financial
Barone
that.”Shortly
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Toyota Financial Services
the National Association of Consumer Advocates
expires.“Car
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Jenna Figueroa
Robert Starr
James Bell
Jared Allen
Miranda
Phil Dilanna
Jessica Caldwell
David Bentson
Anthony Basich
Hal Rosner
Cordes
Tiguan
Tammy Weaver.“We
Tolbert
Mason Trullinger
Michael Sin
Janet Barone
Vincent Bray
Rheingold
Xavier Becerra
Josh Peter


Americans


Southern California

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Orange County
Los Angeles
USA
Irvine
San Jose
Calif.
the United States
Chicago
San Diego
Mount Laurel
N.J.
Tiguan
Santa Monica
Huntley
Ontario
New York
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Positivity     43.00%   
   Negativity   57.00%
The New York Times
SOURCE: https://www.usatoday.com/story/money/2020/04/16/coronavirus-lease-car-returns-tough-lenders-refuse-accept-autos/5120328002/
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Summary

She said Kia of Irvine has tentatively agreed to take her car back May 1 and she has received no written confirmation that a $14.95 daily late return fee will be waived.“My husband and I have joked I should be billing them to store their car,’’ she said.Jared Allen, a spokesman for the National Automobile Dealers Association (NADA), said turning in leased vehicles has "indeed been a difficult process for many consumers in those states that have placed severe restrictions – and in some cases, outright prohibitions – on dealership sales operations.''"Many leasing companies have tried to work with consumers on lease extensions or other options in light of the pandemic,'' added Allen, vice president of communications for NADA, "but of course an extension is not always the best option for every consumer.''Pablo de Miranda, a software engineer San Jose, Calif., said the lease on his BMW expires later this month and he was told a free one-month lease extension was his only option when he spoke by phone last month to a BMW dealership employee. Plummeting sales have coincided with a drop in the value of off-lease cars, vehicles that have reached the end of their lease contract, according to industry experts.Anthony Basich, who is managing director at carlease.com and began working in the car industry more than 20 years ago, said lease extensions give automakers and lenders time for the economy to rebound and for the leased cars to regain value before they are returned and resold.Basich said the lease extensions are “an empty gesture because you’re still paying for registration, you’re still paying for your insurance and your (monthly) payment hasn’t changed.” (Some lenders have offered deferred payments on the leases.)“The reality is car dealers are always just pulling crap on people and trying to get away with what they can,’’ said Hal Rosner, an attorney in San Diego who represents consumers against the car industry. The auctions have shifted almost exclusively online because of social distancing guidelines, and there has been a significant drop in sales and an increased overflow of vehicles at some dealerships.Social distancing also has shut down some third-party inspection companies that typically handle pre-return inspections for leased cars.“The whole ecosystem relies on people,’’ said Michael Sin, co-creator of leasehackr.com, who added, "I think most people have been OK with the lease extensions, to keep their existing cars, rather than to enter a new 36-month lease during these times."Earlier this month, Janet Barone of Ontario, New York told USA TODAY that she and her husband thought it was “incredible’’ when Lexus Financial sales rep offered to extend the lease on their 2016 Lexus NX by six months and waive payments for April and May.“The only thing she asked me is, ‘Will you buy or lease another Lexus from us after this?’ ” said Barone, 69.

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