What happens if GM goes bankrupt and I have a lease?

  • Thread starter Thread starter phoffmanlover
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phoffmanlover

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I have a Smart Buy option on my car, which is a glorified lease in my opinion. What happens if in the near future GM has to file bankruptcy? Will I be required to turn in my car, or will I have to come up with the money owed and pay them in full?
 
Nothing changes for your lease. The money you owe to GM is considered an asset. Somebody will buy that asset (ie buy the right to collect your payments) but they will still be obligated to the original contract. Other than possibly sending your payments to a different address, nothing will change for you.
 
Nothing for the time being. If GM goes into bankruptcy, they will still be operating, but under government oversight or debtor in possession situation. Nothing will happen to your lease. It will continue on as is. My goal would be to pay off the car quickly and get the title in your hands. That way no matter what happens to GM, you don't care.
 
Nothing for the time being. If GM goes into bankruptcy, they will still be operating, but under government oversight or debtor in possession situation. Nothing will happen to your lease. It will continue on as is. My goal would be to pay off the car quickly and get the title in your hands. That way no matter what happens to GM, you don't care.
 
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