Commercial Vehicle Leasing
Personally signed a Commercial lease, but can’t keep up with the current economy…?
I would owe aprox. $42K if no one else leased the space out over the next year. I’m quite sure there is not much they can ‘take’ from me even though I personally guaranteed the lease…I have a house, but they could only put a lien on it right? I’m sure they can’t take a $500,000 house to satisfy a $40K default (plus the bank still owns my house!)…And my vehicles are also bank owned and I make payments…So what do they ‘take’? Or do they put a lien on my home? I live in Washington and any help would be VERY appreciated!!! Thank you!
I’m not sure of what the laws of your state are so I can answer only in generalities on your question. These may or may not be able to be done in your state.
You ask “What can they take”
They can sue you in court and get a judgment against you. this will take away your credit score.
Credit takes a huge part in your life. Bad credit can make you have higher insurance payments, higher rates for loans and credit, and possibly prevent you from getting a jobs as many companies now check credit reports.
They can garnish your wages if you do get a full time job
They can put a lien on your assets.
They can force a sale of assets.
Commercial leases are way more enforceable and do not offer the protections of residential leases. Hopefully there weren’t any personal guarantees on the lease. If you gave specific personal guarantees (such as the house is collateral for the lease) then you are behind the eight ball because you specifically attached the house to the lease. If you did, you’ll need to talk to a lawyer to get some state specific legal advice.
Good Luck!
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The role of fleet leasing in motor vehicle fleet plans of business firms (Studies in commercial financing) … |
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Walker Commercial Vehicle Muffler – 21476 $82.99 Walker Quiet-Flow Mufflers are designed using OE-style cross-sections for a precise fit, enhanced flow and OE-style sound quality. Most Exhaust products are available for in-store pickup from Advance Auto Parts. |
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Walker Muffler – Commercial Vehicle – 22844 $147.99 Constructed of 18-gauge aluminized steel for long life and featuring domed heads to shed moisture and internally-welded baffles for increased durability. Helps provide smooth flow for better fuel economy. Most Exhaust products are available for in-store pickup from Advance Auto Parts. |
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