L
lou1
Guest
Hi
To summarise, I got on van on a 5 year lease 2 and half years ago. It was about 16000 euro, now I owe around 8000 euro, I am a now unemployed, once self employed and I cannot afford to pay for the van any more. I have a few question if any one can answer I would be really grateful.
1. The half rule for hire purchase, By any chance can this apply to a leasing agreement by AIB? I didn't have a business. I worked on my own.
2. What if I can't afford repayments? If I give back the keys to the bank I presume I will have to pay the balance of the lease after they sell it.
3. What does it mean if I default on the loan? What can the AIB do if I can't pay them?
4. Can I sell the van if its on a lease now?
5. If I manage to pay the full 5 year lease Do I actually own the van, or is it only good for trading in for a new van?
Thank you
From depressed and broke
To summarise, I got on van on a 5 year lease 2 and half years ago. It was about 16000 euro, now I owe around 8000 euro, I am a now unemployed, once self employed and I cannot afford to pay for the van any more. I have a few question if any one can answer I would be really grateful.
1. The half rule for hire purchase, By any chance can this apply to a leasing agreement by AIB? I didn't have a business. I worked on my own.
2. What if I can't afford repayments? If I give back the keys to the bank I presume I will have to pay the balance of the lease after they sell it.
3. What does it mean if I default on the loan? What can the AIB do if I can't pay them?
4. Can I sell the van if its on a lease now?
5. If I manage to pay the full 5 year lease Do I actually own the van, or is it only good for trading in for a new van?
Thank you
From depressed and broke