Reader Question: Dead Lease?

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Here’s the latest reader question, along with my reply!

Martin asks: How can I get a lien release for a vehicle if the finance company has gone out of business? Is there a way to find out if/where the assets were sold. Thank you.

My reply: You didn’t mention how long it has been since the original lease-issuing company went out of business, but I would be very surprised if the company which acquired the defunct lease company’s outstanding loans failed to contact you, in order to resume the payments/make good on the outstanding loan balance. I doubt you’ll be able to get a release prior to the balance due being paid, in other words.

But I doubt you’ll have to wait very long to hear from the new company – the one which acquired the previous company’s outstanding loans, etc.

Got a question about cars – or anything else? Click on the “ask Eric” link and send ’em in!

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