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My 2006 Mercury Mariner was repossessed on the day I was going to pay the bill. Now they are charging me an extra $800 to get it back. They said if I did not take it back; they would auction it off and apply the proceeds to my remainder of 3 yr. lease @$350/month, which would be ending in April, 2009. My question is: Should I try to keep the car (low mileage; mileage will be due, (about 2000) Will anyone lease with this issue or will it be a very bad mark on credit report? (I would obviously look for a car to lease for 1/2 the previous amount) Should I try to buy a new car outright? Is it impossible for me to consider that?

Answers from the Automotive Experts

Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company  (Retired) You have problems no matter what you decide to do. If the bank is offering you the vehicle back and you can afford to purchase it, it might be your best bet. It will be virtually impossible for you to purchase and finance a new vehicle based on the payment record of your current contract. Just because you leased doesn't mean your credit is unaffected by your payment history. If you can keep it, buy it and move on. Work to improve your credit over the next few years and hopefully by the time this vehicle miles out you will be in a position to get a new one.

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