Hi CanadianInvestor.
Is it possible for you to link back to this post from your blog?

Thanks

If I understand you correctly, you were going to default on your lease so you returned the car back to them. And now you are being faced with a charge you do not understand.

Allow me to explain, I may be wrong so I would advise to go over your original contract. When terminating your lease early you are responsible for any fees and penalties. This includes a very important factor called the residual value. When you obtained your lease they estimated the residual value of the car, the higher the value the lower your lease payments would have been. However there's a downside to that after voluntarily surrendering your leased vehicle, the bank or leasing company sells it. Usually, the vehicle is sent to a dealer-auto auction. Once the vehicle is sold, the net proceeds are applied to your balance at the time of surrender. This balance is not the same as your lease-end residual balance; it equals the lease-end residual plus the remaining payments on your lease contract.
In short, don't default on a car lease. Especially when car prices have dropped which means your car depreciated much faster over the years.

What you should do now depends on your current financial situation. Your credit score is probably very poor so trying to finance out of it will be difficult and it's ill advised unless you want to make 15-20% interest payments. If you have little assets i would declare bankruptcy, but please do check the rules in your province and know how you would be affected before doing so.

Canadian Investor
http://canadianpersonalfinance.blogspot.com

Your comments are very confusing and don't make any sense. For example, what do you mean

"A month later I received the letter from the same company informing that they lost all my personal information in the way of transporting to the credit burro."

"They also worried about as it is against the code of confidentially and if my personal information goes to bad people they can do an identity fraud."

"Another month passed I received invoice notifying that I have to pay to the company $16000 CAD as they sold the car with $14000."

"(Of course if I knew about the $16000 gap I would take my car back)."

How can you take a car back when you have made a voluntary repossession due to your inability to make the lease payments?

Was this car leased or did you finance it from the dealership?

If you can clarify and explain these statements, then perhaps I can assist you.

In March, 2008 I lost my job and couldn’t been able to pay my lease every month. During one of my telephone conversation with company representative that I leased the car from, I was advised to return the car back. So I did. I returned the car with mint condition. A month later I received the letter from the same company informing that they lost all my personal information in the way of transporting to the credit burro. They also worried about as it is against the code of confidentiality and if my personal information goes to bad people they can do an Identity fraud. Another month passed I received invoice notifying that I have to pay to the company $16000 CAD as they sold the car with $14000. When I started my own research in OMVIC regulation I found out that before selling the car company should contact with me and ask my opinion about an offer that they have for the car. (Of course if I knew about the $16000 gap I would take my car back) So now collection agency is terrorizing me always motioning that they will take me to the Court. What should I do please help me with your advice. Thank you very much.