YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.
Late Payment on Apartment LeaseA lease will not show on your credit report; unless there was a judgment against you.
When the lease expires
Yes, and even your ability to get a lease. Because of the lower down payment, a lease may be harder to get than normal car financing.
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
As long as you pay any early termination fees tied to your lease, and pay off your remaining payments, it will not affect your credit. However, like with any contract that involves money, if you 'run away' from the lease, it can be turned over to collection agencies, which could then harm your credit. Hope that helps!
Bring all the payments up to date.
You will need to read you lease contract.
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
Failure on a business or car lease agreement will still be attached to your name and social security number. It will lower your total credit score unless these leases were only attached to the business or someone else's number.
installment credit
A+ Close-ended lease