In MOST cases, you are responsible for the BALANCE DUE. Read the contract you signed to find out more on it. It is NOT something you want to forget about. lenders do get judgments for the balance and do collect them.
Your responsible to pay back the loan, plus all accumulated interest, fees, costs of collection, etc., as that was all provided to you as terms of your getting the credit and loan you asked for. If the property is recovered, after all the additional costs of doing so, doesn't pay the amount provides less than the payoff, the rest is still entirely due and owed by you. It is just no longer secured by the property. Any excess amounts are returned to you.
In bankruptcy you may have a different result, with the excess debt being possibly discharged.
In my experience, a lease and a loan repossession are the same - I had a voluntary repo where I brought the car back to them with keys, and just got a car with loan repossessed and they do the same process with both, and yes, you are responsible for paying any unpaid amounts. In my situation they were both sold at auction and I was responsible for the outstanding balances to pay off. I didn't see any difference in leasing or with loan to own. i am leasing a vehicle and today is the last day of my contract and i am over the mileage and the dealership charges 15 cents a mile after calculating it ends up being more than what the car is worth what should i do if i cant refinance it
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